Journey Medical Co. (NASDAQ:DERM) Sees Large Growth in Short Interest

Journey Medical Co. (NASDAQ:DERM) was the target of a significant increase in short interest in September. As of September 30th, there was short interest totalling 87,700 shares, an increase of 10.5% from the September 15th total of 79,400 shares. Based on an average daily volume of 55,400 shares, the days-to-cover ratio is currently 1.6 days. Currently, 0.9% of the company’s shares are short sold.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on DERM. Roth Mkm began coverage on shares of Journey Medical in a report on Friday, June 28th. They issued a “buy” rating and a $11.00 price target on the stock. Lake Street Capital began coverage on Journey Medical in a report on Friday, September 6th. They issued a “buy” rating and a $9.00 price objective for the company. Roth Capital upgraded Journey Medical to a “strong-buy” rating in a research note on Friday, June 28th. Finally, Rodman & Renshaw started coverage on Journey Medical in a research note on Thursday, August 22nd. They set a “buy” rating and a $9.00 target price on the stock. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $9.38.

Insiders Place Their Bets

In other Journey Medical news, CFO Joseph Benesch sold 9,324 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $5.47, for a total transaction of $51,002.28. Following the completion of the sale, the chief financial officer now directly owns 47,331 shares of the company’s stock, valued at approximately $258,900.57. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 19.42% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Journey Medical

A number of hedge funds have recently modified their holdings of the business. Nwam LLC acquired a new stake in shares of Journey Medical during the 1st quarter worth about $41,000. TMD Wealth Management LLC acquired a new stake in Journey Medical in the second quarter valued at $65,000. ORG Wealth Partners LLC purchased a new position in Journey Medical during the 3rd quarter valued at about $110,000. Heron Bay Capital Management purchased a new position in Journey Medical during the first quarter worth $124,000. Finally, Rosalind Advisors Inc. purchased a new stake in shares of Journey Medical during the second quarter worth about $644,000. 7.25% of the stock is currently owned by hedge funds and other institutional investors.

Journey Medical Stock Down 5.7 %

Shares of Journey Medical stock traded down $0.36 during trading on Thursday, reaching $5.92. The company’s stock had a trading volume of 52,404 shares, compared to its average volume of 117,310. The company has a market cap of $118.48 million, a price-to-earnings ratio of -19.32 and a beta of 0.92. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 1.75. The company has a 50-day simple moving average of $5.22 and a two-hundred day simple moving average of $4.76. Journey Medical has a 1-year low of $2.85 and a 1-year high of $8.11.

Journey Medical (NASDAQ:DERM) last issued its quarterly earnings data on Monday, August 12th. The company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.03). Journey Medical had a return on equity of 5.44% and a net margin of 1.09%. The firm had revenue of $14.86 million for the quarter, compared to analyst estimates of $13.81 million. During the same period in the previous year, the business earned ($0.46) EPS. As a group, equities analysts forecast that Journey Medical will post -1.04 earnings per share for the current year.

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.