Montanova Capital LLC Makes New Investment in Veradermics, Incorporated $MANE

Key Points

• Montanova Capital acquired 4.17 million Veradermics shares worth approximately $512.5 million, making the stock its second-largest holding and representing about 9.98% of Veradermics.
• Analysts remain broadly positive, with seven Buy ratings, one Hold, and one Sell; the stock has a consensus “Moderate Buy” rating and an average price target of $153.
• Company insiders sold 961,000 shares worth roughly $103.1 million during the past quarter, including substantial sales by the CEO and another insider under pre-arranged Rule 10b5-1 plans.

Montanova Capital LLC acquired a new position in Veradermics, Incorporated (NYSE:MANE - Free Report) during the second quarter, according to its most recent filing with the SEC. The firm acquired 4,168,970 shares of the company's stock, valued at approximately $512,533,000. Veradermics comprises approximately 8.5% of Montanova Capital LLC's holdings, making the stock its 2nd biggest holding. Montanova Capital LLC owned about 9.98% of Veradermics at the end of the most recent quarter.

Separately, Wellington Management Group LLP purchased a new stake in Veradermics in the second quarter worth $8,425,000.

Insider Activity

In other news, insider Timothy August Durso sold 43,500 shares of the company's stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $107.82, for a total value of $4,690,170.00. Following the transaction, the insider owned 78,142 shares in the company, valued at approximately $8,425,270.44. This represents a 35.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Reid Alexander Waldman sold 67,500 shares of the company'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 transaction of $7,280,550.00. Following the completion of the transaction, the chief executive officer owned 170,824 shares in the company, valued at approximately $18,425,076.64. This represents a 28.32% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 961,000 shares of company stock worth $103,120,220.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on MANE shares. B. Riley Financial initiated coverage on shares of Veradermics in a research note on Wednesday, July 15th. They set a "buy" rating and a $170.00 target price on the stock. Wall Street Zen raised Veradermics from a "sell" rating to a "hold" rating in a research report on Saturday, August 1st. Citigroup lifted their price target on Veradermics from $135.00 to $160.00 and gave the company a "buy" rating in a research report on Thursday, July 16th. Needham & Company LLC upped their price target on Veradermics from $136.00 to $164.00 and gave the stock a "buy" rating in a research note on Wednesday, July 15th. Finally, Lifesci Capital assumed coverage on Veradermics in a research report on Tuesday, June 16th. They set an "outperform" rating and a $135.00 price objective for the company. Seven investment 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, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $153.00.

Veradermics Stock Performance

Shares of MANE opened at $98.77 on Tuesday. The company has a market cap of $4.13 billion and a PE ratio of -51.98. The stock has a 50 day moving average of $111.86. Veradermics, Incorporated has a 52 week low of $32.00 and a 52 week high of $131.24.

Veradermics (NYSE:MANE - Get Free Report) last posted its quarterly earnings data on Tuesday, August 11th. The company reported ($0.58) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.58). As a group, sell-side analysts forecast that Veradermics, Incorporated will post -2.74 EPS for the current fiscal year.

Veradermics Company Profile

We are a dermatologist-founded, late clinical-stage biopharmaceutical company focused on developing innovative therapeutics to address pervasive treatment challenges in highly prevalent aesthetic and dermatological conditions. Our initial focus is developing better treatments for pattern hair loss, or PHL, a condition affecting approximately 50 million men and 30 million women in the United States. Current PHL treatment options are limited and therefore are consistently plagued with high rates of treatment failure, patient dissatisfaction and treatment discontinuation.

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