Veradermics (NYSE:MANE) Shares Gap Up on Analyst Upgrade

Veradermics, Incorporated (NYSE:MANE)’s stock price gapped up prior to trading on Monday after Needham & Company LLC raised their price target on the stock from $164.00 to $172.00. The stock had previously closed at $108.82, but opened at $115.34. Needham & Company LLC currently has a buy rating on the stock. Veradermics shares last traded at $115.6050, with a volume of 342,759 shares traded.

A number of other equities research analysts also recently weighed in on the company. Weiss Ratings restated a “sell (d+)” rating on shares of Veradermics in a research report on Friday, August 21st. B. Riley Financial started coverage on Veradermics in a report on Wednesday, July 15th. They issued a “buy” rating and a $170.00 price objective for the company. UBS Group set a $170.00 price objective on Veradermics in a report on Wednesday, July 15th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Veradermics in a research report on Monday. Finally, Wall Street Zen raised Veradermics from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. Seven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $154.14.

Insider Transactions at Veradermics

In other Veradermics news, insider Timothy August Durso sold 43,500 shares of the stock in a transaction on Monday, August 17th. The stock was sold at an average price of $107.82, for a total value of $4,690,170.00. Following the completion of the transaction, the insider owned 78,142 shares in the company, valued at approximately $8,425,270.44. This represents a 35.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 transaction, 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 961,000 shares of company stock valued at $103,120,220 in the last three months.

Key Headlines Impacting Veradermics

Here are the key news stories impacting Veradermics this week:

• Positive Sentiment: Veradermics reported positive topline results from Part A of its randomized, placebo-controlled Phase 3 Study 304 evaluating extended-release oral VDPHL01 in men with mild-to-moderate male-pattern hair loss. The company said the treatment produced early, consistent and robust hair growth, strengthening the case for VDPHL01’s potential as a future commercial therapy. Veradermics Reports Strong Phase 3 Hair Loss Results
• Positive Sentiment: The positive Phase 3 update is especially important because VDPHL01 is a registration-directed program. Favorable results could support discussions with regulators and improve the company’s prospects for advancing toward a potential filing and commercialization.
• Positive Sentiment: Needham raised its price target for Veradermics from $164 to $172 and maintained a “Buy” rating, indicating substantial potential upside based on the firm’s assessment of the clinical and commercial opportunity.
• Positive Sentiment: Cantor Fitzgerald reaffirmed its “Overweight” rating, adding to the positive analyst sentiment surrounding the Phase 3 data. Veradermics Earns Overweight Rating from Cantor Fitzgerald
• Neutral Sentiment: Veradermics scheduled an investor conference call and webcast to review the Study 304 results. Additional details on efficacy, safety and the company’s development plans could influence the stock’s next move. Veradermics to Hold Conference Call on Phase 3 Results

Hedge Funds Weigh In On Veradermics

A number of hedge funds have recently added to or reduced their stakes in the company. Montanova Capital LLC bought a new position in Veradermics in the 2nd quarter valued at approximately $512,533,000. Bamco Inc. NY boosted its stake in 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 last quarter. Seven Fleet Capital Management LP bought a new stake in shares of Veradermics in the 2nd quarter worth $9,835,000. Wellington Management Group LLP bought a new stake in shares of Veradermics in the 2nd quarter worth $8,425,000. Finally, Private Capital Advisors Inc. raised its stake in shares of Veradermics by 158.4% in the third 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 last quarter.

Veradermics Price Performance

The company has a 50 day moving average price of $108.88 and a two-hundred day moving average price of $102.50. The stock has a market cap of $4.86 billion and a PE ratio of -61.21.

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

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.