Veradermics (NYSE:MANE) Stock Jumps 3.4% - Time to Buy?

Key Points

• Veradermics shares rose 3.4% to about $112.69, although trading volume was 64% below the average daily level. The company has a $4.67 billion market capitalization and trades below profitability, with a P/E ratio of -58.87.
• Analyst sentiment is broadly positive: seven analysts rate the stock Buy, one rates it Hold and one rates it Sell. The consensus rating is Moderate Buy, with an average price target of $153.
• Veradermics met quarterly earnings expectations with a loss of $0.58 per share, while analysts forecast a full-year loss of $2.74 per share. Insiders sold 961,000 shares worth approximately $103.1 million during the last quarter, a potential cautionary signal.

Veradermics, Incorporated (NYSE:MANE - Get Free Report) was up 3.4% during trading on Wednesday. The stock traded as high as $113.12 and last traded at $112.6880. Approximately 218,964 shares were traded during trading, a decline of 64% from the average daily volume of 616,706 shares. The stock had previously closed at $108.96.

Analyst Upgrades and Downgrades

MANE has been the subject of several research reports. Wall Street Zen raised 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 research report on Tuesday, June 16th. They issued an "outperform" rating and a $135.00 price objective on the stock. Jefferies Financial Group lifted their target price on shares of Veradermics from $138.00 to $182.00 and gave the stock a "buy" rating in a report on Tuesday, July 7th. Weiss Ratings reissued a "sell (d+)" rating on shares of Veradermics in a report on Friday, August 21st. Finally, Needham & Company LLC boosted their price objective on Veradermics from $136.00 to $164.00 and gave the stock 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 assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $153.00.

Veradermics Price Performance

The stock's 50-day moving average price is $107.19 and its 200-day moving average price is $99.38. The company has a market cap of $4.67 billion and a P/E ratio of -58.87.

Veradermics (NYSE:MANE - Get Free Report) last issued its quarterly earnings data 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, analysts expect that Veradermics, Incorporated will post -2.74 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director John Childs sold 100,000 shares of the business's stock in a transaction dated 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 transaction, the director owned 194,117 shares of the company's stock, valued at $20,793,813.04. The trade was a 34.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Timothy August Durso sold 43,500 shares of the business's stock in a transaction that occurred 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 of the company's stock, valued at $8,425,270.44. The trade was a 35.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 961,000 shares of company stock valued at $103,120,220.

Institutional Trading of Veradermics

A number of hedge funds and other institutional investors have recently modified their holdings of MANE. Montanova Capital LLC bought a new position in shares of Veradermics in the 2nd quarter valued at $512,533,000. Bamco Inc. NY grew its stake in shares of Veradermics by 284.8% in the second 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 last quarter. Seven Fleet Capital Management LP acquired a new stake in Veradermics in the second quarter valued at $9,835,000. Wellington Management Group LLP bought a new position in Veradermics during the 2nd quarter worth $8,425,000. Finally, Arizona State Retirement System acquired a new position in Veradermics during the 2nd quarter worth about $524,000.

About Veradermics

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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