Journey Medical (NASDAQ:DERM) Coverage Initiated at HC Wainwright

Key Points

• HC Wainwright has initiated coverage of Journey Medical (NASDAQ:DERM), assigning a "buy" rating and a target price of $13.00, indicating a potential upside of 74.03% from its recent close.
• Journey Medical's stock recently experienced a 5.5% increase and has a current market cap of $182.12 million, with a price-to-earnings ratio of -19.66.
• The stock has a mixed consensus rating, with three analysts rating it as a "Moderate Buy", while others have downgraded it to hold or sell ratings.

Equities researchers at HC Wainwright began coverage on shares of Journey Medical (NASDAQ:DERM - Get Free Report) in a research note issued on Monday,Benzinga reports. The brokerage set a "buy" rating and a $13.00 price target on the stock. HC Wainwright's target price points to a potential upside of 74.03% from the company's previous close.

A number of other equities research analysts also recently weighed in on the stock. Wall Street Zen downgraded shares of Journey Medical from a "buy" rating to a "hold" rating in a research report on Sunday, July 6th. Zacks Research downgraded shares of Journey Medical from a "hold" rating to a "strong sell" rating in a research report on Friday, August 15th. Alliance Global Partners restated a "buy" rating on shares of Journey Medical in a research report on Thursday, May 15th. Finally, Lake Street Capital boosted their price objective on shares of Journey Medical from $9.00 to $13.00 and gave the company a "buy" rating in a research report on Wednesday, August 13th. Three analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $12.17.

Journey Medical Stock Up 5.5%

NASDAQ DERM opened at $7.47 on Monday. The company has a current ratio of 1.27, a quick ratio of 0.95 and a debt-to-equity ratio of 1.11. Journey Medical has a 1-year low of $3.54 and a 1-year high of $8.90. The company has a 50 day moving average of $7.16 and a 200-day moving average of $6.61. The company has a market cap of $182.12 million, a price-to-earnings ratio of -19.66 and a beta of 0.80.

Journey Medical (NASDAQ:DERM - Get Free Report) last released its quarterly earnings results on Tuesday, August 12th. The company reported ($0.16) earnings per share for the quarter, missing analysts' consensus estimates of ($0.07) by ($0.09). Journey Medical had a negative net margin of 15.49% and a negative return on equity of 48.69%. The business had revenue of $15.01 million during the quarter, compared to analyst estimates of $14.93 million. On average, equities research analysts expect that Journey Medical will post -1.02 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Tang Capital Management LLC acquired a new position in shares of Journey Medical during the fourth quarter worth $6,747,000. Wasatch Advisors LP increased its holdings in shares of Journey Medical by 23.8% during the second quarter. Wasatch Advisors LP now owns 1,152,059 shares of the company's stock worth $8,272,000 after buying an additional 221,456 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its holdings in shares of Journey Medical by 3.0% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 338,050 shares of the company's stock worth $1,994,000 after buying an additional 9,938 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Journey Medical by 130.7% during the second quarter. Geode Capital Management LLC now owns 262,353 shares of the company's stock worth $1,884,000 after buying an additional 148,612 shares in the last quarter. Finally, Opaleye Management Inc. increased its holdings in shares of Journey Medical by 37.0% during the second quarter. Opaleye Management Inc. now owns 95,000 shares of the company's stock worth $682,000 after buying an additional 25,677 shares in the last quarter. 7.25% of the stock is currently owned by institutional investors and hedge funds.

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.

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