Veradermics (NYSE:MANE) Earns “Overweight” Rating from Cantor Fitzgerald

Veradermics (NYSE:MANE)‘s stock had its “overweight” rating reiterated by analysts at Cantor Fitzgerald in a research note issued on Monday, Benzinga reports.

Several other research analysts have also commented on MANE. B. Riley Financial initiated coverage on shares of Veradermics in a report on Wednesday, July 15th. They issued a “buy” rating and a $170.00 price objective for the company. Citigroup reaffirmed a “buy” rating on shares of Veradermics in a research report on Tuesday, September 15th. Wall Street Zen raised Veradermics from a “sell” rating to a “hold” rating in a research report on Saturday, August 1st. Jefferies Financial Group upped their target price on Veradermics from $138.00 to $182.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. Finally, UBS Group set a $170.00 target price on Veradermics in a research report on Wednesday, July 15th. Seven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Veradermics presently has a consensus rating of “Moderate Buy” and a consensus price target of $154.14.

Veradermics Stock Performance

Shares of NYSE:MANE opened at $127.77 on Monday. The stock’s 50-day moving average is $109.48 and its 200 day moving average is $103.40. Veradermics has a 1 year low of $32.00 and a 1 year high of $136.71.

Veradermics (NYSE:MANE) last announced its quarterly 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, analysts forecast that Veradermics will post -2.74 EPS 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 stock was 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 $8,425,270.44. This trade represents a 35.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Reid Alexander Waldman sold 67,500 shares of Veradermics stock in a transaction dated Monday, August 17th. The stock was 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 $18,425,076.64. The trade was a 28.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 961,000 shares of company stock worth $103,120,220.

Hedge Funds Weigh In On Veradermics

Several hedge funds and other institutional investors have recently bought and sold shares of MANE. Nvwm LLC lifted its stake in Veradermics by 105.4% during the 3rd quarter. Nvwm LLC now owns 228 shares of the company’s stock valued at $28,000 after acquiring an additional 117 shares during the period. Arizona State Retirement System bought a new stake in shares of Veradermics in the second quarter worth approximately $524,000. Private Capital Advisors Inc. raised its holdings in shares of Veradermics by 158.4% during the third quarter. Private Capital Advisors Inc. now owns 6,291 shares of the company’s stock valued at $763,000 after purchasing an additional 3,856 shares during the last quarter. Wellington Management Group LLP bought a new position in Veradermics during the second quarter valued at approximately $8,425,000. Finally, Seven Fleet Capital Management LP bought a new position in Veradermics during the second quarter valued at approximately $9,835,000.

Key Headlines 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.