Veradermics (NYSE:MANE) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Veradermics (NYSE:MANE) had its price target lifted by equities researchers at Needham & Company LLC from $164.00 to $172.00 in a research report issued on Monday, Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price target would indicate a potential upside of 34.61% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. B. Riley Financial assumed coverage on shares of Veradermics in a report on Wednesday, July 15th. They issued a “buy” rating and a $170.00 price target on the stock. Jefferies Financial Group upped their price target on Veradermics from $138.00 to $182.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. Wall Street Zen upgraded Veradermics from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. Weiss Ratings reissued a “sell (d+)” rating on shares of Veradermics in a research report on Friday, August 21st. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Veradermics in a research note on Monday. Seven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $154.14.

Veradermics Stock Performance

NYSE:MANE opened at $127.77 on Monday. Veradermics has a fifty-two week low of $32.00 and a fifty-two week high of $136.71. The company’s 50-day simple moving average is $109.48 and its 200-day simple moving average is $103.40.

Veradermics (NYSE:MANE) last posted its quarterly earnings data on Tuesday, August 11th. The company reported ($0.58) EPS for the quarter, hitting the consensus estimate of ($0.58). On average, sell-side analysts predict that Veradermics will post -2.74 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Timothy August Durso sold 43,500 shares of the stock in a transaction 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 sale, the insider directly owned 78,142 shares of the company’s stock, valued at approximately $8,425,270.44. This represents a 35.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director John Childs sold 100,000 shares of the firm’s stock in a transaction on 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 sale, 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. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 961,000 shares of company stock valued at $103,120,220.

Institutional Trading of Veradermics

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Nvwm LLC raised its stake in shares of Veradermics by 105.4% during the 3rd quarter. Nvwm LLC now owns 228 shares of the company’s stock worth $28,000 after buying an additional 117 shares during the period. Arizona State Retirement System purchased a new position in shares of Veradermics during the 2nd quarter valued at approximately $524,000. Private Capital Advisors Inc. lifted its position in shares of Veradermics by 158.4% during the 3rd quarter. Private Capital Advisors Inc. now owns 6,291 shares of the company’s stock valued at $763,000 after buying an additional 3,856 shares in the last quarter. Wellington Management Group LLP acquired a new stake in Veradermics in the 2nd quarter valued at $8,425,000. Finally, Seven Fleet Capital Management LP acquired a new stake in Veradermics in the 2nd quarter valued at $9,835,000.

Key Stories Impacting Veradermics

Here are the key news stories impacting Veradermics this week:

• Positive Sentiment: Positive Phase 3 efficacy data: Study 304 reportedly showed early, consistent and robust hair growth in men with male pattern hair loss, meeting the trial’s goals. The results strengthened expectations that VDPHL01 could become a meaningful oral alternative in a large hair-loss-treatment market. Veradermics oral VDPHL01 Phase 3 results
• Positive Sentiment: Potentially transformative product opportunity: Coverage characterized the oral hair-loss pill as having the potential to transform treatment, helping drive renewed investor interest in Veradermics’ lead program. Veradermics Phase 3 hair-loss data
• Positive Sentiment: Analyst support increased: Needham raised its price target from $164 to $172 and maintained a Buy rating, while Cantor Fitzgerald reaffirmed its Overweight rating. These actions suggest analysts see additional upside following the clinical update. Cantor Fitzgerald Overweight rating
• Neutral Sentiment: Next catalyst is further review and development: Veradermics is reviewing Part A results from the Phase 3 trial and discussing the data with investors. While the findings are encouraging, regulatory review, additional trial work and commercialization remain ahead. Veradermics review of Phase 3 results

About Veradermics

Veradermics, Inc is a clinical-stage biopharmaceutical company focused on developing and commercializing therapies for dermatologic conditions. The company’s research and development activities are directed toward treatments for diseases and disorders affecting the skin, hair and nails, with an emphasis on addressing areas where existing treatment options are limited.

Veradermics’ pipeline includes investigational topical therapies designed for conditions such as hair loss and other dermatological disorders.