Veradermics (NYSE:MANE) Stock Price Down 13.3% – Should You Sell?

Veradermics, Incorporated (NYSE:MANE) dropped 13.3% during trading on Thursday. The stock traded as low as $133.91 and last traded at $135.6910. Approximately 553,990 shares changed hands during trading, a decline of 13% from the average session volume of 639,178 shares. The stock had previously closed at $156.56.

Wall Street Analysts Forecast Growth

MANE has been the subject of a number of recent analyst reports. Weiss Ratings lowered Veradermics from a “sell (d+)” rating to a “sell (d)” rating in a research report on Wednesday. Cantor Fitzgerald restated an “overweight” rating on shares of Veradermics in a report on Monday, October 19th. Citigroup upped their price objective on shares of Veradermics from $160.00 to $175.00 and gave the company a “buy” rating in a research note on Tuesday. Leerink Partners raised their target price on shares of Veradermics from $135.00 to $150.00 and gave the stock an “outperform” rating in a report on Monday. Finally, Wall Street Zen raised shares of Veradermics from a “sell” rating to a “hold” rating in a research report on Saturday, August 1st. Seven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $174.57.

Veradermics Price Performance

The company has a market cap of $5.80 billion and a PE ratio of -73.42. The stock has a fifty day moving average price of $120.82 and a 200-day moving average price of $98.02.

Veradermics (NYSE:MANE) last issued its quarterly earnings results on Tuesday, November 10th. The company reported ($0.50) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.09. On average, equities analysts anticipate that Veradermics, Incorporated will post -2.87 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Reid Alexander Waldman sold 67,500 shares of the 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 completion of the sale, the chief executive officer directly owned 170,824 shares of the company’s stock, valued at $18,425,076.64. This represents a 28.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Montanova Capital, Llc sold 750,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $107.25, for a total transaction of $80,437,500.00. Following the sale, 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. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 861,000 shares of company stock worth $92,408,220.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Nvwm LLC grew its holdings in shares of Veradermics by 105.4% during the 3rd quarter. Nvwm LLC now owns 228 shares of the company’s stock valued at $28,000 after acquiring an additional 117 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Veradermics by 8.4% during the third quarter. Russell Investments Group Ltd. now owns 1,905 shares of the company’s stock worth $231,000 after acquiring an additional 147 shares in the last quarter. Private Advisor Group LLC boosted its position in Veradermics by 4.8% during the third quarter. Private Advisor Group LLC now owns 7,712 shares of the company’s stock valued at $935,000 after purchasing an additional 352 shares during the last quarter. Sterling Capital Management LLC boosted its position in Veradermics by 233.2% during the third quarter. Sterling Capital Management LLC now owns 633 shares of the company’s stock valued at $77,000 after purchasing an additional 443 shares during the last quarter. Finally, Pictet Asset Management Holding SA raised its stake in shares of Veradermics by 22.0% during the 3rd quarter. Pictet Asset Management Holding SA now owns 2,491 shares of the company’s stock worth $302,000 after purchasing an additional 449 shares in the last quarter.

Veradermics Company Profile

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.