Clearbridge Investments LLC Decreases Stock Holdings in Verona Pharma plc (NASDAQ:VRNA)

Clearbridge Investments LLC lowered its position in Verona Pharma plc (NASDAQ:VRNA) by 23.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 312,173 shares of the company’s stock after selling 93,568 shares during the period. Clearbridge Investments LLC owned approximately 0.39% of Verona Pharma worth $14,497,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the company. Franklin Resources Inc. purchased a new position in Verona Pharma in the third quarter worth $16,103,000. Wellington Management Group LLP grew its stake in Verona Pharma by 19.6% during the 3rd quarter. Wellington Management Group LLP now owns 1,878,632 shares of the company’s stock worth $54,048,000 after buying an additional 307,272 shares during the last quarter. Jennison Associates LLC increased its position in Verona Pharma by 8.5% during the 4th quarter. Jennison Associates LLC now owns 1,889,542 shares of the company’s stock valued at $87,750,000 after buying an additional 148,656 shares in the last quarter. Dorsey Wright & Associates acquired a new stake in Verona Pharma in the third quarter worth about $2,307,000. Finally, Frazier Life Sciences Management L.P. grew its stake in shares of Verona Pharma by 2.1% during the third quarter. Frazier Life Sciences Management L.P. now owns 3,383,950 shares of the company’s stock worth $97,356,000 after acquiring an additional 69,601 shares during the last quarter. Institutional investors own 85.88% of the company’s stock.

Insider Activity at Verona Pharma

In other Verona Pharma news, insider Kathleen A. Rickard sold 79,264 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $8.35, for a total value of $661,854.40. Following the sale, the insider now owns 2,608,976 shares in the company, valued at approximately $21,784,949.60. This represents a 2.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 4.80% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages recently commented on VRNA. Wells Fargo & Company increased their price objective on shares of Verona Pharma from $74.00 to $93.00 and gave the company an “overweight” rating in a research report on Friday, February 28th. Roth Capital set a $83.00 price objective on shares of Verona Pharma in a research note on Friday, February 28th. HC Wainwright upped their target price on Verona Pharma from $60.00 to $75.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Canaccord Genuity Group lifted their price target on Verona Pharma from $44.00 to $72.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. Finally, Roth Mkm started coverage on Verona Pharma in a report on Friday, January 10th. They issued a “buy” rating and a $68.00 price objective on the stock. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $69.14.

Verona Pharma Stock Performance

NASDAQ VRNA opened at $60.29 on Thursday. Verona Pharma plc has a fifty-two week low of $11.39 and a fifty-two week high of $70.40. The company has a debt-to-equity ratio of 0.93, a quick ratio of 12.88 and a current ratio of 13.03. The firm has a market capitalization of $4.87 billion, a P/E ratio of -31.40 and a beta of 0.39. The stock has a 50-day simple moving average of $62.64 and a two-hundred day simple moving average of $47.03.

Verona Pharma 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.