Verona Pharma (NASDAQ:VRNA) Shares Gap Up - Time to Buy?

Verona Pharma plc (NASDAQ:VRNA - Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $77.49, but opened at $79.25. Verona Pharma shares last traded at $80.51, with a volume of 146,786 shares trading hands.

Analyst Ratings Changes

A number of analysts have recently commented on VRNA shares. HC Wainwright upped their target price on Verona Pharma from $75.00 to $85.00 and gave the stock a "buy" rating in a research note on Wednesday, April 30th. Roth Capital set a $83.00 price target on Verona Pharma in a report on Friday, February 28th. Cowen initiated coverage on shares of Verona Pharma in a research note on Monday, April 28th. They set a "buy" rating on the stock. Wells Fargo & Company lifted their target price on shares of Verona Pharma from $93.00 to $107.00 and gave the company an "overweight" rating in a report on Wednesday, April 30th. Finally, Canaccord Genuity Group increased their price target on shares of Verona Pharma from $44.00 to $72.00 and gave the stock a "buy" rating in a report on Wednesday, February 12th. Eight research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $81.50.

Verona Pharma Stock Up 4.3%

The stock has a market cap of $6.55 billion, a price-to-earnings ratio of -42.10 and a beta of 0.20. The business's 50 day moving average is $65.59 and its 200-day moving average is $57.00. 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 posted its quarterly earnings data on Tuesday, April 29th. The company reported $0.27 EPS for the quarter, topping the consensus estimate of ($0.22) by $0.49. The firm had revenue of $98.65 million for the quarter, compared to analysts' expectations of $41.47 million. On average, sell-side analysts predict that Verona Pharma plc will post -1.95 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Kathleen A. Rickard sold 79,264 shares of the stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $8.35, for a total value of $661,854.40. Following the completion of the sale, the insider now owns 2,608,976 shares of the company's stock, 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 Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Andrew Fisher sold 26,072 shares of Verona Pharma stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $8.98, for a total value of $234,126.56. Following the transaction, the general counsel now owns 359,993 shares in the company, valued at approximately $3,232,737.14. The trade was a 6.75% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,165,064 shares of company stock worth $10,676,335. 4.80% of the stock is owned by corporate insiders.

Institutional Trading of Verona Pharma

Large investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC purchased a new stake in shares of Verona Pharma in the fourth quarter valued at about $720,000. Values First Advisors Inc. grew its stake in shares of Verona Pharma by 36.9% in the 4th quarter. Values First Advisors Inc. now owns 23,505 shares of the company's stock valued at $1,092,000 after buying an additional 6,331 shares during the period. Choreo LLC purchased a new stake in shares of Verona Pharma in the 4th quarter valued at approximately $230,000. Legato Capital Management LLC lifted its holdings in Verona Pharma by 132.9% in the fourth quarter. Legato Capital Management LLC now owns 24,853 shares of the company's stock valued at $1,154,000 after acquiring an additional 14,183 shares during the last quarter. Finally, Wells Fargo & Company MN increased its stake in Verona Pharma by 27.2% during the fourth quarter. Wells Fargo & Company MN now owns 67,126 shares of the company's stock worth $3,117,000 after acquiring an additional 14,362 shares during the last quarter. 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.