Veradermics (NYSE:MANE) Stock Price Down 7.9% – What’s Next?

Veradermics, Incorporated (NYSE:MANE) fell 7.9% during mid-day trading on Thursday . The company traded as low as $102.41 and last traded at $102.45. 292,208 shares changed hands during trading, a decline of 51% from the average daily volume of 598,780 shares. The stock had previously closed at $111.23.

Analyst Upgrades and Downgrades

MANE has been the subject of several recent analyst reports. Citigroup lifted their target price on shares of Veradermics from $135.00 to $160.00 and gave the stock a “buy” rating in a research note on Thursday, July 16th. UBS Group set a $170.00 price target on Veradermics in a research note on Wednesday, July 15th. Jefferies Financial Group raised their price objective on Veradermics from $138.00 to $182.00 and gave the stock 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 research report on Saturday, August 1st. Finally, B. Riley Financial initiated coverage on Veradermics in a research note on Wednesday, July 15th. They issued a “buy” rating and a $170.00 target price for the company. Seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $153.00.

Veradermics Price Performance

The stock’s fifty day moving average is $111.22. The company has a market cap of $4.32 billion and a PE ratio of -54.38.

Veradermics (NYSE:MANE) last posted its quarterly earnings results on Tuesday, August 11th. The company reported ($0.58) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.58). As a group, sell-side analysts forecast that Veradermics, Incorporated will post -2.74 EPS for the current fiscal year.

Insider Transactions at Veradermics

In other news, CEO Reid Alexander Waldman sold 67,500 shares of the company’s 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 in the company, valued at $18,425,076.64. This represents a 28.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at 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 stock in a transaction on Monday, August 17th. The stock was sold at an average price of $107.82, for a total value of $4,690,170.00. Following the completion of the transaction, the insider directly owned 78,142 shares in the company, valued at $8,425,270.44. This trade represents a 35.76% decrease in their ownership of the stock. 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 90 days, insiders have sold 961,000 shares of company stock valued at $103,120,220.

Hedge Funds Weigh In On Veradermics

A number of large investors have recently modified their holdings of the company. Wellington Management Group LLP purchased a new stake in shares of Veradermics during the 2nd quarter worth about $8,425,000. Bamco Inc. NY increased its position in Veradermics by 284.8% during the 2nd 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 in the second quarter valued at approximately $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.