Fred Alger Management LLC Makes New $1.34 Million Investment in Verona Pharma plc (NASDAQ:VRNA)

Fred Alger Management LLC bought a new position in Verona Pharma plc (NASDAQ:VRNA - Free Report) in the fourth quarter, according to its most recent filing with the SEC. The firm bought 28,945 shares of the company's stock, valued at approximately $1,344,000.

A number of other institutional investors also recently bought and sold shares of VRNA. GAMMA Investing LLC lifted its stake in shares of Verona Pharma by 20.7% in the 4th quarter. GAMMA Investing LLC now owns 1,612 shares of the company's stock valued at $75,000 after purchasing an additional 276 shares during the period. EMC Capital Management raised its position in shares of Verona Pharma by 3,400.0% in the fourth quarter. EMC Capital Management now owns 3,500 shares of the company's stock valued at $163,000 after buying an additional 3,400 shares during the last quarter. Wrapmanager Inc. acquired a new stake in shares of Verona Pharma in the fourth quarter valued at about $207,000. Transcend Capital Advisors LLC acquired a new stake in Verona Pharma during the fourth quarter worth about $225,000. Finally, Raymond James Financial Inc. acquired a new stake in Verona Pharma during the fourth quarter worth about $225,000. 85.88% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have weighed in on VRNA. TD Cowen began coverage on shares of Verona Pharma in a research report on Monday, April 28th. They set a "buy" rating and a $100.00 price target for the company. Cantor Fitzgerald started coverage on shares of Verona Pharma in a research report on Monday, April 21st. They set an "overweight" rating and a $80.00 price target for the company. HC Wainwright raised their price objective on shares of Verona Pharma from $75.00 to $85.00 and gave the company a "buy" rating in a research note on Wednesday, April 30th. Cowen started coverage on shares of Verona Pharma in a research note on Monday, April 28th. They issued a "buy" rating for the company. Finally, Roth Capital set a $83.00 price objective on shares of Verona Pharma in a research note on Friday, February 28th. Eight equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $81.50.

Insider Activity at Verona Pharma

In other news, insider Kathleen A. Rickard sold 79,264 shares of the company's stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $8.35, for a total transaction of $661,854.40. Following the transaction, the insider now directly owns 2,608,976 shares of the company's stock, valued at $21,784,949.60. This represents a 2.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Vikas Sinha sold 20,000 shares of the stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $8.92, for a total transaction of $178,400.00. Following the completion of the sale, the director now directly owns 74,440 shares in the company, valued at approximately $664,004.80. The trade was a 21.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 365,064 shares of company stock worth $3,208,741 in the last 90 days. 4.80% of the stock is owned by insiders.

Verona Pharma Stock Up 1.8%

Verona Pharma stock traded up $1.26 during trading on Friday, reaching $70.79. The stock had a trading volume of 348,695 shares, compared to its average volume of 1,288,411. Verona Pharma plc has a 52-week low of $11.39 and a 52-week high of $74.18. The business has a 50 day moving average price of $63.50 and a 200 day moving average price of $53.99. The company has a quick ratio of 12.88, a current ratio of 13.03 and a debt-to-equity ratio of 0.93. The stock has a market cap of $5.74 billion, a PE ratio of -36.93 and a beta of 0.20.

Verona Pharma (NASDAQ:VRNA - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The company reported $0.27 earnings per share for the quarter, topping the consensus estimate of ($0.22) by $0.49. The company had revenue of $98.65 million for the quarter, compared to analysts' expectations of $41.47 million. On average, analysts predict that Verona Pharma plc will post -1.95 EPS for the current year.

Verona Pharma Company 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.