Insider Selling: Veradermics (NYSE:MANE) CEO Sells $7,280,550.00 in Stock

Veradermics, Incorporated (NYSE:MANE) CEO Reid Alexander Waldman sold 67,500 shares of the 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 sale, the chief executive officer owned 170,824 shares in the company, valued at approximately $18,425,076.64. This trade represents a 28.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Veradermics Price Performance

MANE opened at $104.57 on Friday. The firm has a fifty day moving average price of $111.07. Veradermics, Incorporated has a 1 year low of $32.00 and a 1 year high of $131.24. The company has a market cap of $4.37 billion and a P/E ratio of -55.04.

Veradermics (NYSE:MANE) last announced its earnings results on Tuesday, August 11th. The company reported ($0.58) EPS for the quarter, hitting the consensus estimate of ($0.58). On average, sell-side analysts predict that Veradermics, Incorporated will post -2.74 EPS for the current year.

Analyst Ratings Changes

A number of research analysts recently issued reports on MANE shares. UBS Group set a $170.00 target price on shares of Veradermics in a research report on Wednesday, July 15th. Wall Street Zen upgraded Veradermics from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. Citigroup lifted their target price on Veradermics from $135.00 to $160.00 and gave the company a “buy” rating in a report on Thursday, July 16th. Lifesci Capital assumed coverage on Veradermics in a research report on Tuesday, June 16th. They set an “outperform” rating and a $135.00 price objective on the stock. Finally, Jefferies Financial Group boosted their price target on Veradermics from $138.00 to $182.00 and gave the company a “buy” rating in a report on Tuesday, July 7th. 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, the stock presently has an average rating of “Moderate Buy” and an average price target of $153.00.

Institutional Trading of Veradermics

Hedge funds have recently modified their holdings of the company. Wellington Management Group LLP bought a new position in Veradermics during the 2nd quarter valued at about $8,425,000. Bamco Inc. NY increased its holdings in Veradermics by 284.8% during the second quarter. Bamco Inc. NY now owns 229,581 shares of the company’s stock valued at $28,225,000 after buying an additional 169,913 shares during the period. Finally, Montanova Capital LLC purchased a new stake in shares of Veradermics during the 2nd quarter worth $512,533,000.

About Veradermics

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.