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

Veradermics, Incorporated (NYSE:MANE)’s stock price gapped up before the market opened on Wednesday after Citigroup raised their price target on the stock from $135.00 to $160.00. The stock had previously closed at $110.17, but opened at $118.75. Citigroup currently has a buy rating on the stock. Veradermics shares last traded at $125.65, with a volume of 213,074 shares traded.

Other equities analysts have also issued reports about the stock. UBS Group set a $170.00 target price on shares of Veradermics in a research note on Wednesday. Wall Street Zen lowered Veradermics from a “hold” rating to a “sell” rating in a report on Sunday, July 12th. Needham & Company LLC upped their price objective on Veradermics from $136.00 to $164.00 and gave the stock a “buy” rating in a research report on Wednesday. B. Riley Financial began coverage on Veradermics in a report on Wednesday. They set a “buy” rating and a $170.00 price objective for the company. Finally, Leerink Partners lifted their target price on Veradermics from $75.00 to $90.00 and gave the company an “outperform” rating in a research report on Wednesday, April 22nd. Seven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $153.00.

Key Stories Impacting Veradermics

Here are the key news stories impacting Veradermics this week:

• Positive Sentiment: Veradermics said VDPHL01 produced positive Phase 2 study results in women, with improvement seen in as little as two months, supporting the drug’s potential in a larger market than male hair loss alone. Article Title
• Positive Sentiment: Multiple outlets highlighted the trial readout as a catalyst for the stock, with reports noting MANE jumped on the mid-stage data and that investors view the results as a step toward a potential Phase 2/3 readout. Article Title
• Positive Sentiment: Needham raised its price target on Veradermics to $164 from $136 and reiterated a buy rating, signaling increased confidence after the clinical update. Article Title
• Neutral Sentiment: The company also said it will hold a conference call to discuss the Phase 2 results, which keeps attention on the upcoming Phase 2/3 study but does not by itself change fundamentals. Article Title

Veradermics Price Performance

The firm has a 50 day moving average price of $106.80. The firm has a market cap of $4.43 billion and a P/E ratio of -80.34.

Veradermics (NYSE:MANE) last announced its quarterly earnings data on Tuesday, May 12th. The company reported ($1.32) earnings per share for the quarter, missing the consensus estimate of ($0.56) by ($0.76).

About Veradermics

We are a dermatologist-founded, late clinical-stage biopharmaceutical company focused on developing innovative therapeutics to address pervasive treatment challenges in highly prevalent aesthetic and dermatological conditions. Our initial focus is developing better treatments for pattern hair loss, or PHL, a condition affecting approximately 50 million men and 30 million women in the United States. Current PHL treatment options are limited and therefore are consistently plagued with high rates of treatment failure, patient dissatisfaction and treatment discontinuation.