Journey Medical (NASDAQ:DERM) Given New $13.00 Price Target at Lake Street Capital

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) had its price target hoisted by equities research analysts at Lake Street Capital from $9.00 to $13.00 in a research report issued on Wednesday, MarketBeat Ratings reports. The firm presently has a "buy" rating on the stock. Lake Street Capital's target price points to a potential upside of 84.92% from the company's current price.

DERM has been the subject of a number of other research reports. Alliance Global Partners restated a "buy" rating on shares of Journey Medical in a research note on Thursday, May 15th. Wall Street Zen lowered Journey Medical from a "buy" rating to a "hold" rating in a research report on Sunday, July 6th. Three investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $10.83.

Journey Medical Stock Up 0.4%

Shares of DERM stock traded up $0.03 during trading hours on Wednesday, reaching $7.03. The company had a trading volume of 34,532 shares, compared to its average volume of 109,450. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.95 and a current ratio of 1.27. Journey Medical has a twelve month low of $3.54 and a twelve month high of $8.90. The company has a market capitalization of $163.77 million, a P/E ratio of -18.50 and a beta of 0.80. The stock's fifty day simple moving average is $7.15 and its 200 day simple moving average is $6.55.

Journey Medical (NASDAQ:DERM - Get Free Report) last posted its earnings results on Tuesday, August 12th. The company reported ($0.16) earnings per share (EPS) 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 company had revenue of $15.01 million during the quarter, compared to analyst estimates of $14.93 million. As a group, sell-side analysts expect that Journey Medical will post -1.02 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of DERM. Wasatch Advisors LP grew its stake in Journey Medical by 23.8% in the second quarter. Wasatch Advisors LP now owns 1,152,059 shares of the company's stock valued at $8,272,000 after purchasing an additional 221,456 shares in the last quarter. Opaleye Management Inc. boosted its stake in shares of Journey Medical by 37.0% during the 2nd quarter. Opaleye Management Inc. now owns 95,000 shares of the company's stock worth $682,000 after acquiring an additional 25,677 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Journey Medical by 4,707.0% during 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 last quarter. Raymond James Financial Inc. acquired a new position in shares of Journey Medical during the 2nd quarter worth about $36,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Journey Medical during the 2nd quarter worth about $48,000. Hedge funds and other institutional investors own 7.25% of the company's stock.

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.