Tang Capital Management LLC purchased a new position in shares of Journey Medical Co. (NASDAQ:DERM - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,725,569 shares of the company's stock, valued at approximately $6,747,000. Tang Capital Management LLC owned approximately 8.26% of Journey Medical at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in the company. Dimensional Fund Advisors LP purchased a new stake in shares of Journey Medical during the 4th quarter valued at $80,000. Kovitz Investment Group Partners LLC boosted its holdings in shares of Journey Medical by 112.9% in the fourth quarter. Kovitz Investment Group Partners LLC now owns 24,710 shares of the company's stock worth $97,000 after acquiring an additional 13,105 shares during the period. Citadel Advisors LLC purchased a new position in Journey Medical during the 4th quarter valued at about $174,000. Finally, Cetera Investment Advisers grew its stake in Journey Medical by 21.8% during the fourth quarter. Cetera Investment Advisers now owns 13,839 shares of the company's stock valued at $54,000 after acquiring an additional 2,478 shares in the last quarter. Institutional investors own 7.25% of the company's stock.
Insider Activity
In other news, CEO Claude Maraoui sold 23,508 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $5.19, for a total value of $122,006.52. Following the sale, the chief executive officer now directly owns 2,139,922 shares of the company's stock, valued at $11,106,195.18. The trade was a 1.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In the last 90 days, insiders have sold 113,522 shares of company stock worth $589,229. Corporate insiders own 15.03% of the company's stock.
Journey Medical Trading Up 3.8%
NASDAQ:DERM traded up $0.26 during mid-day trading on Friday, reaching $7.08. 23,703 shares of the company's stock traded hands, compared to its average volume of 83,657. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.38 and a quick ratio of 1.03. Journey Medical Co. has a 12-month low of $3.44 and a 12-month high of $8.24. The firm has a market capitalization of $163.58 million, a price-to-earnings ratio of -7.53 and a beta of 0.86. The company has a 50 day moving average price of $6.56 and a 200-day moving average price of $5.45.
Journey Medical (NASDAQ:DERM - Get Free Report) last released its quarterly earnings results on Wednesday, May 14th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.24) by $0.06. The company had revenue of $13.14 million during the quarter, compared to the consensus estimate of $12.05 million. Journey Medical had a negative net margin of 31.74% and a negative return on equity of 132.10%. On average, sell-side analysts predict that Journey Medical Co. will post -1.02 earnings per share for the current year.
Analysts Set New Price Targets
A number of equities analysts have weighed in on DERM shares. Alliance Global Partners restated a "buy" rating on shares of Journey Medical in a research note on Thursday, May 15th. Industrial Alliance Securities set a $10.50 price target on shares of Journey Medical in a research note on Thursday, March 27th. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $9.88.
Get Our Latest Stock Analysis on Journey Medical
Journey Medical Company Profile
(
Free Report)
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.
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