Veradermics (NYSE:MANE) Trading 6.1% Higher - What's Next?

Key Points

• Veradermics shares rose 6.1% to about $119.64 in mid-day trading, although volume was 75% below the average session level.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $153, compared with seven Buy, one Hold, and one Sell rating.
• Insiders sold 961,000 shares worth approximately $103.1 million during the last quarter, while institutional investors—including Wellington Management and Seven Fleet Capital—established or increased positions.

Veradermics, Incorporated (NYSE:MANE - Get Free Report)'s stock price was up 6.1% during mid-day trading on Tuesday . The company traded as high as $120.77 and last traded at $119.6380. Approximately 154,167 shares changed hands during trading, a decline of 75% from the average session volume of 605,352 shares. The stock had previously closed at $112.80.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on MANE shares. Wall Street Zen raised Veradermics from a "sell" rating to a "hold" rating in a report on Saturday, August 1st. Lifesci Capital started coverage on shares of Veradermics in a research note on Tuesday, June 16th. They set an "outperform" rating and a $135.00 price objective for the company. Needham & Company LLC raised their price target on shares of Veradermics from $136.00 to $164.00 and gave the stock a "buy" rating in a research note on Wednesday, July 15th. Citigroup reaffirmed a "buy" rating on shares of Veradermics in a research report on Tuesday, September 15th. Finally, UBS Group set a $170.00 price target on shares of Veradermics in a report on Wednesday, July 15th. Seven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $153.00.

Veradermics Price Performance

The firm has a market cap of $5.03 billion and a PE ratio of -63.01. The stock's fifty day moving average price is $106.08 and its 200-day moving average price is $94.44.

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 analysts' consensus estimates of ($0.58). On average, sell-side analysts anticipate that Veradermics, Incorporated will post -2.74 earnings per share for the current fiscal year.

Insider Activity

In other Veradermics news, Director Montanova Capital, Llc sold 750,000 shares of Veradermics stock in a transaction dated 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 directly owned 461,033 shares of the company's stock, valued at $49,445,789.25. The trade was a 61.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Timothy August Durso sold 43,500 shares of the company's 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 of the company's stock, valued at approximately $8,425,270.44. The trade was a 35.76% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 961,000 shares of company stock valued at $103,120,220 over the last quarter.

Hedge Funds Weigh In On Veradermics

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

Veradermics Company Profile

Veradermics, Inc is a dermatology-focused biopharmaceutical company developing and commercializing therapies for conditions affecting the skin, hair and nails. The company's research and development activities target common and underserved dermatologic diseases, with an emphasis on treatments that may offer alternatives to existing therapies.

Veradermics is advancing a pipeline of dermatology product candidates across multiple stages of development, including treatments for hair loss and other skin disorders.

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