Veradermics (NYSE:MANE) Reaches New 52-Week High – Here’s Why

Veradermics, Incorporated (NYSE:MANE)’s stock price reached a new 52-week high on Wednesday. The company traded as high as $142.15 and last traded at $140.2750, with a volume of 173,390 shares changing hands. The stock had previously closed at $140.72.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MANE. B. Riley Financial upped their price objective on shares of Veradermics from $170.00 to $204.00 and gave the company a “buy” rating in a research note on Thursday, October 22nd. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Veradermics in a research report on Friday, August 21st. Wall Street Zen raised shares of Veradermics from a “sell” rating to a “hold” rating in a research report on Saturday, August 1st. Cantor Fitzgerald restated an “overweight” rating on shares of Veradermics in a research note on Monday, October 19th. Finally, Needham & Company LLC lifted their price target on shares of Veradermics from $164.00 to $172.00 and gave the stock a “buy” rating in a research note on Monday, October 19th. 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 company. Based on data from MarketBeat.com, Veradermics has an average rating of “Moderate Buy” and an average price target of $163.86.

Veradermics Stock Down 0.0%

The firm’s fifty day moving average is $113.91 and its 200 day moving average is $95.91.

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, hitting the consensus estimate of ($0.58). On average, analysts expect that Veradermics, Incorporated will post -2.87 earnings per share for the current fiscal year.

Insider Activity

In other news, Director John W. Childs sold 100,000 shares of the company’s stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $107.12, for a total transaction of $10,712,000.00. Following the completion of the sale, 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Montanova Capital, Llc sold 750,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $107.25, for a total transaction of $80,437,500.00. Following the transaction, the director owned 461,033 shares of the company’s stock, valued at approximately $49,445,789.25. This represents a 61.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 961,000 shares of company stock valued at $103,120,220 over the last three months.

Institutional Trading of Veradermics

Hedge funds have recently made changes to their positions in the company. Montanova Capital LLC purchased a new position in shares of Veradermics during the second quarter worth about $512,533,000. Bamco Inc. NY boosted its holdings in shares of Veradermics by 284.8% in the second quarter. Bamco Inc. NY now owns 229,581 shares of the company’s stock worth $28,225,000 after buying an additional 169,913 shares during the last quarter. Seven Fleet Capital Management LP bought a new stake in shares of Veradermics during the second quarter valued at approximately $9,835,000. Wellington Management Group LLP purchased a new position in shares of Veradermics during the 2nd quarter worth about $8,425,000. Finally, Profund Advisors LLC boosted its holdings in shares of Veradermics by 399.8% in the third quarter. Profund Advisors LLC now owns 15,843 shares of the company’s stock valued at $1,921,000 after purchasing an additional 12,673 shares during the period.

Veradermics Company Profile

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.