Tang Capital Management LLC Invests $6.75 Million in Journey Medical Co. (NASDAQ:DERM)

Tang Capital Management LLC acquired a new position in Journey Medical Co. (NASDAQ:DERM) during the fourth quarter, according to its most recent 13F filing with the SEC. The firm acquired 1,725,569 shares of the company’s stock, valued at approximately $6,747,000. Tang Capital Management LLC owned 8.26% of Journey Medical at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Cetera Investment Advisers raised its holdings in shares of Journey Medical by 21.8% during the 4th quarter. Cetera Investment Advisers now owns 13,839 shares of the company’s stock valued at $54,000 after buying an additional 2,478 shares during the period. Kovitz Investment Group Partners LLC raised its holdings in shares of Journey Medical by 112.9% during the 4th quarter. Kovitz Investment Group Partners LLC now owns 24,710 shares of the company’s stock valued at $97,000 after buying an additional 13,105 shares during the period. Dimensional Fund Advisors LP purchased a new stake in shares of Journey Medical during the 4th quarter valued at about $80,000. Finally, Citadel Advisors LLC purchased a new stake in shares of Journey Medical during the 4th quarter valued at about $174,000. 7.25% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

DERM has been the topic of several analyst reports. Alliance Global Partners reiterated a “buy” rating on shares of Journey Medical in a report on Thursday, March 27th. Industrial Alliance Securities set a $10.50 target price on Journey Medical in a report on Thursday, March 27th. Four equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Journey Medical presently has an average rating of “Buy” and an average target price of $9.88.

Journey Medical Price Performance

DERM stock opened at $6.93 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.38 and a debt-to-equity ratio of 1.81. Journey Medical Co. has a 52-week low of $3.20 and a 52-week high of $8.24. The stock’s 50 day moving average is $6.44 and its two-hundred day moving average is $5.42. The company has a market capitalization of $160.11 million, a PE ratio of -7.37 and a beta of 0.86.

Journey Medical (NASDAQ:DERM) last posted its quarterly earnings data on Wednesday, May 14th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $0.06. The company had revenue of $13.14 million for the quarter, compared to the consensus estimate of $12.05 million. Journey Medical had a negative return on equity of 132.10% and a negative net margin of 31.74%. Analysts predict that Journey Medical Co. will post -1.02 earnings per share for the current fiscal year.

Insider Transactions at Journey Medical

In other news, CEO Claude Maraoui sold 14,905 shares of Journey Medical stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $5.01, for a total value of $74,674.05. Following the completion of the transaction, the chief executive officer now owns 2,052,418 shares in the company, valued at approximately $10,282,614.18. This trade represents a 0.72% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last quarter, insiders sold 113,522 shares of company stock worth $589,229. 15.03% of the stock is currently owned by corporate insiders.

Journey Medical Profile

Journey Medical Corporation focuses on the development and commercialization of pharmaceutical products for the treatment of dermatological conditions in the United States. The company's marketed products include Qbrexza, a medicated cloth towelette for the treatment of primary axillary hyperhidrosis; Accutane, an oral isotretinoin drug to treat severe recalcitrant nodular acne; and Amzeeq, a topical formulation of minocycline for the treatment of inflammatory lesions of non-nodular moderate to severe acne vulgaris.