Verona Pharma (NASDAQ:VRNA) Trading Up 5.2% - Here's What Happened

Shares of Verona Pharma plc (NASDAQ:VRNA - Get Free Report) rose 5.2% during mid-day trading on Monday . The stock traded as high as $68.50 and last traded at $68.86. Approximately 292,267 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 1,226,937 shares. The stock had previously closed at $65.46.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Canaccord Genuity Group increased their target price on Verona Pharma from $44.00 to $72.00 and gave the stock a "buy" rating in a research note on Wednesday, February 12th. Wells Fargo & Company increased their price target on shares of Verona Pharma from $93.00 to $107.00 and gave the company an "overweight" rating in a research note on Wednesday. Cantor Fitzgerald began coverage on Verona Pharma in a report on Monday, April 21st. They set an "overweight" rating and a $80.00 target price on the stock. Cowen began coverage on shares of Verona Pharma in a research note on Monday. They issued a "buy" rating on the stock. Finally, Roth Capital set a $83.00 price objective on Verona Pharma in a report on Friday, February 28th. Eight equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $81.50.

Verona Pharma Price Performance

The business's 50 day moving average is $62.89 and its 200-day moving average is $51.63. 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 firm has a market capitalization of $5.84 billion, a P/E ratio of -37.64 and a beta of 0.16.

Verona Pharma (NASDAQ:VRNA - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $0.27 earnings per share for the quarter, beating analysts' consensus estimates 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. As a group, sell-side analysts predict that Verona Pharma plc will post -1.95 EPS for the current fiscal year.

Insider Activity at Verona Pharma

In other news, CEO David Zaccardelli sold 90,360 shares of the company's stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $8.98, for a total value of $811,432.80. Following the sale, the chief executive officer now directly owns 14,377,176 shares of the company's stock, valued at approximately $129,107,040.48. This represents a 0.62 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, General Counsel Andrew Fisher sold 26,072 shares of Verona Pharma stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $8.98, for a total value of $234,126.56. Following the completion of the transaction, the general counsel now directly owns 359,993 shares of the company's stock, valued at approximately $3,232,737.14. This trade represents a 6.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 250,080 shares of company stock worth $2,194,582 in the last quarter. 4.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Verona Pharma

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Wellington Management Group LLP raised its holdings in Verona Pharma by 61.0% during the fourth quarter. Wellington Management Group LLP now owns 3,025,241 shares of the company's stock worth $140,492,000 after buying an additional 1,146,609 shares during the last quarter. Jennison Associates LLC boosted its stake in Verona Pharma by 8.5% in the fourth quarter. Jennison Associates LLC now owns 1,889,542 shares of the company's stock valued at $87,750,000 after acquiring an additional 148,656 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Verona Pharma by 37.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,833,532 shares of the company's stock valued at $85,150,000 after purchasing an additional 498,338 shares during the period. RTW Investments LP bought a new position in shares of Verona Pharma during the 4th quarter worth $84,568,000. Finally, Janus Henderson Group PLC boosted its position in Verona Pharma by 59.9% during the fourth quarter. Janus Henderson Group PLC now owns 1,667,165 shares of the company's stock worth $77,466,000 after purchasing an additional 624,370 shares during the period. Institutional investors own 85.88% of the company's stock.

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.