Journey Medical (NASDAQ:DERM) Shares Down 1.6% – Here’s Why

Shares of Journey Medical Corporation (NASDAQ:DERM) fell 1.6% on Friday. The company traded as low as $6.47 and last traded at $6.61. Approximately 126,129 shares changed hands during trading, a decline of 29% from the average daily volume of 176,642 shares. The stock had previously closed at $6.72.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on DERM. Wall Street Zen raised shares of Journey Medical from a “hold” rating to a “buy” rating in a report on Saturday, June 13th. B. Riley Financial reissued a “buy” rating and set a $15.00 price objective (up from $12.00) on shares of Journey Medical in a report on Thursday, August 13th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Journey Medical in a report on Friday, July 17th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $14.00.

Journey Medical Trading Down 1.6%

The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.41 and a current ratio of 1.59. The business has a fifty day simple moving average of $6.97 and a 200 day simple moving average of $6.36. The company has a market cap of $186.53 million, a P/E ratio of -30.05 and a beta of 1.10.

Journey Medical (NASDAQ:DERM) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.01. Journey Medical had a negative return on equity of 20.23% and a negative net margin of 8.95%.The business had revenue of $18.51 million during the quarter, compared to the consensus estimate of $18.36 million. Analysts anticipate that Journey Medical Corporation will post -0.02 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Wasatch Advisors LP lifted its holdings in Journey Medical by 34.0% in the second quarter. Wasatch Advisors LP now owns 2,858,930 shares of the company’s stock worth $20,241,000 after acquiring an additional 725,560 shares during the last quarter. Punch & Associates Investment Management Inc. acquired a new position in Journey Medical during the 2nd quarter valued at approximately $3,795,000. Pale Fire Capital SE grew its stake in Journey Medical by 9.7% during the 2nd quarter. Pale Fire Capital SE now owns 528,584 shares of the company’s stock worth $3,742,000 after buying an additional 46,597 shares during the last quarter. J. Goldman & Co LP acquired a new stake in Journey Medical in the second quarter worth $974,000. Finally, BlackRock Inc. acquired a new position in shares of Journey Medical during the second quarter valued at $715,000. 7.25% of the stock is owned by institutional investors and hedge funds.

About Journey Medical

Journey Medical Corporation (NASDAQ: DERM) is a commercial-stage pharmaceutical company focused on developing and marketing prescription therapies for dermatological conditions. The company targets areas of significant unmet need, including acne, hyperhidrosis, fungal infections and other medical skin disorders.

Journey Medical’s product portfolio has included Qbrexza (glycopyrronium tosylate), a topical treatment for primary axillary hyperhidrosis, as well as Targadox (doxycycline hyclate) for the treatment of severe acne and Exelderm (sulconazole nitrate) for certain fungal skin infections.