Veradermics (NYSE:MANE) Shares Down 7.9% – Should You Sell?

Veradermics, Incorporated (NYSE:MANE) shares fell 7.9% on Thursday . The company traded as low as $102.41 and last traded at $102.45. Approximately 292,208 shares changed hands during mid-day trading, a decline of 51% from the average session volume of 598,780 shares. The stock had previously closed at $111.23.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on MANE shares. Wall Street Zen upgraded shares of Veradermics from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. Needham & Company LLC raised their price objective on Veradermics from $136.00 to $164.00 and gave the company a “buy” rating in a research report on Wednesday, July 15th. Weiss Ratings initiated coverage on Veradermics in a research note on Tuesday, May 26th. They set a “sell (d+)” rating for the company. Citigroup increased their target price on Veradermics from $135.00 to $160.00 and gave the stock a “buy” rating in a research note on Thursday, July 16th. Finally, Jefferies Financial Group raised their price target on Veradermics from $138.00 to $182.00 and gave the company a “buy” rating in a report on Tuesday, July 7th. 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’s stock. Based on data from MarketBeat.com, Veradermics has an average rating of “Moderate Buy” and a consensus price target of $153.00.

Veradermics Stock Performance

The stock has a market cap of $4.31 billion and a PE ratio of -54.24. The company’s fifty day moving average is $110.87.

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

Insider Buying and Selling

In other Veradermics news, Director John W. 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 transaction of $10,712,000.00. Following the transaction, the director 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 Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Reid Alexander Waldman sold 67,500 shares of the firm’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $107.86, for a total transaction of $7,280,550.00. Following the sale, the chief executive officer directly owned 170,824 shares in the company, valued at approximately $18,425,076.64. The trade was 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. In the last ninety days, insiders sold 211,000 shares of company stock worth $22,682,720.

Institutional Investors Weigh In On Veradermics

Several institutional investors and hedge funds have recently added to or reduced their stakes in MANE. Wellington Management Group LLP bought a new stake in shares of Veradermics in the second quarter worth $8,425,000. Bamco Inc. NY grew 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 valued at $28,225,000 after purchasing an additional 169,913 shares during the period. Finally, Montanova Capital LLC purchased a new stake in shares of Veradermics during the 2nd quarter valued at about $512,533,000.

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.