Lake Street Capital Reiterates "Buy" Rating for Journey Medical (NASDAQ:DERM)

Key Points

• Journey Medical's stock price target has been increased by Lake Street Capital from $9.00 to $13.00, indicating an upside potential of 78.33%.
• The company reported a quarterly earnings loss of ($0.16) EPS, falling short of analysts' expectations, but had revenue of $15.01 million, slightly exceeding forecasts.
• Several institutional investors have recently changed their stakes in Journey Medical, with notable purchases during the second quarter, increasing overall institutional ownership to 7.25%.

Journey Medical (NASDAQ:DERM - Get Free Report)'s stock had its "buy" rating reaffirmed by investment analysts at Lake Street Capital in a research report issued on Wednesday, Marketbeat reports. They currently have a $13.00 price objective on the stock, up from their previous price objective of $9.00. Lake Street Capital's target price indicates a potential upside of 87.05% from the company's current price.

DERM has been the topic of several other research reports. Wall Street Zen downgraded Journey Medical from a "buy" rating to a "hold" rating in a research note on Sunday, July 6th. Alliance Global Partners reiterated a "buy" rating on shares of Journey Medical in a research note on Thursday, May 15th.

Journey Medical Stock Down 4.3%

DERM stock traded down $0.31 on Wednesday, hitting $6.95. 267,426 shares of the company's stock were exchanged, compared to its average volume of 175,392. Journey Medical has a 12-month low of $3.54 and a 12-month high of $8.90. The firm has a 50 day moving average price of $7.15 and a two-hundred day moving average price of $6.52. The company has a debt-to-equity ratio of 1.11, a quick ratio of 1.03 and a current ratio of 1.27. The stock has a market cap of $161.94 million, a P/E ratio of -18.29 and a beta of 0.80.

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

Hedge Funds Weigh In On Journey Medical

Several institutional investors and hedge funds have recently modified their holdings of DERM. Police & Firemen s Retirement System of New Jersey acquired a new position in Journey Medical in the 2nd quarter worth about $29,000. Bank of America Corp DE raised its holdings in Journey Medical by 4,707.0% in the 2nd quarter. Bank of America Corp DE now owns 4,134 shares of the company's stock worth $30,000 after purchasing an additional 4,048 shares during the period. Raymond James Financial Inc. acquired a new position in Journey Medical in the 2nd quarter worth about $36,000. JPMorgan Chase & Co. acquired a new position in Journey Medical in the 2nd quarter worth about $41,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Journey Medical in the 2nd quarter worth about $48,000. Institutional investors and hedge funds own 7.25% of the company's stock.

Journey Medical Company Profile

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.