Verona Pharma PLC American Depositary Share (NASDAQ:VRNA) Hits New 52-Week High - Here's Why

Key Points

• Verona Pharma PLC's American Depositary Shares (NASDAQ:VRNA) reached a new 52-week high of $106.75 during trading, closing at $106.71 with over 1.8 million shares traded.
• Several analysts have downgraded VRNA to a "hold" rating, with Jefferies setting a target price of $107 down from $140, while the consensus price target remains at $109.
• Verona Pharma reported $0.13 earnings per share for the last quarter, significantly beating analyst estimates, and posted a revenue of $103.14 million, exceeding expectations of $90.41 million.

Verona Pharma PLC American Depositary Share (NASDAQ:VRNA - Get Free Report) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $106.75 and last traded at $106.71, with a volume of 1805802 shares. The stock had previously closed at $106.61.

Analysts Set New Price Targets

VRNA has been the subject of several analyst reports. Jefferies Financial Group reissued a "hold" rating and set a $107.00 target price (down from $140.00) on shares of Verona Pharma PLC American Depositary Share in a research note on Wednesday, July 9th. Piper Sandler downgraded Verona Pharma PLC American Depositary Share from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 10th. Wolfe Research downgraded Verona Pharma PLC American Depositary Share from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 10th. Wells Fargo & Company downgraded Verona Pharma PLC American Depositary Share from a "strong-buy" rating to a "hold" rating and decreased their price target for the stock from $138.00 to $107.00 in a report on Thursday, July 10th. Finally, BTIG Research downgraded Verona Pharma PLC American Depositary Share from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 10th. Two analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $109.00.

Verona Pharma PLC American Depositary Share Price Performance

The stock has a market cap of $8.73 billion, a price-to-earnings ratio of -107.79 and a beta of 0.14. The company has a 50-day moving average of $105.81 and a 200-day moving average of $86.97. The company has a debt-to-equity ratio of 0.87, a quick ratio of 10.54 and a current ratio of 10.71.

Verona Pharma PLC American Depositary Share (NASDAQ:VRNA - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.14. The firm had revenue of $103.14 million for the quarter, compared to analysts' expectations of $90.41 million. Verona Pharma PLC American Depositary Share had a negative return on equity of 21.12% and a negative net margin of 36.62%. As a group, equities research analysts predict that Verona Pharma PLC American Depositary Share will post -1.95 earnings per share for the current year.

Insider Activity at Verona Pharma PLC American Depositary Share

In other Verona Pharma PLC American Depositary Share news, insider Kathleen A. Rickard sold 58,336 shares of the stock in a transaction on Friday, August 1st. The stock was sold at an average price of $13.14, for a total transaction of $766,535.04. Following the transaction, the insider owned 2,607,472 shares of the company's stock, valued at $34,262,182.08. This represents a 2.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Mark W. Hahn sold 208,912 shares of the company's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $13.14, for a total value of $2,745,103.68. Following the sale, the chief financial officer owned 12,464,968 shares of the company's stock, valued at approximately $163,789,679.52. The trade was a 1.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 540,584 shares of company stock worth $7,103,274 in the last three months. 4.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Verona Pharma PLC American Depositary Share

Several large investors have recently modified their holdings of the business. NBC Securities Inc. bought a new position in Verona Pharma PLC American Depositary Share in the first quarter worth about $34,000. Geneos Wealth Management Inc. grew its position in Verona Pharma PLC American Depositary Share by 44.2% in the first quarter. Geneos Wealth Management Inc. now owns 630 shares of the company's stock worth $40,000 after buying an additional 193 shares during the last quarter. Acadian Asset Management LLC acquired a new position in Verona Pharma PLC American Depositary Share in the first quarter worth approximately $48,000. IFP Advisors Inc acquired a new position in Verona Pharma PLC American Depositary Share in the 2nd quarter worth approximately $52,000. Finally, NewEdge Advisors LLC purchased a new position in shares of Verona Pharma PLC American Depositary Share during the 1st quarter valued at $58,000. 85.88% of the stock is currently owned by institutional investors and hedge funds.

About Verona Pharma PLC American Depositary Share

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.