TD Cowen Initiates Coverage on Verona Pharma (NASDAQ:VRNA)

Analysts at TD Cowen initiated coverage on shares of Verona Pharma (NASDAQ:VRNA - Get Free Report) in a research report issued on Monday,Briefing.com Automated Import reports. The brokerage set a "buy" rating and a $100.00 price target on the stock. TD Cowen's price target indicates a potential upside of 48.49% from the stock's previous close.

Several other research analysts also recently issued reports on VRNA. Wells Fargo & Company boosted their price objective on shares of Verona Pharma from $74.00 to $93.00 and gave the stock an "overweight" rating in a report on Friday, February 28th. Truist Financial reiterated a "buy" rating and issued a $57.00 price objective (up previously from $44.00) on shares of Verona Pharma in a research report on Wednesday, January 8th. Cantor Fitzgerald began coverage on Verona Pharma in a research report on Monday, April 21st. They set an "overweight" rating and a $80.00 price objective on the stock. Roth Capital set a $83.00 price target on shares of Verona Pharma in a research note on Friday, February 28th. Finally, Cowen began coverage on Verona Pharma in a research note on Monday. They set a "buy" rating for the company. Eight analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $78.50.

Verona Pharma Trading Up 2.9 %

NASDAQ:VRNA opened at $67.34 on Monday. The firm has a market cap of $5.44 billion, a price-to-earnings ratio of -34.32 and a beta of 0.16. The company has a quick ratio of 12.88, a current ratio of 13.03 and a debt-to-equity ratio of 0.93. Verona Pharma has a 12 month low of $11.39 and a 12 month high of $70.40. The company's 50 day moving average is $62.40 and its 200-day moving average is $50.82.

Insider Buying and Selling

In other news, insider Kathleen A. Rickard sold 79,264 shares of Verona Pharma stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $8.35, for a total value of $661,854.40. Following the completion of the transaction, the insider now owns 2,608,976 shares of the company's stock, valued at $21,784,949.60. This trade represents a 2.95 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 4.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Verona Pharma

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Shilanski & Associates Inc. acquired a new stake in Verona Pharma during the fourth quarter worth approximately $305,000. Values First Advisors Inc. grew its position in Verona Pharma by 36.9% in the fourth quarter. Values First Advisors Inc. now owns 23,505 shares of the company's stock valued at $1,092,000 after acquiring an additional 6,331 shares during the last quarter. Choreo LLC bought a new position in shares of Verona Pharma in the 4th quarter valued at $230,000. Legato Capital Management LLC boosted its stake in shares of Verona Pharma by 132.9% during the fourth quarter. Legato Capital Management LLC now owns 24,853 shares of the company's stock valued at $1,154,000 after purchasing an additional 14,183 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. raised its stake in shares of Verona Pharma by 24.3% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 193,707 shares of the company's stock valued at $8,996,000 after acquiring an additional 37,872 shares during the last quarter. 85.88% of the stock is owned by institutional investors.

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.

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