Point72 Asset Management L.P. Takes Position in Verona Pharma plc (NASDAQ:VRNA)

Point72 Asset Management L.P. bought a new position in shares of Verona Pharma plc (NASDAQ:VRNA - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 711,007 shares of the company's stock, valued at approximately $33,019,000. Point72 Asset Management L.P. owned approximately 0.89% of Verona Pharma at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of VRNA. EMC Capital Management grew its holdings in Verona Pharma by 3,400.0% during the fourth quarter. EMC Capital Management now owns 3,500 shares of the company's stock worth $163,000 after acquiring an additional 3,400 shares during the period. Wrapmanager Inc. acquired a new stake in Verona Pharma in the fourth quarter valued at $207,000. Transcend Capital Advisors LLC purchased a new stake in shares of Verona Pharma during the 4th quarter worth $225,000. Raymond James Financial Inc. acquired a new position in shares of Verona Pharma during the 4th quarter worth $225,000. Finally, Choreo LLC acquired a new position in shares of Verona Pharma during the 4th quarter worth $230,000. 85.88% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently commented on VRNA shares. Cantor Fitzgerald initiated coverage on shares of Verona Pharma in a research note on Monday, April 21st. They issued an "overweight" rating and a $80.00 price objective for the company. Cowen began coverage on shares of Verona Pharma in a report on Monday, April 28th. They issued a "buy" rating for the company. Canaccord Genuity Group boosted their price target on Verona Pharma from $44.00 to $72.00 and gave the stock a "buy" rating in a research note on Wednesday, February 12th. HC Wainwright upped their price target on Verona Pharma from $75.00 to $85.00 and gave the stock a "buy" rating in a report on Wednesday, April 30th. Finally, Roth Capital set a $83.00 price objective on Verona Pharma in a report on Friday, February 28th. Eight analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Verona Pharma presently has an average rating of "Buy" and a consensus price target of $81.50.

Verona Pharma Trading Up 0.4%

NASDAQ VRNA traded up $0.31 during mid-day trading on Thursday, reaching $74.40. 704,812 shares of the stock were exchanged, compared to its average volume of 1,295,511. The stock has a market capitalization of $6.03 billion, a PE ratio of -38.87 and a beta of 0.20. The business's fifty day simple moving average is $64.22 and its 200 day simple moving average is $55.07. Verona Pharma plc has a 1-year low of $11.39 and a 1-year high of $75.60. The company has a debt-to-equity ratio of 0.93, a quick ratio of 12.88 and a current ratio of 13.03.

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

Insiders Place Their Bets

In related news, insider Kathleen A. Rickard sold 79,264 shares of Verona Pharma 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 sale, the insider now owns 2,608,976 shares of the company's stock, valued at $21,784,949.60. The trade was a 2.95% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, General Counsel Andrew Fisher sold 26,072 shares of the business's stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $8.98, for a total transaction of $234,126.56. Following the completion of the transaction, the general counsel now owns 359,993 shares in the company, valued at $3,232,737.14. This represents a 6.75% decrease in their position. The disclosure for this sale can be found here. Insiders sold 365,064 shares of company stock worth $3,208,741 over the last three months. 4.80% of the stock is owned by insiders.

Verona Pharma 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.