Eventide Asset Management LLC Raises Stock Holdings in Verona Pharma plc (NASDAQ:VRNA)

Eventide Asset Management LLC increased its position in Verona Pharma plc (NASDAQ:VRNA) by 359.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,425,846 shares of the company’s stock after buying an additional 1,898,065 shares during the quarter. Verona Pharma accounts for approximately 1.2% of Eventide Asset Management LLC’s holdings, making the stock its 25th biggest holding. Eventide Asset Management LLC owned about 3.02% of Verona Pharma worth $69,792,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. CWM LLC purchased a new position in shares of Verona Pharma in the second quarter worth $29,000. EMC Capital Management purchased a new position in shares of Verona Pharma in the second quarter worth $38,000. GAMMA Investing LLC increased its stake in shares of Verona Pharma by 70.6% in the third 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. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Verona Pharma by 25.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,610 shares of the company’s stock worth $75,000 after buying an additional 529 shares during the period. Finally, Legato Capital Management LLC purchased a new position in shares of Verona Pharma in the second quarter worth $154,000. 85.88% of the stock is owned by hedge funds and other institutional investors.

Verona Pharma Price Performance

NASDAQ:VRNA opened at $39.90 on Friday. The firm’s 50-day moving average price is $34.46 and its 200-day moving average price is $25.09. The company has a quick ratio of 12.88, a current ratio of 13.03 and a debt-to-equity ratio of 0.93. Verona Pharma plc has a 1-year low of $11.39 and a 1-year high of $40.13.

Verona Pharma (NASDAQ:VRNA) last released its earnings results on Monday, November 4th. The company reported ($0.56) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.12). The firm had revenue of $5.62 million for the quarter, compared to analysts’ expectations of $2.31 million. During the same quarter in the previous year, the company earned ($0.18) earnings per share. On average, sell-side analysts anticipate that Verona Pharma plc will post -2.11 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on VRNA shares. Wells Fargo & Company boosted their price objective on shares of Verona Pharma from $50.00 to $64.00 and gave the company an “overweight” rating in a research report on Tuesday, November 5th. Truist Financial boosted their price objective on shares of Verona Pharma from $38.00 to $44.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. HC Wainwright boosted their price objective on shares of Verona Pharma from $36.00 to $42.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. Finally, Canaccord Genuity Group boosted their price objective on shares of Verona Pharma from $37.00 to $44.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, Verona Pharma currently has an average rating of “Buy” and an average target price of $43.83.

Insider Transactions at Verona Pharma

In related news, CFO Mark W. Hahn sold 249,728 shares of the company’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $4.38, for a total value 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. The trade was a 1.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Kathleen A. Rickard sold 240,000 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $4.90, for a total transaction of $1,176,000.00. Following the completion of the transaction, the insider now owns 2,671,480 shares in the company, valued at approximately $13,090,252. The trade was a 8.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,383,544 shares of company stock valued at $6,188,952 in the last three months. 4.80% of the stock is currently owned by company insiders.

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.