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

Key Points

• Opaleye Management cut its Journey Medical stake by 63.5% in the second quarter, selling 610,000 shares and retaining 350,000 shares worth approximately $2.48 million. Institutional investors collectively own 7.25% of DERM.
• Journey Medical’s shares opened at $7.09, down 4.8%, with a 12-month range of $4.31 to $9.56. The company posted a quarterly loss of $0.01 per share but exceeded analysts’ expectations, while revenue of $18.51 million also topped estimates.
• Analyst sentiment is mixed: B. Riley raised its price target to $15 and maintained a “buy” rating, but the overall consensus remains “Hold” with a $14 average price target.

Opaleye Management Inc. trimmed its position in Journey Medical Corporation (NASDAQ:DERM - Free Report) by 63.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 350,000 shares of the company's stock after selling 610,000 shares during the quarter. Opaleye Management Inc. owned 1.24% of Journey Medical worth $2,478,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Bank of America Corp DE raised its holdings in 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 valued at $30,000 after buying an additional 4,048 shares during the period. Raymond James Financial Inc. purchased a new stake in Journey Medical during the second quarter worth approximately $36,000. Royal Bank of Canada increased its position in shares of 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 position in shares of Journey Medical in the 2nd quarter valued at $41,000. Finally, Cetera Investment Advisers acquired a new position in shares of Journey Medical during the 1st quarter valued at $48,000. Hedge funds and other institutional investors own 7.25% of the company's stock.

Journey Medical Trading Down 4.8%

DERM opened at $7.09 on Friday. Journey Medical Corporation has a 12-month low of $4.31 and a 12-month high of $9.56. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.59 and a quick ratio of 1.41. The stock has a market capitalization of $200.08 million, a PE ratio of -32.23 and a beta of 1.09. The firm's fifty day moving average price is $7.00 and its 200 day moving average price is $6.49.

Journey Medical (NASDAQ:DERM - Get Free Report) last announced its quarterly earnings data on Wednesday, August 12th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.01. The company had revenue of $18.51 million during the quarter, compared to analyst estimates of $18.36 million. Journey Medical had a negative net margin of 8.95% and a negative return on equity of 20.23%. As a group, research analysts expect that Journey Medical Corporation will post -0.02 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

DERM has been the topic of several research reports. B. Riley Financial reissued a "buy" rating and issued a $15.00 price objective (up from $12.00) on shares of Journey Medical in a research report on Thursday, August 13th. Wall Street Zen upgraded Journey Medical from a "hold" rating to a "buy" rating in a research note on Saturday, June 13th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Journey Medical in a research report on Friday, July 17th. Two investment 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. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $14.00.

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.

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