Veradermics (NYSE:MANE) Shares Down 8.1% – What’s Next?

Shares of Veradermics, Incorporated (NYSE:MANE) dropped 8.1% during mid-day trading on Tuesday. The stock traded as low as $110.13 and last traded at $109.2560. 523,982 shares were traded during mid-day trading, a decline of 15% from the average session volume of 617,740 shares. The stock had previously closed at $118.87.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on MANE shares. UBS Group set a $170.00 price target on shares of Veradermics in a research note on Wednesday, July 15th. Lifesci Capital started coverage on Veradermics in a report on Tuesday, June 16th. They issued an “outperform” rating and a $135.00 target price for the company. B. Riley Financial initiated coverage on shares of Veradermics in a research note on Wednesday, July 15th. They set a “buy” rating and a $170.00 target price on the stock. Weiss Ratings reiterated a “sell (d+)” rating on shares of Veradermics in a report on Friday, August 21st. Finally, Citigroup reaffirmed a “buy” rating on shares of Veradermics in a report on Tuesday, September 15th. Seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $153.00.

Veradermics Price Performance

The business’s 50-day moving average price is $107.24 and its 200-day moving average price is $99.76. The firm has a market capitalization of $5.15 billion and a PE ratio of -64.95.

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

Insider Buying and Selling

In related news, CEO Reid Alexander Waldman sold 67,500 shares of the stock in a transaction on 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 completion of the sale, the chief executive officer directly owned 170,824 shares of the company’s stock, valued at $18,425,076.64. This trade represents a 28.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Timothy August Durso sold 43,500 shares of the company’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $107.82, for a total transaction of $4,690,170.00. Following 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. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 961,000 shares of company stock valued at $103,120,220 in the last ninety days.

Hedge Funds Weigh In On Veradermics

A number of institutional investors and hedge funds have recently made changes to their positions in MANE. Arizona State Retirement System purchased a new position in Veradermics in the second quarter valued at about $524,000. Private Capital Advisors Inc. boosted its position in shares of Veradermics by 158.4% in the 3rd quarter. Private Capital Advisors Inc. now owns 6,291 shares of the company’s stock worth $763,000 after buying an additional 3,856 shares in the last quarter. Wellington Management Group LLP purchased a new position in Veradermics during the 2nd quarter valued at about $8,425,000. Seven Fleet Capital Management LP acquired a new position in Veradermics during the second quarter worth about $9,835,000. Finally, Bamco Inc. NY grew its position in shares of Veradermics by 284.8% in the second 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 during the last quarter.

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.