Wellington Management Group LLP Buys Shares of 68,531 Veradermics, Incorporated $MANE

Key Points

• Wellington Management purchased 68,531 Veradermics shares worth approximately $8.4 million, while Bamco increased its stake by 284.8% to 229,581 shares.
• Veradermics stock opened at $103.98, with a $4.34 billion market capitalization; the company reported quarterly EPS of -$0.58, in line with analyst expectations.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $153, although insiders sold approximately $103.1 million of shares over the past 90 days.

Wellington Management Group LLP purchased a new position in Veradermics, Incorporated (NYSE:MANE - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 68,531 shares of the company's stock, valued at approximately $8,425,000. Wellington Management Group LLP owned about 0.16% of Veradermics at the end of the most recent reporting period.

Separately, Bamco Inc. NY lifted its holdings in Veradermics by 284.8% in the second quarter. Bamco Inc. NY now owns 229,581 shares of the company's stock valued at $28,225,000 after acquiring an additional 169,913 shares during the period.

Veradermics Stock Up 5.6%

MANE stock opened at $103.98 on Wednesday. The business's 50-day moving average price is $109.45 and its 200-day moving average price is $90.71. The stock has a market cap of $4.34 billion and a P/E ratio of -54.73. Veradermics, Incorporated has a twelve month low of $32.00 and a twelve month high of $131.24.

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

Insider Activity

In other Veradermics news, insider Timothy August Durso sold 43,500 shares of the stock in a transaction on Monday, August 17th. The stock was sold at an average price of $107.82, for a total value of $4,690,170.00. Following the completion of the sale, the insider owned 78,142 shares in the company, valued at approximately $8,425,270.44. This represents a 35.76% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Montanova Capital, Llc sold 750,000 shares of the firm's stock in a transaction dated 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 directly owned 461,033 shares in the company, valued at approximately $49,445,789.25. This represents a 61.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 961,000 shares of company stock valued at $103,120,220 over the last 90 days.

Analyst Ratings Changes

A number of research firms have issued reports on MANE. Wall Street Zen upgraded Veradermics from a "sell" rating to a "hold" rating in a research note on Saturday, August 1st. Needham & Company LLC raised their price objective on shares of Veradermics from $136.00 to $164.00 and gave the stock a "buy" rating in a report on Wednesday, July 15th. Jefferies Financial Group boosted their target price on shares of Veradermics from $138.00 to $182.00 and gave the company a "buy" rating in a research report on Tuesday, July 7th. Citigroup increased their price target on shares of Veradermics from $135.00 to $160.00 and gave the stock a "buy" rating in a research report on Thursday, July 16th. Finally, Lifesci Capital began coverage on shares of Veradermics in a research report on Tuesday, June 16th. They set an "outperform" rating and a $135.00 price objective for the company. Seven research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $153.00.

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.

Want to see what other hedge funds are holding MANE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Veradermics, Incorporated (NYSE:MANE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.