Wasatch Advisors LP Buys 725,560 Shares of Journey Medical Corporation $DERM

Key Points

• Wasatch Advisors increased its Journey Medical stake by 34% in the second quarter, purchasing 725,560 shares and bringing its total ownership to 2.86 million shares, or approximately 10.38% of the company.
• Journey Medical reported quarterly revenue of $18.51 million and an adjusted loss of $0.01 per share, beating analyst expectations for both revenue and EPS.
• Analyst sentiment remains mixed, with one Buy, one Hold and one Sell rating; the overall consensus is Hold, with an average price target of $13 compared with the reported share price of $6.43.

Wasatch Advisors LP raised its stake in Journey Medical Corporation (NASDAQ:DERM - Free Report) by 34.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,858,930 shares of the company's stock after buying an additional 725,560 shares during the period. Wasatch Advisors LP owned about 10.38% of Journey Medical worth $20,241,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. PVG Asset Management Corp raised its stake in shares of Journey Medical by 54.5% during the first quarter. PVG Asset Management Corp now owns 79,763 shares of the company's stock valued at $374,000 after acquiring an additional 28,131 shares in the last quarter. Bank of America Corp DE grew its stake in Journey Medical by 198.1% in the first quarter. Bank of America Corp DE now owns 32,206 shares of the company's stock worth $151,000 after purchasing an additional 21,401 shares in the last quarter. Royal Bank of Canada increased its holdings in Journey Medical by 42.7% during the 1st quarter. Royal Bank of Canada now owns 8,175 shares of the company's stock worth $38,000 after purchasing an additional 2,446 shares during the period. Pale Fire Capital SE increased its holdings in Journey Medical by 8.4% during the 1st quarter. Pale Fire Capital SE now owns 481,987 shares of the company's stock worth $2,261,000 after purchasing an additional 37,345 shares during the period. Finally, Cetera Investment Advisers bought a new stake in Journey Medical during the 1st quarter valued at $48,000. 7.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on DERM. Weiss Ratings reiterated a "sell (d-)" rating on shares of Journey Medical in a report on Friday, July 17th. Wall Street Zen raised shares of Journey Medical from a "hold" rating to a "buy" rating in a research note on Saturday, June 13th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $13.00.

Journey Medical Stock Performance

Shares of NASDAQ:DERM opened at $6.43 on Thursday. The company has a market capitalization of $177.02 million, a price-to-earnings ratio of -17.38 and a beta of 1.08. Journey Medical Corporation has a 52 week low of $4.31 and a 52 week high of $9.56. The company has a quick ratio of 1.47, a current ratio of 1.72 and a debt-to-equity ratio of 0.74. The firm has a 50 day moving average of $6.58 and a 200 day moving average of $6.62.

Journey Medical (NASDAQ:DERM - Get Free Report) last announced its earnings results on Wednesday, August 12th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.01. Journey Medical had a negative return on equity of 35.57% and a negative net margin of 14.82%.The business had revenue of $18.51 million for the quarter, compared to analysts' expectations of $18.36 million. On average, sell-side analysts predict that Journey Medical Corporation will post 0.17 earnings per share for the current fiscal year.

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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