David Zaccardelli, President and CEO of Verona Pharma plc (NASDAQ:VRNA), has recently sold shares of the company totaling $627,233. The transactions, executed on November 27, November 29, and December 2, involved the sale of 125,328 ordinary shares at prices ranging from $5.00 to $5.006 per share. The stock has shown remarkable strength, with InvestingPro data showing a 227% return over the past six months and currently trading near its 52-week high of $40.76. Following these sales, Zaccardelli holds 15,075,424 ordinary shares in the company. These sales were conducted under a prearranged trading plan established on March 8, 2024. According to InvestingPro analysis, Verona Pharma maintains strong fundamentals with an impressive 90% gross profit margin and excellent liquidity, as evidenced by a current ratio of 13. Subscribers can access 12+ additional ProTips and a comprehensive Pro Research Report for deeper insights into VRNA's financial health.
In other recent news, Verona Pharma reported a significant Q3 net loss of $43 million, despite the successful launch of its chronic obstructive pulmonary disease (COPD) treatment, Ohtuvayre, in the U.S. The drug saw net product sales of $5.6 million within the first seven weeks post-launch, with over 5,000 prescriptions filled by the end of October. In response to these developments, H.C. Wainwright maintained a Buy rating on Verona Pharma shares and raised the price target to $42.00 from the previous target of $36.00.
Furthermore, Verona Pharma announced that it had been assigned a unique J-code for Ohtuvayre, J7601, which is expected to come into effect in January 2025. This is anticipated to aid in the market uptake of the drug. Despite the Q3 net loss, the company maintains a strong balance sheet, with $336 million in cash and equivalents.
Lastly, Verona Pharma plans to provide detailed revenue guidance in early 2025 while increasing interactions with Tier 1 and Tier 2 physicians to improve prescribing behavior. These recent developments highlight the company's ongoing efforts to establish its presence in the market and its commitment to its COPD treatment, Ohtuvayre.
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