Veradermics (NYSE:MANE) Stock Jumps 7.3% – Here’s What Happened

by · The Cerbat Gem

Veradermics, Incorporated (NYSE:MANE – Get Free Report)’s share price rose 7.3% during mid-day trading on Wednesday. The stock traded as high as $135.66 and last traded at $136.3810. Approximately 172,029 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 646,293 shares. The stock had previously closed at $127.11.

Wall Street Analyst Weigh In

MANE has been the subject of a number of recent analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Veradermics in a research note on Monday. Weiss Ratings reissued a “sell (d+)” rating on shares of Veradermics in a research report on Friday, August 21st. B. Riley Financial raised their price objective on shares of Veradermics from $170.00 to $204.00 and gave the stock a “buy” rating in a research note on Thursday. UBS Group set a $204.00 price objective on shares of Veradermics in a research note on Thursday. Finally, Wall Street Zen upgraded Veradermics from a “sell” rating to a “hold” rating in a research report on Saturday, August 1st. Seven research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Veradermics currently has an average rating of “Moderate Buy” and an average price target of $163.86.

Check Out Our Latest Stock Analysis on Veradermics

Veradermics Price Performance

The company has a 50-day simple moving average of $110.63 and a 200 day simple moving average of $104.44.

Veradermics (NYSE:MANE – Get Free Report) last released its earnings results on Tuesday, August 11th. The company reported ($0.58) earnings per share for the quarter, hitting the consensus estimate of ($0.58). On average, equities research analysts expect that Veradermics, Incorporated will post -2.87 earnings per share for the current fiscal year.

Insider Activity at Veradermics

In related news, Director Montanova Capital, Llc sold 750,000 shares of Veradermics stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $107.25, for a total transaction of $80,437,500.00. Following the completion of the sale, the director owned 461,033 shares in the company, valued at $49,445,789.25. This trade represents a 61.93% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Reid Alexander Waldman sold 67,500 shares of the business’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 completion of the sale, the chief executive officer directly owned 170,824 shares of the company’s stock, valued at approximately $18,425,076.64. This trade represents a 28.32% 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. Over the last quarter, insiders sold 961,000 shares of company stock worth $103,120,220.

Institutional Trading of Veradermics

Institutional investors and hedge funds have recently modified their holdings of the stock. Sterling Capital Management LLC boosted its holdings in shares of Veradermics by 233.2% in 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 period. Nvwm LLC grew its stake in Veradermics by 105.4% in the third quarter. Nvwm LLC now owns 228 shares of the company’s stock worth $28,000 after purchasing an additional 117 shares in the last quarter. Private Capital Advisors Inc. increased its holdings in Veradermics by 158.4% during the 3rd quarter. Private Capital Advisors Inc. now owns 6,291 shares of the company’s stock worth $763,000 after purchasing an additional 3,856 shares during the period. Arizona State Retirement System purchased a new position in Veradermics during the 2nd quarter worth $524,000. Finally, Seven Fleet Capital Management LP purchased a new position in Veradermics during the 2nd quarter worth $9,835,000.

About Veradermics

(Get Free Report)

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.

Further Reading