Verona Pharma (NASDAQ:VRNA) Shares Down 8.4%

Verona Pharma plc (NASDAQ:VRNA) shares were down 8.4% on Thursday . The stock traded as low as $24.83 and last traded at $25.20. Approximately 183,605 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 886,616 shares. The stock had previously closed at $27.52.

Analyst Upgrades and Downgrades

VRNA has been the subject of a number of analyst reports. Canaccord Genuity Group raised their price target on Verona Pharma from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. HC Wainwright raised their target price on Verona Pharma from $32.00 to $36.00 and gave the stock a “buy” rating in a research note on Thursday, June 27th. Finally, Truist Financial upped their price target on Verona Pharma from $32.00 to $38.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Verona Pharma currently has a consensus rating of “Buy” and an average price target of $36.00.

Verona Pharma Stock Down 2.4 %

The company has a market cap of $2.14 billion, a P/E ratio of -34.27 and a beta of 0.44. The company has a debt-to-equity ratio of 0.72, a current ratio of 8.61 and a quick ratio of 8.61. The company has a 50 day moving average of $23.04 and a 200-day moving average of $17.90.

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

Hedge Funds Weigh In On Verona Pharma

A number of institutional investors have recently made changes to their positions in the stock. Jennison Associates LLC lifted its holdings in shares of Verona Pharma by 0.5% during the 1st quarter. Jennison Associates LLC now owns 1,593,833 shares of the company’s stock worth $25,645,000 after acquiring an additional 8,448 shares during the last quarter. Hennion & Walsh Asset Management Inc. lifted its stake in Verona Pharma by 71.4% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 67,365 shares of the company’s stock worth $1,084,000 after purchasing an additional 28,071 shares during the last quarter. Parkman Healthcare Partners LLC boosted its holdings in shares of Verona Pharma by 20.8% in the 4th quarter. Parkman Healthcare Partners LLC now owns 504,742 shares of the company’s stock worth $10,034,000 after purchasing an additional 86,809 shares in the last quarter. Sei Investments Co. increased its position in shares of Verona Pharma by 3.7% during the 1st quarter. Sei Investments Co. now owns 74,294 shares of the company’s stock valued at $1,195,000 after purchasing an additional 2,640 shares during the last quarter. Finally, Affinity Asset Advisors LLC lifted its position in Verona Pharma by 53.1% in the 4th quarter. Affinity Asset Advisors LLC now owns 563,824 shares of the company’s stock worth $11,209,000 after buying an additional 195,495 shares during the last quarter. Institutional investors own 85.88% of the company’s stock.

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.