Canaccord Genuity Group Forecasts Strong Price Appreciation for Verona Pharma (NASDAQ:VRNA) Stock

Verona Pharma (NASDAQ:VRNA) had its price objective hoisted by analysts at Canaccord Genuity Group from $37.00 to $44.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 15.33% from the stock’s current price.

Other analysts have also issued research reports about the company. HC Wainwright reissued a “buy” rating and set a $36.00 price objective on shares of Verona Pharma in a report on Tuesday, October 1st. Truist Financial boosted their price target on shares of Verona Pharma from $38.00 to $44.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Finally, Wells Fargo & Company initiated coverage on shares of Verona Pharma in a report on Thursday, October 3rd. They set an “overweight” rating and a $50.00 price objective for the company. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $40.50.

Verona Pharma Trading Up 9.1 %

Shares of VRNA stock opened at $38.15 on Tuesday. The firm has a market capitalization of $3.10 billion, a P/E ratio of -24.77 and a beta of 0.42. Verona Pharma has a 1 year low of $11.39 and a 1 year high of $39.38. The firm’s fifty day simple moving average is $30.84 and its 200 day simple moving average is $22.33. The company has a current ratio of 8.61, a quick ratio of 8.61 and a debt-to-equity ratio of 0.72.

Verona Pharma (NASDAQ:VRNA) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.88) EPS for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.53). During the same quarter last year, the business earned ($0.11) EPS. As a group, sell-side analysts predict that Verona Pharma will post -2.07 EPS for the current year.

Insider Buying and Selling at Verona Pharma

In related news, CEO David Zaccardelli sold 110,456 shares of the stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $4.38, for a total transaction of $483,797.28. Following the completion of the sale, the chief executive officer now owns 14,894,464 shares in the company, valued at $65,237,752.32. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CFO Mark W. Hahn sold 116,696 shares of the stock in a transaction on Monday, October 21st. The stock was sold at an average price of $4.38, for a total transaction of $511,128.48. Following the sale, the chief financial officer now owns 13,973,264 shares in the company, valued at approximately $61,202,896.32. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO David Zaccardelli sold 110,456 shares of the company’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $4.38, for a total transaction of $483,797.28. Following the transaction, the chief executive officer now owns 14,894,464 shares in the company, valued at approximately $65,237,752.32. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 868,840 shares of company stock valued at $3,805,519. 4.80% of the stock is currently owned by company insiders.

Institutional Trading of Verona Pharma

Hedge funds have recently modified their holdings of the stock. Sei Investments Co. increased its stake in shares of Verona Pharma by 3.7% in the 1st quarter. Sei Investments Co. now owns 74,294 shares of the company’s stock valued at $1,195,000 after buying an additional 2,640 shares during the period. Capstone Investment Advisors LLC acquired a new stake in Verona Pharma in the first quarter worth about $412,000. Bellevue Group AG raised its holdings in Verona Pharma by 35.6% during the 1st quarter. Bellevue Group AG now owns 1,139,295 shares of the company’s stock worth $18,331,000 after purchasing an additional 299,299 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new position in Verona Pharma during the 2nd quarter valued at about $859,000. Finally, Resolute Capital Asset Partners LLC acquired a new stake in shares of Verona Pharma during the 2nd quarter worth approximately $723,000. 85.88% of the stock is owned by 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.