Watchtower Advisors LP Reduces Position in Verona Pharma PLC American Depositary Share (NASDAQ:VRNA)

Key Points

• Watchtower Advisors LP has reduced its stake in Verona Pharma PLC by 38.6%, now holding 145,338 shares, which represents 6.7% of their portfolio.
• Verona Pharma recently reported earnings of $0.13 per share, surpassing analysts' expectations and generating $103.14 million in revenue for the quarter.
• Insider trading activity includes CFO Mark W. Hahn and Director Kenneth Cunningham selling a combined total of 219,720 shares recently, indicating notable movements within the company's leadership.

Watchtower Advisors LP cut its stake in shares of Verona Pharma PLC American Depositary Share (NASDAQ:VRNA - Free Report) by 38.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 145,338 shares of the company's stock after selling 91,435 shares during the quarter. Verona Pharma PLC American Depositary Share comprises approximately 6.7% of Watchtower Advisors LP's portfolio, making the stock its 5th biggest position. Watchtower Advisors LP owned approximately 0.18% of Verona Pharma PLC American Depositary Share worth $9,228,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. NBC Securities Inc. bought a new position in Verona Pharma PLC American Depositary Share in the 1st quarter valued at approximately $34,000. Vermillion Wealth Management Inc. purchased a new position in shares of Verona Pharma PLC American Depositary Share in the fourth quarter worth $46,000. GF Fund Management CO. LTD. bought a new position in shares of Verona Pharma PLC American Depositary Share during the fourth quarter valued at $72,000. Advisors Preferred LLC lifted its holdings in shares of Verona Pharma PLC American Depositary Share by 65.4% during the first quarter. Advisors Preferred LLC now owns 1,599 shares of the company's stock valued at $94,000 after purchasing an additional 632 shares in the last quarter. Finally, Avanza Fonder AB purchased a new stake in shares of Verona Pharma PLC American Depositary Share during the first quarter valued at $100,000. 85.88% of the stock is currently owned by institutional investors.

Verona Pharma PLC American Depositary Share Stock Up 0.0%

VRNA stock opened at $105.40 on Friday. Verona Pharma PLC American Depositary Share has a twelve month low of $19.75 and a twelve month high of $105.50. The stock has a market cap of $8.97 billion, a P/E ratio of -106.46 and a beta of 0.12. The business's 50-day moving average price is $96.71 and its 200-day moving average price is $75.18. The company has a quick ratio of 8.73, a current ratio of 8.86 and a debt-to-equity ratio of 1.07.

Verona Pharma PLC American Depositary Share (NASDAQ:VRNA - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.13 earnings per share for the quarter, topping analysts' consensus estimates of ($0.01) by $0.14. Verona Pharma PLC American Depositary Share had a negative return on equity of 23.69% and a negative net margin of 36.62%. The firm had revenue of $103.14 million during the quarter, compared to analyst estimates of $90.41 million. On average, equities research analysts forecast that Verona Pharma PLC American Depositary Share will post -1.95 EPS for the current year.

Insider Activity

In other news, CFO Mark W. Hahn sold 208,912 shares of the business's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $13.14, for a total value of $2,745,103.68. Following the transaction, the chief financial officer owned 12,464,968 shares of the company's stock, valued at approximately $163,789,679.52. The trade was a 1.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kenneth Cunningham sold 10,808 shares of the company's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $13.14, for a total transaction of $142,017.12. Following the transaction, the director owned 79,776 shares of the company's stock, valued at approximately $1,048,256.64. This represents a 11.93% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,220,584 shares of company stock valued at $24,613,268. Company insiders own 4.80% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Jefferies Financial Group reissued a "hold" rating and issued a $107.00 target price (down previously from $140.00) on shares of Verona Pharma PLC American Depositary Share in a research report on Wednesday, July 9th. Cowen cut shares of Verona Pharma PLC American Depositary Share from a "buy" rating to a "hold" rating in a report on Wednesday, July 9th. Canaccord Genuity Group downgraded shares of Verona Pharma PLC American Depositary Share from a "strong-buy" rating to a "hold" rating and set a $107.00 price objective on the stock. in a research report on Wednesday, July 9th. Truist Financial downgraded shares of Verona Pharma PLC American Depositary Share from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 9th. Finally, Roth Capital cut Verona Pharma PLC American Depositary Share from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 10th. Eleven equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $109.00.

Verona Pharma PLC American Depositary Share Profile

Verona Pharma plc, a clinical stage biopharmaceutical company, focuses on development and commercialization of therapies for the treatment of respiratory diseases with unmet medical needs. The company's product candidate is ensifentrine, an inhaled and dual inhibitor of the phosphodiesterase (PDE) 3 and PDE4 enzymes that acts as both a bronchodilator and an anti-inflammatory agent in a single compound, which is in Phase 3 clinical trials for the treatment of chronic obstructive pulmonary disease, asthma, and cystic fibrosis.

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