Needham & Company LLC Issues Positive Forecast for Veradermics (NYSE:MANE) Stock Price

Key Points

• Needham raised Veradermics’ price target to $172 from $164 and maintained a “Buy” rating, implying approximately 57.6% upside from the reported $109.16 share price.
• Analyst sentiment is generally positive: seven analysts rate the stock “Buy,” one rates it “Hold,” and one rates it “Sell,” producing a consensus “Moderate Buy” rating and $154.14 target price.
• Veradermics reported quarterly EPS of $(0.58), in line with estimates, while insiders sold 961,000 shares worth about $103.1 million over the past three months.

Veradermics (NYSE:MANE - Get Free Report) had its price target increased by analysts at Needham & Company LLC from $164.00 to $172.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has a "buy" rating on the stock. Needham & Company LLC's target price suggests a potential upside of 57.57% from the company's current price.

A number of other research firms also recently issued reports on MANE. B. Riley Financial assumed coverage on shares of Veradermics in a report on Wednesday, July 15th. They issued a "buy" rating and a $170.00 price objective on the stock. UBS Group set a $170.00 target price on shares of Veradermics in a report on Wednesday, July 15th. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Veradermics in a research report on Friday, August 21st. Citigroup reiterated a "buy" rating on shares of Veradermics in a research note on Tuesday, September 15th. Finally, Wall Street Zen raised shares of Veradermics from a "sell" rating to a "hold" rating in a research report on Saturday, August 1st. Seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Veradermics currently has an average rating of "Moderate Buy" and a consensus target price of $154.14.

Veradermics Stock Performance

Shares of Veradermics stock opened at $109.16 on Monday. The business's 50 day simple moving average is $108.88 and its 200 day simple moving average is $102.50. Veradermics has a 52-week low of $32.00 and a 52-week high of $136.71. The firm has a market cap of $4.56 billion and a PE ratio of -57.45.

Veradermics (NYSE:MANE - Get Free Report) last released its quarterly earnings results on Tuesday, August 11th. The company reported ($0.58) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.58). As a group, equities research analysts predict that Veradermics will post -2.74 EPS for the current year.

Insider Buying and Selling

In other Veradermics news, Director Montanova Capital, Llc sold 750,000 shares of the business's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $107.25, for a total transaction of $80,437,500.00. Following the transaction, the director owned 461,033 shares of the company's stock, valued at $49,445,789.25. The trade was a 61.93% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Reid Alexander Waldman sold 67,500 shares of the business's stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $107.86, for a total value of $7,280,550.00. Following the transaction, the chief executive officer directly owned 170,824 shares in the company, valued at $18,425,076.64. This trade represents a 28.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 961,000 shares of company stock valued at $103,120,220.

Institutional Investors Weigh In On Veradermics

Several large investors have recently made changes to their positions in MANE. Montanova Capital LLC bought a new position in shares of Veradermics in the second quarter valued at $512,533,000. Bamco Inc. NY raised its position in Veradermics by 284.8% during the second quarter. Bamco Inc. NY now owns 229,581 shares of the company's stock worth $28,225,000 after acquiring an additional 169,913 shares in the last quarter. Seven Fleet Capital Management LP bought a new stake in Veradermics during the second quarter worth $9,835,000. Wellington Management Group LLP acquired a new stake in Veradermics in the second quarter valued at $8,425,000. Finally, Arizona State Retirement System acquired a new stake in Veradermics in the second quarter valued at $524,000.

Veradermics Company Profile

Veradermics, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for dermatologic diseases. The company's research and development efforts are aimed at addressing conditions that affect the skin, hair and nails, with an emphasis on treatments designed to improve patient outcomes and quality of life.

Veradermics is advancing a pipeline of investigational dermatology products across multiple disease areas. Its activities include the discovery, clinical development and potential commercialization of prescription therapies for conditions with unmet medical needs.

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