Veradermics (NYSE:MANE) Stock Price Up 7.3% – Still a Buy?

Veradermics, Incorporated (NYSE:MANE)’s stock price was up 7.3% during trading on Wednesday. The stock traded as high as $135.66 and last traded at $136.3810. Approximately 172,029 shares changed hands during trading, a decline of 73% from the average session volume of 646,293 shares. The stock had previously closed at $127.11.

Analysts Set New Price Targets

MANE has been the topic of several recent analyst reports. 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 report on Tuesday, July 7th. Wall Street Zen raised Veradermics from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. Citigroup restated a “buy” rating on shares of Veradermics in a research report on Tuesday, September 15th. UBS Group set a $170.00 price target on Veradermics in a report on Wednesday, July 15th. Finally, B. Riley Financial began coverage on Veradermics in a report on Wednesday, July 15th. They set a “buy” rating and a $170.00 target price on the stock. Seven equities research 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. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $154.14.

Veradermics Stock Up 8.9%

The stock has a market capitalization of $5.78 billion and a P/E ratio of -73.05. The firm has a 50-day moving average of $109.48 and a 200 day moving average of $103.40.

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

Insider Activity at Veradermics

In other news, Director John W. Childs sold 100,000 shares of the company’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $107.12, for a total transaction of $10,712,000.00. Following the completion of the transaction, the director directly owned 194,117 shares in the company, valued at approximately $20,793,813.04. This represents a 34.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Timothy August Durso sold 43,500 shares of Veradermics 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 in the company, valued at approximately $8,425,270.44. This trade represents 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 sold 961,000 shares of company stock valued at $103,120,220 in the last 90 days.

Institutional Investors Weigh In On Veradermics

A number of hedge funds have recently added to or reduced their stakes in the company. Nvwm LLC boosted its holdings in Veradermics by 105.4% during the 3rd quarter. Nvwm LLC now owns 228 shares of the company’s stock worth $28,000 after acquiring an additional 117 shares during the last quarter. Private Capital Advisors Inc. boosted its stake 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 valued at $763,000 after purchasing an additional 3,856 shares in the last quarter. Arizona State Retirement System purchased a new stake in shares of Veradermics during the second quarter worth about $524,000. Seven Fleet Capital Management LP bought a new position in Veradermics in the second quarter worth about $9,835,000. Finally, Montanova Capital LLC bought a new position in shares of Veradermics in the 2nd quarter worth approximately $512,533,000.

About Veradermics

Veradermics, Inc is a clinical-stage biopharmaceutical company focused on developing and commercializing therapies for dermatologic conditions. The company’s research and development activities are directed toward treatments for diseases and disorders affecting the skin, hair and nails, with an emphasis on addressing areas where existing treatment options are limited.

Veradermics’ pipeline includes investigational topical therapies designed for conditions such as hair loss and other dermatological disorders.