Veradermics (NYSE:MANE) Shares Down 8.1% – Time to Sell?

Veradermics, Incorporated (NYSE:MANE)’s share price dropped 8.1% during mid-day trading on Tuesday. The company traded as low as $110.13 and last traded at $109.2560. 523,982 shares traded hands during mid-day trading, a decline of 15% from the average daily volume of 617,740 shares. The stock had previously closed at $118.87.

Analyst Upgrades and Downgrades

MANE has been the subject of a number of research analyst reports. UBS Group set a $170.00 target price on shares of Veradermics in a research note on Wednesday, July 15th. Wall Street Zen raised shares of Veradermics from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. Needham & Company LLC upped their price objective on Veradermics from $136.00 to $164.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. Citigroup reiterated a “buy” rating on shares of Veradermics in a research report on Tuesday, September 15th. Finally, B. Riley Financial started coverage on Veradermics in a research report on Wednesday, July 15th. They set a “buy” rating and a $170.00 target price for the company. 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, Veradermics has an average rating of “Moderate Buy” and a consensus target price of $153.00.

Veradermics Price Performance

The stock’s 50 day moving average is $107.21 and its two-hundred day moving average is $99.02. The firm has a market capitalization of $4.56 billion and a P/E ratio of -57.64.

Veradermics (NYSE:MANE) last released its earnings results on Tuesday, August 11th. The company reported ($0.58) EPS for the quarter, hitting analysts’ consensus estimates of ($0.58). As a group, equities research analysts expect that Veradermics, Incorporated will post -2.74 EPS for the current year.

Insider Buying and Selling

In other news, Director John Childs sold 100,000 shares of the business’s stock in a transaction dated 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 transaction, the director directly owned 194,117 shares in the company, valued at approximately $20,793,813.04. The trade was a 34.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Montanova Capital, Llc sold 750,000 shares of the company’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $107.25, for a total value of $80,437,500.00. Following the completion of the sale, the director directly owned 461,033 shares of the company’s stock, valued at approximately $49,445,789.25. This trade represents a 61.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 961,000 shares of company stock worth $103,120,220 in the last ninety days.

Hedge Funds Weigh In On Veradermics

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Arizona State Retirement System bought a new stake in shares of Veradermics in the 2nd quarter valued at $524,000. Wellington Management Group LLP bought a new position in Veradermics during the second quarter worth about $8,425,000. Seven Fleet Capital Management LP acquired a new position in Veradermics in the second quarter valued at about $9,835,000. Bamco Inc. NY raised its position in shares of Veradermics by 284.8% during the second 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 period. Finally, Montanova Capital LLC bought a new position in shares of Veradermics during the 2nd quarter valued at about $512,533,000.

About Veradermics

Veradermics, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for dermatologic diseases. The company’s research and development efforts are aimed at addressing conditions that affect the skin, hair and nails, with an emphasis on treatments designed to improve patient outcomes and quality of life.

Veradermics is advancing a pipeline of investigational dermatology products across multiple disease areas. Its activities include the discovery, clinical development and potential commercialization of prescription therapies for conditions with unmet medical needs.