Verona Pharma (NASDAQ:VRNA) Sets New 52-Week High - Should You Buy?

Verona Pharma plc (NASDAQ:VRNA - Get Free Report)'s share price hit a new 52-week high on Tuesday . The stock traded as high as $87.50 and last traded at $86.49, with a volume of 59870 shares trading hands. The stock had previously closed at $84.64.

Analysts Set New Price Targets

VRNA has been the subject of several research reports. Cantor Fitzgerald assumed coverage on Verona Pharma in a research note on Monday, April 21st. They set an "overweight" rating and a $80.00 target price for the company. HC Wainwright raised their price objective on shares of Verona Pharma from $85.00 to $90.00 and gave the company a "buy" rating in a research report on Monday, June 2nd. Wells Fargo & Company lifted their price objective on shares of Verona Pharma from $93.00 to $107.00 and gave the stock an "overweight" 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 set a "buy" rating for the company. Finally, Roth Capital set a $83.00 target price on shares of Verona Pharma in a report on Friday, February 28th. Eight analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Verona Pharma has an average rating of "Buy" and an average target price of $82.13.

Verona Pharma Stock Performance

The firm's fifty day simple moving average is $68.26 and its 200 day simple moving average is $59.13. The company has a market capitalization of $7.04 billion, a price-to-earnings ratio of -45.20 and a beta of 0.21. The company has a debt-to-equity ratio of 0.93, a current ratio of 13.03 and a quick ratio of 12.88.

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

Insider Transactions at Verona Pharma

In related news, insider Kathleen A. Rickard sold 79,264 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 2,608,976 shares in the company, valued at approximately $21,784,949.60. This trade represents a 2.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, General Counsel Andrew Fisher sold 26,072 shares of the company's stock in a transaction that occurred on Tuesday, April 29th. The shares were 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 approximately $3,232,737.14. This represents a 6.75% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,165,064 shares of company stock valued at $10,676,335 over the last quarter. Company insiders own 4.80% of the company's stock.

Institutional Trading of Verona Pharma

Hedge funds and other institutional investors have recently modified their holdings of the company. RTW Investments LP purchased a new position in Verona Pharma in the fourth quarter valued at about $84,568,000. Adage Capital Partners GP L.L.C. grew its stake in shares of Verona Pharma by 381.9% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 1,631,000 shares of the company's stock valued at $103,552,000 after buying an additional 1,292,575 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Verona Pharma by 61.0% in the 4th quarter. Wellington Management Group LLP now owns 3,025,241 shares of the company's stock valued at $140,492,000 after buying an additional 1,146,609 shares in the last quarter. Lord Abbett & CO. LLC acquired a new position in Verona Pharma in the first quarter worth approximately $58,716,000. Finally, Darwin Global Management Ltd. bought a new position in Verona Pharma during the fourth quarter valued at approximately $37,637,000. 85.88% of the stock is currently owned by hedge funds and other institutional investors.

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.