Veradermics (NYSE:MANE) Shares Gap Up Following Analyst Upgrade

Key Points

• Veradermics shares jumped 6.9% after Needham raised its price target from $164 to $172 and maintained a “Buy” rating. The stock opened at $115.34 versus a prior close of $108.82.
• Analyst sentiment remains broadly positive, with seven Buy ratings, one Hold and one Sell, producing a “Moderate Buy” consensus and an average price target of $154.14.
• The company reported positive topline results from a Phase 3 trial of VDPHL01 for male-pattern hair loss, potentially supporting regulatory progress, although insiders sold 961,000 shares worth approximately $103.1 million during the last quarter.

Veradermics, Incorporated (NYSE:MANE - Get Free Report) shares gapped up before the market opened on Monday after Needham & Company LLC raised their price target on the stock from $164.00 to $172.00. The stock had previously closed at $108.82, but opened at $115.34. Needham & Company LLC currently has a buy rating on the stock. Veradermics shares last traded at $115.6050, with a volume of 342,759 shares.

Several other equities analysts have also issued reports on the stock. B. Riley Financial started coverage on shares of Veradermics in a report on Wednesday, July 15th. They issued a "buy" rating and a $170.00 target price on the stock. Wall Street Zen upgraded Veradermics from a "sell" rating to a "hold" rating in a report on Saturday, August 1st. Citigroup reissued a "buy" rating on shares of Veradermics in a research report on Tuesday, September 15th. Cantor Fitzgerald reissued an "overweight" rating on shares of Veradermics in a research note on Monday. Finally, UBS Group set a $170.00 target price on Veradermics in a research report on Wednesday, July 15th. Seven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $154.14.

Insider Activity at Veradermics

In other news, Director John Childs sold 100,000 shares of Veradermics stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $107.12, for a total value of $10,712,000.00. Following the completion of the sale, the director owned 194,117 shares in the company, valued at $20,793,813.04. The trade was a 34.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Montanova Capital, Llc sold 750,000 shares of the business's stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $107.25, for a total transaction of $80,437,500.00. Following the transaction, the director owned 461,033 shares in the company, valued at $49,445,789.25. The trade was a 61.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 961,000 shares of company stock worth $103,120,220.

Veradermics News Roundup

Here are the key news stories impacting Veradermics this week:

• Positive Sentiment: Veradermics reported positive topline results from Part A of its randomized, placebo-controlled Phase 3 Study 304 evaluating extended-release oral VDPHL01 in men with mild-to-moderate male-pattern hair loss. The company said the treatment produced early, consistent and robust hair growth, strengthening the case for VDPHL01’s potential as a future commercial therapy. Veradermics Reports Strong Phase 3 Hair Loss Results
• Positive Sentiment: The positive Phase 3 update is especially important because VDPHL01 is a registration-directed program. Favorable results could support discussions with regulators and improve the company’s prospects for advancing toward a potential filing and commercialization.
• Positive Sentiment: Needham raised its price target for Veradermics from $164 to $172 and maintained a “Buy” rating, indicating substantial potential upside based on the firm’s assessment of the clinical and commercial opportunity.
• Positive Sentiment: Cantor Fitzgerald reaffirmed its “Overweight” rating, adding to the positive analyst sentiment surrounding the Phase 3 data. Veradermics Earns Overweight Rating from Cantor Fitzgerald
• Neutral Sentiment: Veradermics scheduled an investor conference call and webcast to review the Study 304 results. Additional details on efficacy, safety and the company’s development plans could influence the stock’s next move. Veradermics to Hold Conference Call on Phase 3 Results

Institutional Investors Weigh In On Veradermics

Large investors have recently modified their holdings of the stock. Montanova Capital LLC purchased a new stake in Veradermics during the second quarter valued at about $512,533,000. Bamco Inc. NY increased its position in shares of Veradermics by 284.8% during the second quarter. Bamco Inc. NY now owns 229,581 shares of the company's stock valued at $28,225,000 after buying an additional 169,913 shares during the period. Seven Fleet Capital Management LP purchased a new stake in shares of Veradermics in the second quarter worth about $9,835,000. Wellington Management Group LLP purchased a new position in Veradermics during the second quarter valued at approximately $8,425,000. Finally, Arizona State Retirement System bought a new stake in Veradermics during the 2nd quarter worth approximately $524,000.

Veradermics Trading Up 6.9%

The firm has a market cap of $4.86 billion and a P/E ratio of -61.21. The stock's fifty day moving average is $108.88 and its two-hundred day moving average is $102.50.

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

Veradermics Company Profile

Veradermics, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for dermatologic diseases. The company's research and development efforts are aimed at addressing conditions that affect the skin, hair and nails, with an emphasis on treatments designed to improve patient outcomes and quality of life.

Veradermics is advancing a pipeline of investigational dermatology products across multiple disease areas. Its activities include the discovery, clinical development and potential commercialization of prescription therapies for conditions with unmet medical needs.

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