Verona Pharma (NASDAQ:VRNA) Shares Gap Down – What’s Next?

Shares of Verona Pharma plc (NASDAQ:VRNA) gapped down before the market opened on Monday . The stock had previously closed at $34.98, but opened at $33.55. Verona Pharma shares last traded at $34.62, with a volume of 413,033 shares.

Analyst Ratings Changes

A number of research firms recently weighed in on VRNA. Truist Financial lifted their price objective on shares of Verona Pharma from $38.00 to $44.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Canaccord Genuity Group boosted their price objective on shares of Verona Pharma from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Wells Fargo & Company initiated coverage on Verona Pharma in a research note on Thursday, October 3rd. They issued an “overweight” rating and a $50.00 target price on the stock. Finally, HC Wainwright reissued a “buy” rating and issued a $36.00 price target on shares of Verona Pharma in a research note on Tuesday, October 1st. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $39.33.

Verona Pharma Stock Up 5.8 %

The company has a 50-day moving average of $30.61 and a two-hundred day moving average of $22.17. The company has a quick ratio of 8.61, a current ratio of 8.61 and a debt-to-equity ratio of 0.72. The company has a market capitalization of $3.01 billion, a P/E ratio of -22.71 and a beta of 0.42.

Verona Pharma (NASDAQ:VRNA) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.88) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.53). During the same quarter last year, the company posted ($0.11) EPS. On average, research analysts predict that Verona Pharma plc will post -2.07 EPS for the current year.

Insider Activity at Verona Pharma

In other news, CFO Mark W. Hahn sold 249,728 shares of Verona Pharma stock in a transaction on Friday, October 18th. The shares were sold at an average price of $4.38, for a total transaction of $1,093,808.64. Following the transaction, the chief financial officer now owns 14,089,960 shares in the company, valued at $61,714,024.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Verona Pharma news, CEO David Zaccardelli sold 110,456 shares of the business’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $4.38, for a total value of $483,797.28. Following the sale, the chief executive officer now owns 14,894,464 shares in the company, valued at $65,237,752.32. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Mark W. Hahn sold 249,728 shares of the company’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $4.38, for a total transaction of $1,093,808.64. Following the sale, the chief financial officer now directly owns 14,089,960 shares in the company, valued at approximately $61,714,024.80. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 868,840 shares of company stock worth $3,805,519. 4.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Verona Pharma

Several hedge funds have recently added to or reduced their stakes in VRNA. GAMMA Investing LLC lifted its holdings in shares of Verona Pharma by 70.6% in the 3rd quarter. GAMMA Investing LLC now owns 1,336 shares of the company’s stock worth $38,000 after buying an additional 553 shares during the period. CWM LLC purchased a new stake in Verona Pharma during the second quarter worth $29,000. EMC Capital Management purchased a new position in shares of Verona Pharma in the 2nd quarter valued at $38,000. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Verona Pharma by 25.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,610 shares of the company’s stock worth $75,000 after acquiring an additional 529 shares in the last quarter. Finally, Diversify Advisory Services LLC purchased a new stake in shares of Verona Pharma during the 3rd quarter worth $169,000. 85.88% of the stock is currently 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.