Veradermics (NYSE:MANE) Director Sells 750,000 Shares

Key Points

• Montanova Capital sold 750,000 Veradermics shares at an average price of $107.25, generating $80.4 million and reducing its position by 61.93% to 461,033 shares.
• Veradermics shares fell 1.9% to $103.33, while the company reported quarterly adjusted earnings of negative $0.58 per share, in line with analyst estimates.
• Analyst sentiment remains broadly positive, with seven Buy ratings, one Hold and one Sell; the consensus rating is Moderate Buy with an average price target of $153.

Veradermics, Incorporated (NYSE:MANE - Get Free Report) Director Montanova Capital, Llc sold 750,000 shares of the firm's stock in a transaction dated 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 in the company, valued at $49,445,789.25. This trade represents a 61.93% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Veradermics Trading Down 1.9%

Shares of NYSE MANE traded down $1.99 during mid-day trading on Friday, reaching $103.33. The company had a trading volume of 393,617 shares, compared to its average volume of 600,834. The stock has a 50 day simple moving average of $111.07. Veradermics, Incorporated has a 52-week low of $32.00 and a 52-week high of $131.24. The stock has a market cap of $4.32 billion and a PE ratio of -54.38.

Veradermics (NYSE:MANE - Get Free Report) last announced its quarterly earnings results on Tuesday, August 11th. The company reported ($0.58) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.58). Research analysts predict that Veradermics, Incorporated will post -2.74 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Veradermics

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Bamco Inc. NY increased its holdings in shares of 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 purchasing an additional 169,913 shares in the last quarter. Wellington Management Group LLP acquired a new position in Veradermics during the second quarter worth about $8,425,000. Finally, Montanova Capital LLC acquired a new position in Veradermics during the second quarter worth about $512,533,000.

Analyst Ratings Changes

MANE has been the topic of a number of research reports. B. Riley Financial assumed coverage on Veradermics in a research note on Wednesday, July 15th. They set a "buy" rating and a $170.00 price target on the stock. Weiss Ratings assumed coverage on Veradermics in a report on Tuesday, May 26th. They issued a "sell (d+)" rating for the company. Citigroup raised their target price on shares of Veradermics from $135.00 to $160.00 and gave the stock a "buy" rating in a research report on Thursday, July 16th. Wall Street Zen raised shares of Veradermics from a "sell" rating to a "hold" rating in a report on Saturday, August 1st. Finally, Lifesci Capital initiated coverage on shares of Veradermics in a research note on Tuesday, June 16th. They set an "outperform" rating and a $135.00 price target for the company. Seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $153.00.

Veradermics Company Profile

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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