Seven Fleet Capital Management LP Purchases Shares of 80,000 Veradermics, Incorporated $MANE

Key Points

• Seven Fleet Capital Management acquired 80,000 Veradermics shares worth approximately $9.8 million, making the position 1.6% of its portfolio and representing about 0.19% of Veradermics’ shares.
• Institutional interest increased, with Wellington Management initiating a $8.4 million position and Bamco expanding its stake by 284.8%; however, insiders sold 961,000 shares worth roughly $103.1 million over the past 90 days.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $153, compared with the stock’s recent opening price of $98.36.

Seven Fleet Capital Management LP acquired a new stake in Veradermics, Incorporated (NYSE:MANE - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 80,000 shares of the company's stock, valued at approximately $9,835,000. Veradermics comprises about 1.6% of Seven Fleet Capital Management LP's investment portfolio, making the stock its 14th biggest position. Seven Fleet Capital Management LP owned about 0.19% of Veradermics as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Wellington Management Group LLP purchased a new position in Veradermics in the 2nd quarter worth $8,425,000. Bamco Inc. NY grew its stake in Veradermics by 284.8% during the 2nd quarter. Bamco Inc. NY now owns 229,581 shares of the company's stock valued at $28,225,000 after purchasing an additional 169,913 shares during the last quarter. Finally, Montanova Capital LLC acquired a new position in shares of Veradermics in the second quarter valued at about $512,533,000.

Wall Street Analyst Weigh In

MANE has been the subject of several research analyst reports. Citigroup raised their price objective on Veradermics from $135.00 to $160.00 and gave the stock a "buy" rating in a research note on Thursday, July 16th. Wall Street Zen upgraded shares of Veradermics from a "sell" rating to a "hold" rating in a report on Saturday, August 1st. Jefferies Financial Group raised their price target on shares of Veradermics from $138.00 to $182.00 and gave the stock a "buy" rating in a research report on Tuesday, July 7th. B. Riley Financial began coverage on shares of Veradermics in a research note on Wednesday, July 15th. They set a "buy" rating and a $170.00 price objective for the company. Finally, Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Veradermics in a report on Friday, August 21st. Seven research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $153.00.

Insiders Place Their Bets

In related news, Director Montanova Capital, Llc sold 750,000 shares of Veradermics stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $107.25, for a total value of $80,437,500.00. Following the sale, the director owned 461,033 shares of the company's stock, valued at approximately $49,445,789.25. This trade represents a 61.93% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John W. Childs sold 100,000 shares of the business's stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $107.12, for a total transaction of $10,712,000.00. Following the completion of the sale, the director directly owned 194,117 shares of the company's stock, valued at approximately $20,793,813.04. The trade was a 34.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 961,000 shares of company stock valued at $103,120,220 over the last ninety days.

Veradermics Stock Performance

Shares of NYSE MANE opened at $98.36 on Friday. Veradermics, Incorporated has a 1 year low of $32.00 and a 1 year high of $131.24. The company's fifty day moving average price is $110.34 and its 200 day moving average price is $89.65. The company has a market capitalization of $4.11 billion and a PE ratio of -51.77.

Veradermics (NYSE:MANE - Get Free Report) last posted its earnings results on Tuesday, August 11th. The company reported ($0.58) EPS for the quarter, meeting analysts' consensus estimates of ($0.58). On average, equities analysts expect that Veradermics, Incorporated will post -2.74 EPS for the current year.

About Veradermics

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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