Veradermics (NYSE:MANE) Shares Up 3.4% – Here’s What Happened

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

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Lifesci Capital began coverage on Veradermics in a research note on Tuesday, June 16th. They issued an “outperform” rating and a $135.00 price objective for the company. Weiss Ratings reissued a “sell (d+)” rating on shares of Veradermics in a report on Friday, August 21st. Jefferies Financial Group upped their price target on shares of Veradermics from $138.00 to $182.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. UBS Group set a $170.00 price objective on shares of Veradermics in a research note on Wednesday, July 15th. Finally, Citigroup reaffirmed a “buy” rating on shares of Veradermics in a research report on Tuesday, September 15th. Seven analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $153.00.

Veradermics Stock Performance

The stock has a fifty day simple moving average of $107.67 and a two-hundred day simple moving average of $100.23. The stock has a market capitalization of $5.29 billion and a price-to-earnings ratio of -66.66.

Veradermics (NYSE:MANE) last issued its earnings results on Tuesday, August 11th. The company reported ($0.58) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.58). Research analysts forecast that Veradermics, Incorporated will post -2.74 earnings per share for the current year.

Insider Activity at Veradermics

In other news, Director Montanova Capital, Llc sold 750,000 shares of the company’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $107.25, for a total transaction of $80,437,500.00. Following the transaction, the director owned 461,033 shares in the company, valued at approximately $49,445,789.25. This represents a 61.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Reid Alexander Waldman sold 67,500 shares of the stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $107.86, for a total transaction of $7,280,550.00. Following the transaction, the chief executive officer directly owned 170,824 shares in the company, valued at $18,425,076.64. This trade represents a 28.32% decrease in their position. 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 ninety days, insiders sold 961,000 shares of company stock valued at $103,120,220.

Institutional Investors Weigh In On Veradermics

A number of hedge funds have recently added to or reduced their stakes in MANE. Private Capital Advisors Inc. raised its position in shares of Veradermics by 158.4% during the third quarter. Private Capital Advisors Inc. now owns 6,291 shares of the company’s stock worth $763,000 after purchasing an additional 3,856 shares during the period. Arizona State Retirement System acquired a new stake in Veradermics in the 2nd quarter valued at $524,000. Seven Fleet Capital Management LP bought a new stake in Veradermics during the 2nd quarter valued at $9,835,000. Montanova Capital LLC bought a new stake in Veradermics during the 2nd quarter valued at $512,533,000. Finally, Wellington Management Group LLP acquired a new position in Veradermics during the second quarter worth $8,425,000.

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.