Veradermics (NYSE:MANE) Stock Falls 8.1% - Here's What Happened

Key Points

• Veradermics shares fell 8.1% to approximately $109.26 in mid-day trading, with volume below the average session level. The company has a $4.56 billion market capitalization and reported quarterly EPS in line with analyst expectations at a loss of $0.58.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating from nine analysts and an average price target of $153.00. Recent target increases included Jefferies at $182 and Needham at $164.
• Insiders sold 961,000 shares worth approximately $103.1 million over the last quarter, including substantial reductions by directors John W. Childs and Montanova Capital. Meanwhile, several institutional investors initiated or increased positions during the second quarter.

Veradermics, Incorporated (NYSE:MANE - Get Free Report) fell 8.1% during mid-day trading on Tuesday. The stock traded as low as $110.13 and last traded at $109.2560. Approximately 523,982 shares changed hands during trading, a decline of 15% from the average session volume of 617,740 shares. The stock had previously closed at $118.87.

Analyst Ratings Changes

MANE has been the topic of a number of research analyst reports. Wall Street Zen upgraded Veradermics from a "sell" rating to a "hold" rating in a report on Saturday, August 1st. Lifesci Capital initiated coverage on shares of Veradermics in a report on Tuesday, June 16th. They set an "outperform" rating and a $135.00 price target for the company. Citigroup reiterated a "buy" rating on shares of Veradermics in a research note on Tuesday, September 15th. Jefferies Financial Group lifted their target price on shares of Veradermics from $138.00 to $182.00 and gave the company a "buy" rating in a research note on Tuesday, July 7th. Finally, Needham & Company LLC boosted their price target on shares of Veradermics from $136.00 to $164.00 and gave the company a "buy" rating in a report on Wednesday, July 15th. Seven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $153.00.

Veradermics Stock Down 8.1%

The company has a market cap of $4.56 billion and a price-to-earnings ratio of -57.64. The business has a 50-day simple moving average of $107.21 and a two-hundred day simple moving average of $99.02.

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

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 value 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 approximately $20,793,813.04. This represents a 34.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Montanova Capital, Llc sold 750,000 shares of the firm's stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $107.25, for a total transaction of $80,437,500.00. Following the completion of the sale, the director owned 461,033 shares in the company, valued at approximately $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. Insiders sold a total of 961,000 shares of company stock worth $103,120,220 over the last quarter.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Arizona State Retirement System acquired a new stake in Veradermics in the 2nd quarter valued at $524,000. Seven Fleet Capital Management LP acquired a new stake in shares of Veradermics in the 2nd quarter valued at $9,835,000. Montanova Capital LLC bought a new stake in shares of Veradermics in the 2nd quarter worth about $512,533,000. Wellington Management Group LLP acquired a new stake in shares of Veradermics during the 2nd quarter worth about $8,425,000. Finally, Bamco Inc. NY lifted its holdings in Veradermics by 284.8% during the 2nd quarter. Bamco Inc. NY now owns 229,581 shares of the company's stock valued at $28,225,000 after purchasing an additional 169,913 shares during the last quarter.

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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