Journey Medical (NASDAQ:DERM) Posts Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Journey Medical (NASDAQ:DERM) issued its quarterly earnings results on Wednesday. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.01), Zacks reports. The firm had revenue of $17.63 million for the quarter, compared to analyst estimates of $18.85 million. Journey Medical had a negative net margin of 15.49% and a negative return on equity of 48.69%.

Journey Medical Price Performance

Shares of DERM stock traded down $1.08 on Thursday, reaching $8.00. The company had a trading volume of 550,769 shares, compared to its average volume of 122,936. The company has a quick ratio of 0.95, a current ratio of 1.27 and a debt-to-equity ratio of 1.11. The business’s 50-day moving average is $7.62 and its 200 day moving average is $7.32. Journey Medical has a one year low of $3.54 and a one year high of $9.40. The stock has a market capitalization of $210.48 million, a PE ratio of -21.25 and a beta of 0.80.

Analyst Ratings Changes

DERM has been the subject of a number of research analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Journey Medical in a research report on Wednesday, October 8th. Lake Street Capital raised their price objective on shares of Journey Medical from $9.00 to $13.00 and gave the stock a “buy” rating in a research report on Wednesday, August 13th. Zacks Research upgraded Journey Medical from a “strong sell” rating to a “hold” rating in a research note on Monday, October 13th. Finally, HC Wainwright initiated coverage on Journey Medical in a research report on Monday, August 25th. They set a “buy” rating and a $13.00 price objective on the stock. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $12.17.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of DERM. Bank of America Corp DE increased its position in shares of Journey Medical by 4,707.0% in the second quarter. Bank of America Corp DE now owns 4,134 shares of the company’s stock worth $30,000 after purchasing an additional 4,048 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Journey Medical in the second quarter worth $36,000. JPMorgan Chase & Co. bought a new position in Journey Medical in the second quarter valued at $41,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Journey Medical during the second quarter worth about $48,000. Finally, Russell Investments Group Ltd. bought a new stake in Journey Medical in the 3rd quarter worth approximately $61,000. Hedge funds and other institutional investors own 7.25% of the company’s stock.

About Journey Medical

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.