Journey Medical (NASDAQ:DERM) Stock Price Down 3.7% – What’s Next?

Journey Medical Corporation (NASDAQ:DERM)’s stock price dropped 3.7% during mid-day trading on Monday . The stock traded as low as $7.50 and last traded at $8.04. Approximately 311,803 shares were traded during mid-day trading, an increase of 160% from the average daily volume of 119,872 shares. The stock had previously closed at $8.35.

Analysts Set New Price Targets

DERM has been the topic of several recent research reports. Zacks Research upgraded Journey Medical from a “strong sell” rating to a “hold” rating in a report on Monday, October 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Journey Medical in a research report on Wednesday, January 21st. Three 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 company currently has an average rating of “Hold” and an average price target of $12.17.

Journey Medical Price Performance

The stock has a 50 day moving average of $8.01 and a 200-day moving average of $7.71. The company has a current ratio of 1.42, a quick ratio of 1.12 and a debt-to-equity ratio of 0.75. The stock has a market capitalization of $267.41 million, a P/E ratio of -22.97 and a beta of 0.81.

Journey Medical (NASDAQ:DERM) last released its earnings results on Wednesday, November 12th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.01). The business had revenue of $17.63 million during the quarter, compared to analysts’ expectations of $18.85 million. Journey Medical had a negative return on equity of 39.94% and a negative net margin of 14.58%. On average, equities research analysts anticipate that Journey Medical Corporation will post -1.02 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Journey Medical

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wasatch Advisors LP raised its stake in Journey Medical by 23.8% in the second quarter. Wasatch Advisors LP now owns 1,152,059 shares of the company’s stock valued at $8,272,000 after buying an additional 221,456 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Journey Medical by 130.7% in the 2nd quarter. Geode Capital Management LLC now owns 262,353 shares of the company’s stock valued at $1,884,000 after buying an additional 148,612 shares during the period. UBS Group AG boosted its position in Journey Medical by 99.9% in the 4th quarter. UBS Group AG now owns 290,226 shares of the company’s stock worth $2,238,000 after purchasing an additional 145,006 shares in the last quarter. Sheets Smith Investment Management purchased a new stake in Journey Medical during the third quarter worth $946,000. Finally, Essex Investment Management Co. LLC boosted its stake in shares of Journey Medical by 55.1% during the 3rd quarter. Essex Investment Management Co. LLC now owns 354,021 shares of the company’s stock worth $2,521,000 after acquiring an additional 125,818 shares in the last quarter. Hedge funds and other institutional investors own 7.25% of the company’s stock.

About Journey Medical

Journey Medical Corp, headquartered in Fairfield, New Jersey, is a commercial dermatology company focused on acquiring, developing and marketing prescription dermatology products in the United States. Since its incorporation in 2019, the company has built a portfolio of both branded and generic topical therapies designed to address a range of skin conditions, including acne, atopic dermatitis, fungal infections and inflammatory lesions.

The company’s product lineup features antibiotic/anti-inflammatory combinations and corticosteroid-based formulations delivered through proprietary gel, cream and foam vehicles.