Veradermics (NYSE:MANE) Major Shareholder Longitude Capital Partners V, Sells 500,000 Shares of Company Stock

Veradermics, Incorporated (NYSE:MANE) major shareholder Longitude Capital Partners V, sold 500,000 shares of the stock in a transaction that occurred on Wednesday, November 11th. The shares were sold at an average price of $150.38, for a total value of $75,190,000.00. Following the sale, the insider owned 1,803,474 shares of the company’s stock, valued at approximately $271,206,420.12. The trade was a 21.71% 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. Large shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Veradermics Price Performance

Shares of Veradermics stock traded down $6.11 during midday trading on Friday, hitting $129.18. The company had a trading volume of 937,902 shares, compared to its average volume of 651,896. Veradermics, Incorporated has a 1-year low of $32.00 and a 1-year high of $156.63. The business’s 50 day simple moving average is $121.56 and its two-hundred day simple moving average is $98.22. The stock has a market cap of $5.45 billion and a PE ratio of -67.99.

Veradermics (NYSE:MANE) last released its earnings results on Tuesday, November 10th. The company reported ($0.50) EPS for the quarter, beating the consensus estimate of ($0.59) by $0.09. On average, sell-side analysts expect that Veradermics, Incorporated will post -2.87 EPS for the current fiscal year.

Hedge Funds Weigh In On Veradermics

A number of hedge funds have recently made changes to their positions in the business. Montanova Capital LLC bought a new position in shares of Veradermics during the 2nd quarter worth about $512,533,000. Bamco Inc. NY boosted its position in shares of Veradermics by 284.8% during the 2nd quarter. Bamco Inc. NY now owns 229,581 shares of the company’s stock valued at $28,225,000 after acquiring an additional 169,913 shares in the last quarter. Seven Fleet Capital Management LP bought a new stake in Veradermics in the second quarter valued at about $9,835,000. Wellington Management Group LLP bought a new stake in Veradermics in the second quarter valued at about $8,425,000. Finally, HighVista Strategies LLC acquired a new position in Veradermics in the third quarter worth about $6,575,000.

Wall Street Analyst Weigh In

MANE has been the subject of several research reports. Cantor Fitzgerald reiterated an “overweight” rating on shares of Veradermics in a research note on Monday, October 19th. Wall Street Zen upgraded Veradermics from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. B. Riley Financial upped their price target on Veradermics from $170.00 to $204.00 and gave the company a “buy” rating in a report on Thursday, October 22nd. Weiss Ratings downgraded Veradermics from a “sell (d+)” rating to a “sell (d)” rating in a research report on Wednesday. Finally, Leerink Partners raised their price objective on Veradermics from $135.00 to $150.00 and gave the stock an “outperform” rating in a research report on Monday. Seven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Veradermics presently has a consensus rating of “Moderate Buy” and an average price target of $174.57.

About Veradermics

Veradermics is a clinical-stage biopharmaceutical company focused on developing treatments for hair loss. Its lead candidate, VDPHL01, is an investigational oral formulation of minoxidil being studied for androgenetic alopecia, commonly known as male- or female-pattern hair loss. The company has described the treatment as designed for once-daily use. VDPHL01 remains under clinical investigation and is not an approved treatment. Veradermics is led by founder and Chief Executive Officer Reid Waldman, a physician specializing in dermatology.