Veradermics (NYSE:MANE) Sees Unusually-High Trading Volume – Still a Buy?

Veradermics, Incorporated (NYSE:MANE) shares saw an uptick in trading volume on Thursday. 437,247 shares were traded during trading, a decline of 29% from the previous session’s volume of 616,318 shares. The stock last traded at $131.4130 and had previously closed at $110.95.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. Weiss Ratings reissued a “sell (d+)” rating on shares of Veradermics in a research report on Friday, August 21st. UBS Group set a $170.00 target price on Veradermics in a research note on Wednesday, July 15th. Needham & Company LLC raised their price target on Veradermics from $136.00 to $164.00 and gave the stock a “buy” rating in a research report on Wednesday, July 15th. Lifesci Capital assumed coverage on Veradermics in a research report on Tuesday, June 16th. They issued an “outperform” rating and a $135.00 price objective for the company. Finally, Citigroup reissued a “buy” rating on shares of Veradermics in a research note on Tuesday, September 15th. Seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $153.00.

Veradermics Stock Performance

The stock has a fifty day simple moving average of $107.24 and a 200-day simple moving average of $99.76. The stock has a market cap of $5.29 billion and a P/E ratio of -66.87.

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

Insider Buying and Selling at Veradermics

In other news, insider Timothy August Durso sold 43,500 shares of Veradermics stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $107.82, for a total value of $4,690,170.00. Following the sale, the insider directly owned 78,142 shares in the company, 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Montanova Capital, Llc sold 750,000 shares of the business’s stock in a transaction on Wednesday, August 19th. The stock was 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 directly owned 461,033 shares in the company, valued at approximately $49,445,789.25. This represents a 61.93% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 961,000 shares of company stock valued at $103,120,220 over the last quarter.

Institutional Investors Weigh In On Veradermics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Montanova Capital LLC acquired a new stake in shares of Veradermics in the second quarter valued at about $512,533,000. Wellington Management Group LLP bought a new position in Veradermics in the second quarter valued at approximately $8,425,000. Seven Fleet Capital Management LP bought a new position in Veradermics in the second quarter valued at approximately $9,835,000. Bamco Inc. NY increased its position in shares of Veradermics by 284.8% during the 2nd 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 last quarter. Finally, Private Capital Advisors Inc. raised its stake 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 worth $763,000 after purchasing an additional 3,856 shares in the last quarter.

Veradermics Company Profile

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.