Veradermics (NYSE:MANE) Stock Price Up 6.1% – Here’s What Happened

Veradermics, Incorporated (NYSE:MANE)’s share price shot up 6.1% during mid-day trading on Tuesday . The company traded as high as $120.77 and last traded at $119.6380. 154,167 shares traded hands during trading, a decline of 75% from the average session volume of 605,352 shares. The stock had previously closed at $112.80.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on MANE shares. UBS Group set a $170.00 price objective on Veradermics in a report on Wednesday, July 15th. Jefferies Financial Group increased their target price on Veradermics from $138.00 to $182.00 and gave the stock a “buy” rating in a research note on Tuesday, July 7th. B. Riley Financial began coverage on Veradermics in a research note on Wednesday, July 15th. They issued a “buy” rating and a $170.00 price target on the stock. Citigroup reaffirmed a “buy” rating on shares of Veradermics in a report on Tuesday, September 15th. Finally, Lifesci Capital started coverage on shares of Veradermics in a research report on Tuesday, June 16th. They set an “outperform” rating and a $135.00 target price on the stock. Seven research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $153.00.

Veradermics Price Performance

The stock has a 50-day simple moving average of $106.08 and a 200 day simple moving average of $94.44. The company has a market capitalization of $5.03 billion and a PE ratio of -63.01.

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

Insider Buying and Selling at Veradermics

In other Veradermics news, Director John Childs sold 100,000 shares of the company’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $107.12, for a total value of $10,712,000.00. Following the sale, the director owned 194,117 shares of the company’s stock, valued at $20,793,813.04. This represents a 34.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Timothy August Durso sold 43,500 shares of the stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $107.82, for a total transaction of $4,690,170.00. Following the completion of the sale, the insider owned 78,142 shares in the company, valued at $8,425,270.44. This represents a 35.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 961,000 shares of company stock worth $103,120,220.

Institutional Trading of Veradermics

Institutional investors and hedge funds have recently made changes to their positions in the stock. Arizona State Retirement System acquired a new stake in shares of Veradermics during the second quarter valued at $524,000. Wellington Management Group LLP acquired a new position in Veradermics in the 2nd quarter valued at about $8,425,000. Seven Fleet Capital Management LP purchased a new position in Veradermics in the 2nd quarter valued at about $9,835,000. 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 purchasing an additional 169,913 shares during the last quarter. Finally, Montanova Capital LLC acquired a new stake in shares of Veradermics during the 2nd quarter worth about $512,533,000.

About Veradermics

Veradermics, Inc is a dermatology-focused biopharmaceutical company developing and commercializing therapies for conditions affecting the skin, hair and nails. The company’s research and development activities target common and underserved dermatologic diseases, with an emphasis on treatments that may offer alternatives to existing therapies.

Veradermics is advancing a pipeline of dermatology product candidates across multiple stages of development, including treatments for hair loss and other skin disorders.