Veradermics (NYSE:MANE) Shares Climb 7.3% - Here's Why

Key Points

• Veradermics shares rose 7.3% to about $136.38 in midday trading, although trading volume was 73% below the average session volume.
• Analyst sentiment remains broadly positive: seven analysts rate the stock a Buy, with a consensus “Moderate Buy” rating and an average price target of $154.14. Needham raised its target to $172.
• Insiders have sold heavily, including CEO Reid Alexander Waldman and Timothy Durso, while insiders sold 961,000 shares worth approximately $103.1 million over the past 90 days.

Veradermics, Incorporated (NYSE:MANE - Get Free Report)'s stock price rose 7.3% during mid-day trading on Wednesday. The company traded as high as $135.66 and last traded at $136.3810. Approximately 172,029 shares traded hands during trading, a decline of 73% from the average session volume of 646,293 shares. The stock had previously closed at $127.11.

Analysts Set New Price Targets

MANE has been the topic of several recent analyst reports. Weiss Ratings restated a "sell (d+)" rating on shares of Veradermics in a report on Friday, August 21st. Needham & Company LLC increased their price objective on Veradermics from $164.00 to $172.00 and gave the stock a "buy" rating in a research report on Monday. UBS Group set a $170.00 price target on Veradermics in a research note on Wednesday, July 15th. Cantor Fitzgerald reissued an "overweight" rating on shares of Veradermics in a research report on Monday. Finally, B. Riley Financial began coverage on shares of Veradermics in a research note on Wednesday, July 15th. They set a "buy" rating and a $170.00 target price for the company. Seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $154.14.

Veradermics Price Performance

The company has a market cap of $5.78 billion and a PE ratio of -73.05. The business has a fifty day simple moving average of $109.48 and a two-hundred day simple moving average of $103.40.

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

Insider Buying and Selling

In other Veradermics news, CEO Reid Alexander Waldman sold 67,500 shares of Veradermics stock in a transaction 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 transaction, the chief executive officer directly owned 170,824 shares in the company, valued at approximately $18,425,076.64. The trade was a 28.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 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 transaction of $4,690,170.00. Following the completion of the transaction, the insider owned 78,142 shares in the company, valued at approximately $8,425,270.44. This trade represents a 35.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 961,000 shares of company stock valued at $103,120,220.

Institutional Investors Weigh In On Veradermics

A number of hedge funds and other institutional investors have recently modified their holdings of MANE. Montanova Capital LLC purchased a new position in Veradermics during the second quarter worth $512,533,000. Bamco Inc. NY lifted its stake 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 period. Seven Fleet Capital Management LP purchased a new stake in Veradermics in the 2nd quarter valued at about $9,835,000. Wellington Management Group LLP acquired a new position in Veradermics during the second quarter worth approximately $8,425,000. Finally, Private Capital Advisors Inc. grew its stake in shares of Veradermics by 158.4% during the 3rd quarter. Private Capital Advisors Inc. now owns 6,291 shares of the company's stock valued at $763,000 after buying an additional 3,856 shares during the period.

Veradermics Company Profile

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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