Veradermics (NYSE:MANE) Hits New 12-Month High - Here's What Happened

Key Points

• Veradermics shares reached a new 52-week high of $136.72, up sharply from the previous close of $110.95, with nearly 3.5 million shares traded.
• Analyst sentiment is broadly positive: seven analysts rate the stock Buy, with a consensus “Moderate Buy” rating and a $153 price target. Recent targets range from $135 to $182.
• The company reported quarterly EPS of negative $0.58, in line with estimates, while insiders sold 961,000 shares worth approximately $103.1 million over the past three months.

Veradermics, Incorporated (NYSE:MANE - Get Free Report)'s stock price reached a new 52-week high during trading on Friday. The company traded as high as $136.72 and last traded at $126.6480, with a volume of 3489915 shares. The stock had previously closed at $110.95.

Wall Street Analyst Weigh In

Several equities analysts recently commented on MANE shares. Lifesci Capital started coverage on Veradermics in a research note on Tuesday, June 16th. They issued an "outperform" rating and a $135.00 price objective on the stock. Needham & Company LLC boosted their target price on Veradermics from $136.00 to $164.00 and gave the company a "buy" rating in a research note on Wednesday, July 15th. Jefferies Financial Group upped their price target on Veradermics from $138.00 to $182.00 and gave the company a "buy" rating in a research report on Tuesday, July 7th. Citigroup reiterated a "buy" rating on shares of Veradermics in a research note on Tuesday, September 15th. Finally, B. Riley Financial began coverage on Veradermics in a report on Wednesday, July 15th. They issued a "buy" rating and a $170.00 price objective for the company. Seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $153.00.

Veradermics Stock Performance

The company has a market capitalization of $5.29 billion and a PE ratio of -66.66. The stock's 50 day moving average is $107.67 and its 200 day moving average is $100.23.

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

Insider Buying and Selling

In other news, Director Montanova Capital, Llc sold 750,000 shares of the firm's stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $107.25, for a total value of $80,437,500.00. Following the completion of the transaction, the director directly owned 461,033 shares of the company's stock, valued at $49,445,789.25. This trade represents a 61.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Timothy August Durso sold 43,500 shares of Veradermics stock in a transaction 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 completion of the transaction, the insider owned 78,142 shares of the company's stock, valued at approximately $8,425,270.44. This trade represents a 35.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 961,000 shares of company stock valued at $103,120,220 over the last three months.

Institutional Investors Weigh In On Veradermics

A number of institutional investors and hedge funds have recently modified their holdings of MANE. Private Capital Advisors Inc. grew its stake in Veradermics by 158.4% during the third quarter. Private Capital Advisors Inc. now owns 6,291 shares of the company's stock valued at $763,000 after acquiring an additional 3,856 shares in the last quarter. Arizona State Retirement System bought a new stake in Veradermics during the 2nd quarter worth approximately $524,000. Wellington Management Group LLP purchased a new stake in Veradermics in the 2nd quarter worth approximately $8,425,000. Seven Fleet Capital Management LP bought a new position in Veradermics in the 2nd quarter valued at $9,835,000. Finally, Bamco Inc. NY boosted its holdings in Veradermics by 284.8% in 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 period.

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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