Mark W. Hahn, Chief Financial Officer of Verona Pharma plc (NASDAQ:VRNA), a $3.27 billion market cap pharmaceutical company, recently executed a series of stock sales totaling approximately $4.4 million. These transactions occurred over three consecutive days, from December 4 to December 6, 2024. According to InvestingPro analysis, the stock is currently trading above its Fair Value.
On December 4, Hahn sold 58,184 ordinary shares at a weighted average price of $5.0013 per share. The following day, he sold an additional 640,048 shares at an average price of $5.0061. Finally, on December 6, he disposed of 183,728 shares at an average price of $5.0091. The stock has shown remarkable strength, gaining over 233% in the past six months and currently trades near its 52-week high of $40.76.
These sales were conducted under a pre-established Rule 10b5-1 plan adopted in March 2024, allowing insiders to sell stock at predetermined times to avoid concerns over insider trading. Following these transactions, Hahn retains 13,293,736 shares in the company. The company maintains strong financial health with a current ratio of 13.03 and impressive gross profit margins of 90.34%. For deeper insights into VRNA's valuation and 14 additional ProTips, visit InvestingPro.
In other recent news, Verona Pharma has announced robust financial results for the third quarter of 2024, with top-line revenue reaching $5.6 million, surpassing the highest Wall Street estimate. This revenue was generated entirely from sales of Ohtuvayre, the company's sole marketed product for treating chronic obstructive pulmonary disease (COPD). Following these results, H.C. Wainwright maintained a Buy rating on Verona Pharma shares and raised the price target to $42.00, reflecting updated revenue forecasts and adjustments to discount rate assumptions.
Despite reporting a net loss of $43 million for Q3, Verona Pharma has seen significant growth in sales of Ohtuvayre, with October 2024 sales exceeding the entire third-quarter sales. The company also announced the approval of a permanent J-code for Ohtuvayre by CMS, expected to be effective from January 2025, which analysts believe will aid in the market uptake of the drug.
Verona Pharma continues to strengthen its position, with a strong balance sheet of $336 million in cash and equivalents. The company plans to provide detailed revenue guidance in early 2025 and is focusing on increasing interactions with Tier 1 and Tier 2 physicians to improve prescribing behavior. Amid these recent developments, the company remains optimistic about continued sales growth and the drug's broad prescription base.
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