Journey Medical (NASDAQ:DERM) Posts Quarterly Earnings Results, Misses Estimates By $0.04 EPS

Journey Medical (NASDAQ:DERM) released its quarterly earnings data on Wednesday. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.04), Zacks reports. Journey Medical had a negative net margin of 15.49% and a negative return on equity of 48.69%.

Journey Medical Stock Performance

NASDAQ DERM traded up $0.05 during trading hours on Wednesday, reaching $9.10. The stock had a trading volume of 269,998 shares, compared to its average volume of 121,168. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.95 and a current ratio of 1.27. Journey Medical has a 52-week low of $3.54 and a 52-week high of $9.40. The stock has a fifty day moving average of $7.57 and a 200 day moving average of $7.30. The stock has a market cap of $239.42 million, a P/E ratio of -23.95 and a beta of 0.80.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Journey Medical by 8.9% during the 3rd quarter. Vanguard Group Inc. now owns 615,229 shares of the company’s stock worth $4,380,000 after purchasing an additional 50,241 shares during the period. Wasatch Advisors LP boosted its stake in shares of Journey Medical by 23.8% in the second quarter. Wasatch Advisors LP now owns 1,152,059 shares of the company’s stock worth $8,272,000 after buying an additional 221,456 shares during the last quarter. Opaleye Management Inc. grew its holdings in Journey Medical by 37.0% during the second quarter. Opaleye Management Inc. now owns 95,000 shares of the company’s stock worth $682,000 after acquiring an additional 25,677 shares during the period. Bank of America Corp DE raised its position in Journey Medical by 4,707.0% during the second quarter. Bank of America Corp DE now owns 4,134 shares of the company’s stock valued at $30,000 after acquiring an additional 4,048 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Journey Medical in the second quarter valued at approximately $36,000. 7.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. HC Wainwright initiated coverage on Journey Medical in a research note on Monday, August 25th. They set a “buy” rating and a $13.00 price objective for the company. Lake Street Capital increased their price target on shares of Journey Medical from $9.00 to $13.00 and gave the company a “buy” rating in a research report on Wednesday, August 13th. Zacks Research raised shares of Journey Medical from a “strong sell” rating to a “hold” rating in a research report on Monday, October 13th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Journey Medical in a research note on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Journey Medical has an average rating of “Hold” and a consensus target price of $12.17.

Journey Medical Company 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.