Veradermics (NYSE:MANE) Reaches New 52-Week High After Analyst Upgrade

Key Points

• Veradermics hit a new 52-week high after Leerink Partners raised its price target from $135 to $150 and maintained an Outperform rating; the stock last traded at $151.33.
• Analyst sentiment is broadly positive: MarketBeat reports a “Moderate Buy” consensus and an average price target of $172.43, with seven Buy, one Hold, and one Sell rating.
• Company insiders sold a combined 961,000 shares worth about $103.1 million over the last quarter, including sales by directors John W. Childs and Montanova Capital.

Veradermics, Incorporated (NYSE:MANE - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Tuesday after Leerink Partners raised their price target on the stock from $135.00 to $150.00. Leerink Partners currently has an outperform rating on the stock. Veradermics traded as high as $147.00 and last traded at $151.33, with a volume of 23,953 shares traded. The stock had previously closed at $143.95.

Several other research analysts have also recently issued reports on the stock. B. Riley Financial lifted their target price on shares of Veradermics from $170.00 to $204.00 and gave the stock a "buy" rating in a report on Thursday, October 22nd. Needham & Company LLC raised their price target on shares of Veradermics from $164.00 to $172.00 and gave the company a "buy" rating in a research report on Monday, October 19th. Citigroup reissued a "buy" rating on shares of Veradermics in a research report on Tuesday, September 15th. Weiss Ratings restated a "sell (d+)" rating on shares of Veradermics in a report on Friday, August 21st. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Veradermics in a research report on Monday, October 19th. 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 stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $172.43.

Insiders Place Their Bets

In other news, Director John W. Childs sold 100,000 shares of the stock in a transaction that occurred 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 transaction, the director directly owned 194,117 shares in the company, valued at approximately $20,793,813.04. This represents a 34.00% 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 Montanova Capital, Llc sold 750,000 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the director directly owned 461,033 shares of the company's stock, valued at $49,445,789.25. The trade was a 61.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 961,000 shares of company stock worth $103,120,220.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Montanova Capital LLC purchased a new position in Veradermics during the 2nd quarter worth $512,533,000. Bamco Inc. NY raised its position in shares of Veradermics by 284.8% during the 2nd quarter. Bamco Inc. NY now owns 229,581 shares of the company's stock worth $28,225,000 after purchasing an additional 169,913 shares during the last quarter. Seven Fleet Capital Management LP purchased a new position in shares of Veradermics in the second quarter valued at approximately $9,835,000. Wellington Management Group LLP purchased a new stake in Veradermics during the 2nd quarter valued at about $8,425,000. Finally, Alps Advisors Inc. increased its stake in shares of Veradermics by 31.2% in the 3rd quarter. Alps Advisors Inc. now owns 55,356 shares of the company's stock worth $6,711,000 after acquiring an additional 13,150 shares during the last quarter.

Veradermics Price Performance

The company has a market cap of $6.19 billion and a price-to-earnings ratio of -78.59. The firm has a 50 day simple moving average of $118.66 and a 200-day simple moving average of $97.43.

Veradermics (NYSE:MANE - Get Free Report) last announced its earnings results on Tuesday, November 10th. The company reported ($0.50) earnings per share (EPS) for the quarter. Research analysts anticipate that Veradermics, Incorporated will post -2.87 EPS for the current fiscal year.

About Veradermics

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