Journey Medical Corporation $DERM Shares Sold by Opaleye Management Inc.

Opaleye Management Inc. decreased its holdings in shares of Journey Medical Corporation (NASDAQ:DERM) by 63.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 350,000 shares of the company’s stock after selling 610,000 shares during the period. Opaleye Management Inc.’s holdings in Journey Medical were worth $2,478,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of DERM. Bank of America Corp DE lifted its position in shares of Journey Medical by 4,707.0% in the 2nd quarter. Bank of America Corp DE now owns 4,134 shares of the company’s stock worth $30,000 after buying an additional 4,048 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Journey Medical during the 2nd quarter valued at about $36,000. Royal Bank of Canada raised its stake in Journey Medical by 42.7% during the first quarter. Royal Bank of Canada now owns 8,175 shares of the company’s stock worth $38,000 after acquiring an additional 2,446 shares during the period. JPMorgan Chase & Co. acquired a new stake in Journey Medical during the second quarter worth about $41,000. Finally, Cetera Investment Advisers bought a new position in Journey Medical in the first quarter worth about $48,000. 7.25% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have commented on DERM shares. Wall Street Zen upgraded Journey Medical from a “hold” rating to a “buy” rating in a research note on Saturday, June 13th. B. Riley Financial reissued a “buy” rating and issued a $15.00 price target (up from $12.00) on shares of Journey Medical in a report on Thursday, August 13th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Journey Medical in a research report on Friday, July 17th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $14.00.

Journey Medical Price Performance

Shares of NASDAQ:DERM opened at $7.09 on Friday. The firm’s 50 day moving average is $7.00 and its two-hundred day moving average is $6.49. The firm has a market capitalization of $200.08 million, a P/E ratio of -32.23 and a beta of 1.09. The company has a current ratio of 1.59, a quick ratio of 1.41 and a debt-to-equity ratio of 0.64. Journey Medical Corporation has a 52 week low of $4.31 and a 52 week high of $9.56.

Journey Medical (NASDAQ:DERM) last issued its quarterly earnings data on Wednesday, August 12th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate 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 year.

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.