Verona Pharma (NASDAQ:VRNA) Shares Down 7% – Here’s What Happened

Verona Pharma plc (NASDAQ:VRNA) shares traded down 7% during trading on Tuesday . The stock traded as low as $58.60 and last traded at $59.04. 1,377,325 shares changed hands during mid-day trading, an increase of 19% from the average session volume of 1,154,149 shares. The stock had previously closed at $63.49.

Wall Street Analysts Forecast Growth

VRNA has been the subject of a number of research analyst reports. Wells Fargo & Company raised their target price on Verona Pharma from $74.00 to $93.00 and gave the company an “overweight” rating in a research note on Friday, February 28th. Roth Capital set a $83.00 price objective on shares of Verona Pharma in a research note on Friday, February 28th. HC Wainwright raised their target price on shares of Verona Pharma from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Canaccord Genuity Group lifted their target price on shares of Verona Pharma from $44.00 to $72.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Finally, Roth Mkm initiated coverage on Verona Pharma in a research note on Friday, January 10th. They issued a “buy” rating and a $68.00 price target on the stock. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Verona Pharma presently has an average rating of “Buy” and an average target price of $69.14.

Verona Pharma Trading Down 3.6 %

The stock has a market cap of $4.69 billion, a PE ratio of -30.26 and a beta of 0.39. 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 stock’s fifty day moving average price is $62.64 and its 200 day moving average price is $47.03.

Insider Buying and Selling at Verona Pharma

In other news, insider Kathleen A. Rickard sold 79,264 shares of Verona Pharma stock in a transaction 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 transaction, the insider now owns 2,608,976 shares in the company, valued at $21,784,949.60. This trade represents a 2.95 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 4.80% of the company’s stock.

Institutional Investors Weigh In On Verona Pharma

A number of institutional investors and hedge funds have recently bought and sold shares of VRNA. Vermillion Wealth Management Inc. purchased a new stake in shares of Verona Pharma during the 4th quarter valued at about $46,000. GF Fund Management CO. LTD. bought a new position in Verona Pharma in the 4th quarter worth about $72,000. GAMMA Investing LLC lifted its holdings in shares of Verona Pharma by 20.7% in 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 during the period. EMC Capital Management grew its holdings in Verona Pharma by 3,400.0% during the 4th quarter. EMC Capital Management now owns 3,500 shares of the company’s stock worth $163,000 after acquiring an additional 3,400 shares in the last quarter. Finally, Wrapmanager Inc. purchased a new stake in shares of Verona Pharma in the 4th quarter worth approximately $207,000. 85.88% of the stock is owned by institutional investors.

About Verona Pharma

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.