This Fund Has a $75 Million Bet on a Hair Loss Biotech Stock Up More Than 500% Post-IPO

On May 14, 2026, Siren disclosed a new position in Veradermics (MANE 0.28%), acquiring 1,505,374 shares in an estimated $75.94 million trade based on quarterly average pricing.

What happened

According to a filing with the Securities and Exchange Commission dated May 14, 2026, Siren established a new position in Veradermics by acquiring 1,505,374 shares. The estimated transaction value was $75.94 million, calculated using the mean unadjusted closing price for the first quarter of 2026. The quarter-end value of the stake stood at $95.06 million, reflecting both the share purchase and subsequent price movement.

What else to know

• Top holdings after the filing:
  • NASDAQ:SRRK: $532.16 million (14.8% of AUM)
  • NASDAQ:KYMR: $265.43 million (7.4% of AUM)
  • NASDAQ:ERAS: $181.93 million (5.0% of AUM)
  • NASDAQ:EWTX: $139.55 million (3.9% of AUM)
  • NASDAQ:ONC: $138.09 million (3.8% of AUM)
• As of May 13, 2026, shares of Veradermics were priced at $107.14, up over 500% from their February IPO price of $17.

Company overview

| Metric | Value | | --- | --- | | Price (as of market close May 14, 2026) | $107.14 | | Market capitalization | $4.43 billion | | Net income (TTM) | ($70 million) |

Company snapshot

• Veradermics develops therapeutics for dermatologic and aesthetic conditions, including oral treatments for pattern hair loss, dissolvable microarray patches for immunotherapy of warts, and therapies for alopecia areata and molluscum contagiosum.
• The firm operates a research-driven biopharmaceutical model, generating potential revenue from proprietary drug candidates targeting both adult and pediatric dermatology markets.
• It serves healthcare providers, clinicians, and medical researchers specializing in dermatology and aesthetic medicine.

Veradermics is a biotechnology company focused on innovative therapies for dermatologic and aesthetic disorders. The company develops treatments that target both adult and pediatric dermatology. Its pipeline of novel treatments positions Veradermics to compete in specialized segments of the healthcare market.

What this transaction means for investors

Veradermics stock has exploded since going public in February, and Siren’s willingness to initiate such a large position suggests investors increasingly believe the company’s lead hair loss treatment could evolve into a meaningful mass-market product.

The enthusiasm stems in part from recently released Phase 2/3 data for VDPHL01, an oral extended-release minoxidil treatment for pattern hair loss. Veradermics said the study showed “early, consistent, and robust” hair growth alongside safety results comparable to placebo. Management believes the drug could become the first FDA-approved oral treatment for pattern hair loss in nearly 30 years.

Veradermics raised roughly $766.8 million this year through its IPO and follow-on financing activities, with management expecting existing capital to fund operations into 2030. More Phase 3 data are expected later this year from trials involving more than 1,000 male patients.

Ultimately, Veradermics sits in a compelling market for investors. The risk, of course, is that the stock’s massive post-IPO rally already reflects a substantial amount of optimism before pivotal data fully comes to fruition.