Veradermics (NYSE:MANE) Stock Price Down 7.9% - Here's Why

Key Points

• Veradermics shares fell 7.9% to about $102.45, with trading volume roughly 51% below the average session volume. The company’s market capitalization was approximately $4.31 billion.
• Analysts remain broadly positive, with seven Buy ratings, one Hold and one Sell, producing a “Moderate Buy” consensus and an average price target of $153.
• Insiders sold 211,000 shares worth about $22.7 million over the past quarter, including sizable sales by the CEO and a director. The company’s latest quarterly loss of $0.58 per share matched analyst expectations.

Veradermics, Incorporated (NYSE:MANE - Get Free Report)'s share price dropped 7.9% on Thursday . The stock traded as low as $102.41 and last traded at $102.45. Approximately 292,208 shares traded hands during mid-day trading, a decline of 51% from the average session volume of 598,780 shares. The stock had previously closed at $111.23.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Needham & Company LLC lifted 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. Jefferies Financial Group raised their price target on Veradermics from $138.00 to $182.00 and gave the stock a "buy" rating in a research report on Tuesday, July 7th. Citigroup boosted their price objective on Veradermics from $135.00 to $160.00 and gave the company a "buy" rating in a research report on Thursday, July 16th. Leerink Partners increased their price objective on Veradermics from $75.00 to $90.00 and gave the company an "outperform" rating in a research note on Wednesday, April 22nd. Finally, Lifesci Capital started coverage on shares of Veradermics in a report on Tuesday, June 16th. They issued an "outperform" rating and a $135.00 target price on the stock. 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. Based on data from MarketBeat.com, Veradermics currently has an average rating of "Moderate Buy" and a consensus target price of $153.00.

Veradermics Stock Down 7.4%

The stock has a market cap of $4.31 billion and a P/E ratio of -54.24. The firm has a fifty day moving average price of $110.87.

Veradermics (NYSE:MANE - Get Free Report) last announced its quarterly earnings results 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, equities analysts expect that Veradermics, Incorporated will post -2.74 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Veradermics news, CEO Reid Alexander Waldman sold 67,500 shares of the company's stock in a transaction on Monday, August 17th. The shares were sold at an average price of $107.86, for a total value of $7,280,550.00. Following the completion of the transaction, the chief executive officer directly owned 170,824 shares in the company, valued at approximately $18,425,076.64. This represents a 28.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director John W. Childs sold 100,000 shares of the firm's stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $107.12, for a total transaction 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 211,000 shares of company stock valued at $22,682,720 over the last quarter.

Hedge Funds Weigh In On Veradermics

A number of institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP purchased a new position in shares of Veradermics during the 2nd quarter worth approximately $8,425,000. Bamco Inc. NY raised its holdings in 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 in the last quarter. Finally, Montanova Capital LLC purchased a new position in Veradermics during the second quarter valued at $512,533,000.

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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