Verona Pharma (NASDAQ:VRNA) Stock Price Down 11.3% - What's Next?

Shares of Verona Pharma plc (NASDAQ:VRNA - Get Free Report) were down 11.3% on Monday . The company traded as low as $47.59 and last traded at $47.80. Approximately 420,376 shares changed hands during trading, a decline of 64% from the average daily volume of 1,176,591 shares. The stock had previously closed at $53.90.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Roth Capital set a $83.00 target price on shares of Verona Pharma in a research report on Friday, February 28th. Wells Fargo & Company upped their price target on Verona Pharma from $74.00 to $93.00 and gave the company an "overweight" rating in a research note on Friday, February 28th. HC Wainwright raised their price target on Verona Pharma from $60.00 to $75.00 and gave the company a "buy" rating in a report on Friday, February 28th. Canaccord Genuity Group upped their target price on shares of Verona Pharma from $44.00 to $72.00 and gave the company a "buy" rating in a research report on Wednesday, February 12th. Finally, Truist Financial reiterated a "buy" rating and set a $57.00 price target (up previously from $44.00) on shares of Verona Pharma in a research report on Wednesday, January 8th. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $69.14.

Verona Pharma Stock Up 7.0 %

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 company has a market capitalization of $4.66 billion, a P/E ratio of -30.06 and a beta of 0.16. The firm has a fifty day simple moving average of $62.60 and a 200-day simple moving average of $48.55.

Insider Activity

In other Verona Pharma news, insider Kathleen A. Rickard sold 79,264 shares of Verona Pharma stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $8.35, for a total value 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. This trade represents a 2.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 4.80% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Stifel Financial Corp acquired a new position in Verona Pharma during the 3rd quarter worth approximately $474,000. Y Intercept Hong Kong Ltd acquired a new position in Verona Pharma during the third quarter worth $327,000. Sanctuary Advisors LLC bought a new position in Verona Pharma in the third quarter valued at $219,000. Franklin Resources Inc. acquired a new stake in Verona Pharma in the 3rd quarter valued at $16,103,000. Finally, GAMMA Investing LLC lifted its position in Verona Pharma by 20.7% during the 4th quarter. GAMMA Investing LLC now owns 1,612 shares of the company's stock worth $75,000 after buying an additional 276 shares in the last quarter. 85.88% of the stock is currently owned by 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.