Wasatch Advisors LP Boosts Holdings in Journey Medical Corporation $DERM

Wasatch Advisors LP raised its position in Journey Medical Corporation (NASDAQ:DERM) by 34.0% in the 2nd quarter, Holdings Channel.com reports. The fund owned 2,858,930 shares of the company’s stock after acquiring an additional 725,560 shares during the quarter. Wasatch Advisors LP owned approximately 0.10% of Journey Medical worth $20,241,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Bank of America Corp DE grew its stake in Journey Medical by 4,707.0% during 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. purchased a new stake in Journey Medical in the second quarter valued at about $36,000. Royal Bank of Canada boosted its holdings in Journey Medical by 42.7% in 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 in the last quarter. JPMorgan Chase & Co. purchased a new stake in shares of Journey Medical during the second quarter worth about $41,000. Finally, Cetera Investment Advisers purchased a new stake in shares of Journey Medical during the first quarter worth about $48,000. Hedge funds and other institutional investors own 7.25% of the company’s stock.

Journey Medical Price Performance

NASDAQ:DERM opened at $6.43 on Thursday. Journey Medical Corporation has a one year low of $4.31 and a one year high of $9.56. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.47 and a current ratio of 1.72. The firm has a market cap of $177.02 million, a price-to-earnings ratio of -17.38 and a beta of 1.08. The firm’s fifty day moving average is $6.58 and its two-hundred day moving average is $6.62.

Journey Medical (NASDAQ:DERM) last issued its quarterly earnings data on Wednesday, August 12th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.01. Journey Medical had a negative net margin of 14.82% and a negative return on equity of 35.57%. The business had revenue of $18.51 million for the quarter, compared to analysts’ expectations of $18.36 million. Research analysts expect that Journey Medical Corporation will post 0.17 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently commented on DERM. Wall Street Zen raised shares of Journey Medical from a “hold” rating to a “buy” rating in a research report on Saturday, June 13th. Weiss Ratings restated a “sell (d-)” rating on shares of Journey Medical in a research note on Friday, July 17th. One research analyst has 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 MarketBeat.com, Journey Medical presently has an average rating of “Hold” and an average price target of $13.00.

Journey Medical Profile

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.