Christina Ackermann, a director at Verona Pharma plc (NASDAQ:VRNA), has acquired 41,880 ordinary shares of the company, according to a recent SEC filing. The shares were purchased at a price of $4.737 each, amounting to a total transaction value of $198,385. This acquisition increases Ackermann's holdings to 41,880 ordinary shares, represented by 5,235 American Depositary Shares (ADSs), each ADS representing eight ordinary shares. The transaction was executed on November 6, 2024.
In other recent news, Verona Pharma has been making significant strides in the pharmaceutical sector. The company recently announced strong Q3 results, with top-line revenue amounting to $5.6 million, surpassing Wall Street's highest estimate of $3.5 million. This revenue was generated entirely from sales of Ohtuvayre, Verona Pharma's sole marketed product for treating chronic obstructive pulmonary disease (COPD).
Following these results, H.C. Wainwright maintained a Buy rating on Verona Pharma and increased its price target to $42.00 from $36.00. The firm also revised its 2024 revenue forecast for Verona to $22.5 million, up from the earlier projection of $12.5 million, and its revenue forecast for the full year 2025 to $126.2 million, up from $117.3 million.
Despite reporting a net loss of $43 million for Q3, Verona Pharma emphasized the successful launch of Ohtuvayre in the U.S., with net product sales of $5.6 million within the first seven weeks post-launch and over 5,000 prescriptions filled by the end of October. The company is also optimistic about the approval of a permanent J-code for Ohtuvayre by CMS, effective January 2025, which is expected to aid in the market uptake of the drug.
These developments underscore Verona Pharma's ongoing efforts to increase interactions with Tier 1 and Tier 2 physicians to improve prescribing behavior. With a strong balance sheet, boasting $336 million in cash and equivalents, Verona Pharma is well-positioned for future growth.
InvestingPro Insights
Christina Ackermann's recent acquisition of Verona Pharma shares aligns with several positive indicators highlighted by InvestingPro. The company has shown impressive financial performance, with revenue growth of 1127.95% in the last twelve months as of Q3 2024. This substantial increase in revenue could be a factor in the director's decision to increase her stake in the company.
InvestingPro Tips reveal that Verona Pharma has been experiencing significant momentum in the market. The stock has seen a strong return of 19.13% over the last month and an even more impressive 95.49% over the last three months. This positive trend is further emphasized by the fact that the stock is trading near its 52-week high, with its current price at 96.91% of that peak.
Despite these positive indicators, it's worth noting that Verona Pharma is not yet profitable, with a negative operating income of -151.3 million USD in the last twelve months. However, the company boasts an impressive gross profit margin of 90.34%, suggesting strong potential for profitability once operational costs are optimized.
These insights are just a glimpse of the comprehensive analysis available on InvestingPro. The platform offers 14 additional tips for Verona Pharma, providing investors with a more complete picture of the company's financial health and market position.
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