Veradermics (NYSE:MANE) Reaches New 12-Month High - Here's Why

Key Points

• Veradermics shares hit a new 52-week high of $142.15 during Wednesday trading, giving the company a market capitalization of approximately $5.82 billion.
• Analyst sentiment is generally positive: seven analysts rate the stock a Buy, with a consensus target price of $163.86. B. Riley and Jefferies recently raised their price targets to $204 and $182, respectively.
• The company reported a quarterly loss of $0.58 per share, in line with expectations, while insiders sold approximately 961,000 shares worth $103.1 million over the past three months.

Veradermics, Incorporated (NYSE:MANE - Get Free Report) shares reached a new 52-week high during mid-day trading on Wednesday. The company traded as high as $142.15 and last traded at $140.2750, with a volume of 173,390 shares changing hands. The stock had previously closed at $140.72.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. B. Riley Financial upped their price objective on shares of Veradermics from $170.00 to $204.00 and gave the company a "buy" rating in a research report on Thursday, October 22nd. Jefferies Financial Group boosted their price target on Veradermics from $138.00 to $182.00 and gave the stock a "buy" rating in a research note on Tuesday, July 7th. Cantor Fitzgerald reissued an "overweight" rating on shares of Veradermics in a report on Monday, October 19th. Weiss Ratings reissued a "sell (d+)" rating on shares of Veradermics in a research report on Friday, August 21st. Finally, Wall Street Zen raised shares of Veradermics from a "sell" rating to a "hold" rating in a research report on Saturday, August 1st. Seven equities 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 currently has an average rating of "Moderate Buy" and a consensus target price of $163.86.

Veradermics Stock Down 1.1%

The stock has a market cap of $5.82 billion and a P/E ratio of -73.23. The firm's 50 day simple moving average is $112.61 and its two-hundred day simple moving average is $95.36.

Veradermics (NYSE:MANE - Get Free Report) last posted its quarterly earnings results on Tuesday, August 11th. The company reported ($0.58) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.58). As a group, equities analysts predict that Veradermics, Incorporated will post -2.87 EPS for the current year.

Insider Buying and Selling at Veradermics

In other Veradermics news, Director John W. Childs sold 100,000 shares of Veradermics stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $107.12, for a total value of $10,712,000.00. Following the completion of the transaction, the director directly owned 194,117 shares in the company, valued at $20,793,813.04. The trade was a 34.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 directly owned 78,142 shares of the company's stock, valued at $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. Over the last three months, insiders sold 961,000 shares of company stock worth $103,120,220.

Institutional Trading of Veradermics

Several hedge funds have recently made changes to their positions in MANE. Montanova Capital LLC bought a new position in Veradermics during the 2nd quarter worth $512,533,000. Wellington Management Group LLP acquired a new position in shares of Veradermics during the second quarter valued at $8,425,000. Seven Fleet Capital Management LP acquired a new position in shares of Veradermics during the second quarter valued at $9,835,000. Bamco Inc. NY boosted 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 period. Finally, Sterling Capital Management LLC grew its position in Veradermics by 233.2% in the 3rd quarter. Sterling Capital Management LLC now owns 633 shares of the company's stock worth $77,000 after purchasing an additional 443 shares during the last quarter.

About Veradermics

Veradermics, Inc is a clinical-stage biopharmaceutical company focused on developing and commercializing therapies for dermatologic conditions. The company's research and development activities are directed toward treatments for diseases and disorders affecting the skin, hair and nails, with an emphasis on addressing areas where existing treatment options are limited.

Veradermics' pipeline includes investigational topical therapies designed for conditions such as hair loss and other dermatological disorders.

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