Veradermics (NYSE:MANE) Releases Quarterly Earnings Results

Veradermics (NYSE:MANE) announced its quarterly earnings results on Tuesday. The company reported ($0.50) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.59) by $0.09, reports.

Veradermics Trading Down 13.2%

Shares of MANE opened at $135.91 on Thursday. The stock has a market capitalization of $5.68 billion and a price-to-earnings ratio of -71.53. Veradermics has a 12 month low of $32.00 and a 12 month high of $156.63. The firm has a fifty day simple moving average of $120.82 and a 200 day simple moving average of $98.02.

Analyst Upgrades and Downgrades

MANE has been the subject of several research analyst reports. Wall Street Zen upgraded Veradermics from a “sell” rating to a “hold” rating in a research report on Saturday, August 1st. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Veradermics in a research note on Monday, October 19th. UBS Group set a $204.00 price target on shares of Veradermics in a report on Thursday, October 22nd. B. Riley Financial increased their price objective on shares of Veradermics from $170.00 to $204.00 and gave the stock a “buy” rating in a research report on Thursday, October 22nd. Finally, Leerink Partners raised their price objective on shares of Veradermics from $135.00 to $150.00 and gave the stock an “outperform” rating in a report on Monday. Seven research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Veradermics currently has an average rating of “Moderate Buy” and an average target price of $174.57.

Insider Buying and Selling at Veradermics

In other news, Director Montanova Capital, Llc sold 750,000 shares of the 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 transaction, the director directly owned 461,033 shares in the company, valued at $49,445,789.25. This represents a 61.93% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Reid Alexander Waldman sold 67,500 shares of the stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $107.86, for a total transaction of $7,280,550.00. Following the transaction, the chief executive officer owned 170,824 shares of the company’s stock, valued at approximately $18,425,076.64. This 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. In the last three months, insiders have sold 861,000 shares of company stock worth $92,408,220.

Institutional Trading of Veradermics

Hedge funds and other institutional investors have recently modified their holdings of the stock. 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 valued at $28,000 after purchasing an additional 117 shares in the last quarter. Sterling Capital Management LLC boosted its holdings in shares of Veradermics by 233.2% in the 3rd quarter. Sterling Capital Management LLC now owns 633 shares of the company’s stock valued at $77,000 after buying an additional 443 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Veradermics by 8.4% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,905 shares of the company’s stock valued at $231,000 after buying an additional 147 shares during the last quarter. Private Wealth Asset Management LLC acquired a new stake in shares of Veradermics in the 3rd quarter valued at approximately $249,000. Finally, Pictet Asset Management Holding SA grew its stake in shares of Veradermics by 22.0% in the third quarter. Pictet Asset Management Holding SA now owns 2,491 shares of the company’s stock valued at $302,000 after buying an additional 449 shares in the last quarter.

Veradermics Company Profile

Veradermics is a clinical-stage biopharmaceutical company focused on developing treatments for hair loss. Its lead candidate, VDPHL01, is an investigational oral formulation of minoxidil being studied for androgenetic alopecia, commonly known as male- or female-pattern hair loss. The company has described the treatment as designed for once-daily use. VDPHL01 remains under clinical investigation and is not an approved treatment. Veradermics is led by founder and Chief Executive Officer Reid Waldman, a physician specializing in dermatology.