Truist Financial Raises Verona Pharma (NASDAQ:VRNA) Price Target to $38.00

Verona Pharma (NASDAQ:VRNA) had its price objective increased by Truist Financial from $32.00 to $38.00 in a research note released on Friday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also commented on VRNA. Wedbush reiterated an outperform rating and issued a $33.00 price target on shares of Verona Pharma in a research report on Friday, March 1st. HC Wainwright raised their price target on Verona Pharma from $32.00 to $36.00 and gave the stock a buy rating in a research report on Thursday, June 27th. Piper Sandler boosted their price target on Verona Pharma from $31.00 to $36.00 and gave the stock an overweight rating in a report on Tuesday, April 16th. Finally, Canaccord Genuity Group reiterated a buy rating and set a $35.00 price objective on shares of Verona Pharma in a research report on Thursday, June 27th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of Buy and a consensus price target of $35.60.

Verona Pharma Stock Performance

Shares of VRNA stock opened at $15.51 on Friday. The stock has a fifty day moving average price of $14.07 and a 200 day moving average price of $16.13. The company has a debt-to-equity ratio of 0.22, a quick ratio of 18.40 and a current ratio of 18.40. The stock has a market cap of $1.23 billion, a PE ratio of -20.14 and a beta of 0.34. Verona Pharma has a 1 year low of $11.39 and a 1 year high of $23.07.

Verona Pharma (NASDAQ:VRNA) last released its quarterly earnings results on Thursday, May 9th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.08). Sell-side analysts forecast that Verona Pharma will post -1.54 earnings per share for the current fiscal year.

Insider Buying and Selling at Verona Pharma

In related news, insider Kathleen A. Rickard sold 36,248 shares of the stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $1.96, for a total transaction of $71,046.08. Following the transaction, 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 Securities & Exchange Commission, which is accessible through this link. 4.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Verona Pharma

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Adage Capital Partners GP L.L.C. raised its holdings in shares of Verona Pharma by 95.1% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 426,931 shares of the company’s stock worth $6,959,000 after purchasing an additional 208,100 shares during the period. Kennedy Capital Management LLC grew its stake in Verona Pharma by 19.2% during the third quarter. Kennedy Capital Management LLC now owns 139,601 shares of the company’s stock worth $2,275,000 after buying an additional 22,529 shares during the period. American Century Companies Inc. purchased a new stake in Verona Pharma during the third quarter worth approximately $4,566,000. Wellington Management Group LLP increased its position in shares of Verona Pharma by 3.8% in the third quarter. Wellington Management Group LLP now owns 4,467,571 shares of the company’s stock worth $72,821,000 after acquiring an additional 164,268 shares in the last quarter. Finally, Legato Capital Management LLC raised its stake in shares of Verona Pharma by 26.1% in the 4th quarter. Legato Capital Management LLC now owns 24,329 shares of the company’s stock valued at $484,000 after acquiring an additional 5,032 shares during the period. Institutional investors and hedge funds own 85.88% of the company’s stock.

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.