Veradermics (NYSE:MANE) Shares Down 6% - What's Next?

Key Points

• Veradermics shares fell 6% to about $97.65, well below the 50-day moving average of $109.45, while trading volume was 81% below average.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and a $153 price target; recent targets range from $135 to $170.
• The company reported a quarterly loss of $0.58 per share, while insiders sold 961,000 shares worth approximately $103.1 million over the past quarter.

Veradermics, Incorporated (NYSE:MANE - Get Free Report)'s stock price traded down 6% during mid-day trading on Wednesday . The stock traded as low as $98.12 and last traded at $97.6450. Approximately 112,995 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 594,239 shares. The stock had previously closed at $103.83.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Citigroup raised their target price on shares of Veradermics from $135.00 to $160.00 and gave the stock a "buy" rating in a report on Thursday, July 16th. Lifesci Capital assumed coverage on Veradermics in a research report on Tuesday, June 16th. They set an "outperform" rating and a $135.00 target price on the stock. Needham & Company LLC boosted their price objective on Veradermics from $136.00 to $164.00 and gave the stock a "buy" rating in a research note on Wednesday, July 15th. Wall Street Zen upgraded shares of Veradermics from a "sell" rating to a "hold" rating in a research report on Saturday, August 1st. Finally, UBS Group set a $170.00 price target on shares of Veradermics in a research note on Wednesday, July 15th. Seven analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $153.00.

Veradermics Price Performance

The company's 50 day simple moving average is $109.45 and its 200 day simple moving average is $90.71. The firm has a market cap of $4.10 billion and a price-to-earnings ratio of -51.71.

Veradermics (NYSE:MANE - Get Free Report) last announced its quarterly earnings data on Tuesday, August 11th. The company reported ($0.58) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.58). As a group, analysts forecast that Veradermics, Incorporated will post -2.74 earnings per share for the current year.

Insider Buying and Selling at Veradermics

In other news, CEO Reid Alexander Waldman sold 67,500 shares of the company's stock in a transaction dated 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 of the company's stock, valued at approximately $18,425,076.64. This represents a 28.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Montanova Capital, Llc sold 750,000 shares of the 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 sale, the director directly owned 461,033 shares of the company's stock, valued at approximately $49,445,789.25. This represents a 61.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 961,000 shares of company stock valued at $103,120,220.

Hedge Funds Weigh In On Veradermics

Several hedge funds have recently added to or reduced their stakes in the business. Arizona State Retirement System purchased a new position in Veradermics during the second quarter worth $524,000. California State Teachers Retirement System acquired a new stake in shares of Veradermics during the second quarter valued at $385,292,000. Seven Fleet Capital Management LP purchased a new stake in Veradermics during the 2nd quarter worth about $9,835,000. Montanova Capital LLC acquired a new position in Veradermics in the 2nd quarter valued at about $512,533,000. Finally, Wellington Management Group LLP acquired a new position in Veradermics in the 2nd quarter valued at about $8,425,000.

About Veradermics

We are a dermatologist-founded, late clinical-stage biopharmaceutical company focused on developing innovative therapeutics to address pervasive treatment challenges in highly prevalent aesthetic and dermatological conditions. Our initial focus is developing better treatments for pattern hair loss, or PHL, a condition affecting approximately 50 million men and 30 million women in the United States. Current PHL treatment options are limited and therefore are consistently plagued with high rates of treatment failure, patient dissatisfaction and treatment discontinuation.

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