Veradermics (NYSE:MANE) Shares Down 6% – Here’s What Happened

Shares of Veradermics, Incorporated (NYSE:MANE) were down 6% during trading on Wednesday . The stock traded as low as $98.12 and last traded at $97.6450. 112,995 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 594,239 shares. The stock had previously closed at $103.83.

Analyst Ratings Changes

Several equities analysts recently weighed in on MANE shares. UBS Group set a $170.00 target price on Veradermics in a research report on Wednesday, July 15th. Citigroup raised their target price on shares of Veradermics from $135.00 to $160.00 and gave the stock a “buy” rating in a research report on Thursday, July 16th. Wall Street Zen upgraded shares of Veradermics from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. B. Riley Financial initiated coverage on shares of Veradermics in a report on Wednesday, July 15th. They issued a “buy” rating and a $170.00 price target on the stock. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Veradermics in a report on Friday, August 21st. Seven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $153.00.

Veradermics Stock Performance

The business’s fifty day simple moving average is $109.45 and its 200 day simple moving average is $90.71. The stock has a market cap of $4.10 billion and a price-to-earnings ratio of -51.71.

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

Insider Buying and Selling

In other news, insider Timothy August Durso sold 43,500 shares of the stock in a transaction that occurred 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 sale, the insider directly owned 78,142 shares in the company, valued at approximately $8,425,270.44. This represents a 35.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Reid Alexander Waldman sold 67,500 shares of the business’s stock in a transaction that occurred 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 transaction, the chief executive officer owned 170,824 shares of the company’s stock, valued at $18,425,076.64. This 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. Insiders sold a total of 961,000 shares of company stock valued at $103,120,220 over the last three months.

Hedge Funds Weigh In On Veradermics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Montanova Capital LLC bought a new position in shares of Veradermics in the second quarter worth $512,533,000. California State Teachers Retirement System acquired a new stake in Veradermics during the second quarter valued at approximately $385,292,000. Bamco Inc. NY boosted its stake in shares of 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 acquiring an additional 169,913 shares in the last quarter. Seven Fleet Capital Management LP acquired a new stake in shares of Veradermics during the second quarter worth $9,835,000. Finally, Wellington Management Group LLP purchased a new position in shares of Veradermics in the second quarter worth approximately $8,425,000.

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.