Veradermics (NYSE:MANE) Trading Down 6% – What’s Next?

Veradermics, Incorporated (NYSE:MANE)’s stock price was down 6% on Wednesday . The company traded as low as $98.12 and last traded at $97.6450. 112,995 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 594,239 shares. The stock had previously closed at $103.83.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Jefferies Financial Group upped their price objective on shares of Veradermics from $138.00 to $182.00 and gave the company a “buy” rating in a research note on Tuesday, July 7th. Citigroup raised their price objective on shares of Veradermics from $135.00 to $160.00 and gave the stock a “buy” rating in a research note on Thursday, July 16th. UBS Group set a $170.00 price objective on shares of Veradermics in a research report on Wednesday, July 15th. B. Riley Financial began coverage on Veradermics in a report on Wednesday, July 15th. They issued a “buy” rating and a $170.00 target price for the company. Finally, Needham & Company LLC lifted their price target on Veradermics from $136.00 to $164.00 and gave the company a “buy” rating in a report on Wednesday, July 15th. Seven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $153.00.

Veradermics Stock Performance

The company has a market capitalization of $4.10 billion and a PE ratio of -51.69. The stock has a 50 day moving average price of $108.23 and a two-hundred day moving average price of $91.45.

Veradermics (NYSE:MANE) last released its quarterly earnings data on Tuesday, August 11th. The company reported ($0.58) EPS for the quarter, hitting analysts’ consensus estimates of ($0.58). Sell-side analysts predict that Veradermics, Incorporated will post -2.74 earnings per share for the current year.

Insider Buying and Selling at Veradermics

In related news, CEO Reid Alexander Waldman sold 67,500 shares of Veradermics stock in a transaction 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 owned 170,824 shares of the company’s stock, valued at approximately $18,425,076.64. The trade was a 28.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director John 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 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 disclosure for this sale is available in the SEC filing. Insiders have sold a total of 961,000 shares of company stock worth $103,120,220 over the last quarter.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in MANE. Arizona State Retirement System bought a new stake in Veradermics during the second quarter worth approximately $524,000. Wellington Management Group LLP bought a new position in shares of Veradermics in the second quarter valued at approximately $8,425,000. Seven Fleet Capital Management LP acquired a new stake in shares of Veradermics in the second quarter worth $9,835,000. Bamco Inc. NY lifted its stake 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. Finally, California State Teachers Retirement System bought a new stake in shares of Veradermics during the 2nd quarter worth $385,292,000.

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.