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

Key Points

• Needham & Company LLC raised its price target on Veradermics from $136 to $164 and kept a buy rating, implying about 28.6% upside from the current price.
• Analyst sentiment is broadly positive overall, with seven Buy ratings versus one Hold and one Sell, and a consensus price target of $149.43.
• The stock traded up sharply to $127.51, near its 52-week high of $131.24, despite the company recently reporting a larger-than-expected quarterly loss of $1.32 per share.

Veradermics (NYSE:MANE - Get Free Report) had its price target upped by research analysts at Needham & Company LLC from $136.00 to $164.00 in a report released on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Needham & Company LLC's price objective would indicate a potential upside of 28.62% from the stock's current price.

Several other equities research analysts have also issued reports on the stock. Weiss Ratings assumed coverage on shares of Veradermics in a research note on Tuesday, May 26th. They set a "sell (d+)" rating on the stock. Citigroup upped their price target on Veradermics from $120.00 to $135.00 and gave the stock a "buy" rating in a report on Monday, May 18th. Wall Street Zen lowered Veradermics from a "hold" rating to a "sell" rating in a report on Sunday. Jefferies Financial Group boosted their price objective on Veradermics from $138.00 to $182.00 and gave the company a "buy" rating in a research report on Tuesday, July 7th. Finally, Lifesci Capital started coverage on Veradermics in a research note on Tuesday, June 16th. They set an "outperform" rating and a $135.00 target price for the company. Seven research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Veradermics presently has an average rating of "Moderate Buy" and a consensus price target of $149.43.

Veradermics Stock Performance

NYSE:MANE traded up $17.34 during trading hours on Wednesday, reaching $127.51. The company had a trading volume of 738,182 shares, compared to its average volume of 548,542. Veradermics has a 1-year low of $32.00 and a 1-year high of $131.24. The stock has a 50 day moving average price of $106.54. The company has a market capitalization of $5.33 billion and a price-to-earnings ratio of -97.38.

Veradermics (NYSE:MANE - Get Free Report) last posted its earnings results on Tuesday, May 12th. The company reported ($1.32) earnings per share for the quarter, missing the consensus estimate of ($0.56) by ($0.76).

Veradermics Company Profile

MANE is a global manufacturer and supplier of flavors, fragrances and ingredients for the food, beverage, personal care, household and fine fragrance markets. Headquartered in France, the company develops and produces aromatic solutions that are used by consumer goods companies, food processors, perfumers and formulators seeking sensory impact, taste modulation and olfactory character for their products.

The company's product portfolio includes savory and sweet flavor systems, beverage concentrates, natural extracts, essential oils, fragrance compounds, cosmetic ingredients and specialty functional solutions such as taste enhancers and odor masking agents.

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