Veradermics (NYSE:MANE) Sets New 52-Week High - Time to Buy?

Key Points

• Veradermics shares reached a new 52-week high of $139.12, significantly above their prior close of $127.11. The stock’s 50-day and 200-day moving averages were $110.08 and $103.91, respectively.
• Analyst sentiment is generally positive, with seven Buy ratings, one Hold, and one Sell, producing a consensus “Moderate Buy” rating and an average price target of $154.14. Jefferies raised its target to $182, while UBS and B. Riley set targets of $170.
• The clinical-stage dermatology company matched quarterly EPS expectations with a loss of $0.58, but insiders sold 961,000 shares worth approximately $103.1 million over the past three months. Several institutional investors, including Wellington Management and Seven Fleet Capital, also established new positions.

Shares of Veradermics, Incorporated (NYSE:MANE - Get Free Report) reached a new 52-week high during mid-day trading on Thursday. The company traded as high as $139.12 and last traded at $137.0790, with a volume of 706,906 shares. The stock had previously closed at $127.11.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on MANE. Weiss Ratings reissued a "sell (d+)" rating on shares of Veradermics in a research note on Friday, August 21st. Jefferies Financial Group upped their price target on shares of Veradermics from $138.00 to $182.00 and gave the stock a "buy" rating in a research note on Tuesday, July 7th. UBS Group set a $170.00 price target on shares of Veradermics in a research note on Wednesday, July 15th. Wall Street Zen upgraded Veradermics from a "sell" rating to a "hold" rating in a report on Saturday, August 1st. Finally, B. Riley Financial began coverage on Veradermics in a research report on Wednesday, July 15th. They set a "buy" rating and a $170.00 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 assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $154.14.

Veradermics Stock Performance

The company has a fifty day moving average price of $110.08 and a 200-day moving average price of $103.91.

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 analysts' consensus estimates of ($0.58). Sell-side analysts anticipate that Veradermics, Incorporated will post -2.74 earnings per share for the current year.

Insider Buying and Selling at Veradermics

In other Veradermics news, CEO Reid Alexander Waldman sold 67,500 shares of Veradermics stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $107.86, for a total value of $7,280,550.00. Following the completion of the sale, the chief executive officer directly owned 170,824 shares in the company, valued at $18,425,076.64. The trade was a 28.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director John Childs sold 100,000 shares of the business's 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 sale, the director directly owned 194,117 shares of the company's stock, valued at $20,793,813.04. This represents a 34.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 961,000 shares of company stock valued at $103,120,220 over the last three months.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Nvwm LLC lifted its stake in shares of Veradermics by 105.4% in the 3rd quarter. Nvwm LLC now owns 228 shares of the company's stock valued at $28,000 after purchasing an additional 117 shares during the last quarter. Arizona State Retirement System acquired a new position in Veradermics during the second quarter worth $524,000. Private Capital Advisors Inc. increased its position in Veradermics by 158.4% during the third quarter. Private Capital Advisors Inc. now owns 6,291 shares of the company's stock worth $763,000 after buying an additional 3,856 shares during the last quarter. Wellington Management Group LLP bought a new position in Veradermics during the second quarter valued at about $8,425,000. Finally, Seven Fleet Capital Management LP bought a new position in Veradermics during the second quarter valued at about $9,835,000.

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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