Verona Pharma (NASDAQ:VRNA) Stock Price Up 3.7% After Analyst Upgrade

Verona Pharma plc (NASDAQ:VRNA - Get Free Report)'s share price rose 3.7% during mid-day trading on Tuesday after Piper Sandler raised their price target on the stock from $31.00 to $36.00. Piper Sandler currently has an overweight rating on the stock. Verona Pharma traded as high as $16.40 and last traded at $16.39. Approximately 149,155 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 493,639 shares. The stock had previously closed at $15.80.

A number of other equities research analysts have also weighed in on the stock. Wedbush reiterated an "outperform" rating and set a $33.00 price objective on shares of Verona Pharma in a report on Friday, March 1st. HC Wainwright reiterated a "buy" rating and set a $32.00 price objective on shares of Verona Pharma in a report on Monday, March 4th. Four investment analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $33.60.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in VRNA. First Turn Management LLC purchased a new position in Verona Pharma during the 4th quarter valued at about $23,981,000. Eventide Asset Management LLC purchased a new position in Verona Pharma during the 3rd quarter valued at about $13,855,000. Federated Hermes Inc. increased its position in Verona Pharma by 49.3% during the 3rd quarter. Federated Hermes Inc. now owns 2,493,530 shares of the company's stock valued at $40,645,000 after purchasing an additional 822,832 shares during the period. State Street Corp purchased a new position in Verona Pharma during the 3rd quarter valued at about $4,234,000. Finally, Citigroup Inc. purchased a new position in Verona Pharma during the 1st quarter valued at about $1,841,000. Hedge funds and other institutional investors own 85.88% of the company's stock.

Verona Pharma Stock Up 2.5 %

The company has a current ratio of 33.33, a quick ratio of 33.33 and a debt-to-equity ratio of 0.20. The firm has a market cap of $1.31 billion, a PE ratio of -22.90 and a beta of 0.41. The business's 50-day simple moving average is $16.55 and its 200 day simple moving average is $16.08.

Verona Pharma (NASDAQ:VRNA - Get Free Report) last issued its quarterly earnings data on Thursday, February 29th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.23) by $0.07. As a group, equities research analysts expect that Verona Pharma plc will post -1.23 earnings per share for the current year.

About Verona Pharma

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.