Verona Pharma plc (NASDAQ:VRNA) has reported a recent sale of shares by Chief Medical Officer Kathleen A. Rickard. According to the latest filing, Rickard sold a total of 36,248 ordinary shares at an average price of $1.9596, amounting to over $71,000.
The transactions, carried out on May 3, 2024, were executed in multiple transactions at prices ranging from $1.94 to $1.9825. The sales were made pursuant to a Rule 10b5-1 trading plan, which allows company insiders to set up a predetermined plan to sell stocks at a time when they are not in possession of material non-public information. This plan had been adopted by Rickard on February 17, 2023.
It's also been disclosed that a portion of Rickard's ordinary shares were withheld to satisfy tax obligations related to the vesting of certain restricted share units. This transaction, which took place on May 1, 2024, involved 73,824 shares at a price of $1.9313, totaling approximately $142,576.
Following these transactions, Rickard's remaining holdings include a mix of ordinary shares and restricted share units, which together represent a significant stake in the company. The ordinary shares are represented by American Depositary Shares (ADSs), with each ADS representing eight ordinary shares of Verona Pharma.
Verona Pharma, based in London, operates in the pharmaceutical preparations industry within the healthcare sector. The company's business address and the reporting officer's mailing address are both located at 3 More London Riverside, London, SE1 2RE, United Kingdom.
Investors and followers of Verona Pharma can stay informed about insider transactions, which are publicly disclosed in compliance with SEC regulations, to better understand the actions of the company's executives and their confidence in the firm's prospects.
InvestingPro Insights
In light of the recent insider transactions at Verona Pharma plc (NASDAQ:VRNA), investors may find it beneficial to consider the company's financial health and market performance as part of their analysis. According to InvestingPro, Verona Pharma holds more cash than debt on its balance sheet, which could be a sign of financial stability. Additionally, the company's liquid assets surpass its short-term obligations, suggesting a solid position to cover immediate liabilities.
However, it's noteworthy that Verona Pharma is not currently profitable, with net income expected to drop this year. Analysts also do not anticipate the company will be profitable within this fiscal year. These factors, combined with weak gross profit margins, may raise concerns about the company's near-term financial prospects.
From a market performance standpoint, Verona Pharma's market capitalization stands at $1.28 billion USD, while the stock has experienced a price total return of -25.96% over the past year as of the date provided. The company's price is currently at 65.9% of its 52-week high, with a previous close at $15.75 USD.
For those looking to delve deeper into the financial analytics of Verona Pharma, InvestingPro offers additional insights and metrics to aid in making informed decisions. Remember to use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. There are 8 more InvestingPro Tips available that could further inform your investment strategy regarding Verona Pharma.
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