Verona Pharma (NASDAQ:VRNA) Shares Down 4.3% on Insider Selling

Verona Pharma plc (NASDAQ:VRNA)’s share price dropped 4.3% during trading on Monday after an insider sold shares in the company. The stock traded as low as $14.87 and last traded at $15.02. Approximately 245,237 shares traded hands during trading, a decline of 50% from the average daily volume of 489,801 shares. The stock had previously closed at $15.69.

Specifically, insider Kathleen A. Rickard sold 36,248 shares of Verona Pharma stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $1.96, for a total value of $71,046.08. Following the sale, the insider now directly owns 2,621,552 shares in the company, valued at $5,138,241.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 4.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Wedbush reiterated an “outperform” rating and set a $33.00 target price on shares of Verona Pharma in a research report on Friday, March 1st. Piper Sandler upped their price objective on Verona Pharma from $31.00 to $36.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. Finally, HC Wainwright restated a “buy” rating and issued a $32.00 price objective on shares of Verona Pharma in a research report on Monday, March 4th. Four analysts have rated the stock with a buy rating, Based on data from MarketBeat, Verona Pharma currently has an average rating of “Buy” and a consensus price target of $33.60.

Verona Pharma Stock Down 4.5 %

The company has a 50 day moving average of $16.21 and a 200 day moving average of $16.19. The company has a debt-to-equity ratio of 0.20, a current ratio of 33.33 and a quick ratio of 33.33.

Verona Pharma (NASDAQ:VRNA) last released its earnings results on Thursday, February 29th. The company reported ($0.16) EPS for the quarter, beating the consensus estimate of ($0.23) by $0.07. Research analysts predict that Verona Pharma plc will post -1.32 EPS for the current year.

Hedge Funds Weigh In On Verona Pharma

Institutional investors have recently added to or reduced their stakes in the business. Campbell & CO Investment Adviser LLC increased its stake in Verona Pharma by 1.7% during the fourth quarter. Campbell & CO Investment Adviser LLC now owns 50,836 shares of the company’s stock worth $1,011,000 after acquiring an additional 862 shares during the last quarter. D.A. Davidson & CO. increased its stake in Verona Pharma by 2.8% during the fourth quarter. D.A. Davidson & CO. now owns 33,400 shares of the company’s stock worth $664,000 after acquiring an additional 900 shares during the last quarter. 1492 Capital Management LLC increased its stake in Verona Pharma by 1.0% during the fourth quarter. 1492 Capital Management LLC now owns 166,038 shares of the company’s stock worth $3,301,000 after acquiring an additional 1,579 shares during the last quarter. Cape Investment Advisory Inc. purchased a new stake in shares of Verona Pharma in the fourth quarter worth about $40,000. Finally, New York State Common Retirement Fund boosted its position in shares of Verona Pharma by 14.3% in the fourth quarter. New York State Common Retirement Fund now owns 29,669 shares of the company’s stock worth $590,000 after buying an additional 3,716 shares during the period. 85.88% of the stock is currently owned by institutional investors and hedge funds.

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.