Journey Medical (NASDAQ:DERM) Posts Earnings Results, Beats Expectations By $0.04 EPS

Key Points

• Journey Medical beat quarterly expectations: EPS came in at a loss of $0.01, $0.04 better than consensus, while revenue of $18.51 million slightly exceeded estimates of $18.36 million. The company remained unprofitable, with a negative net margin of 14.82% and return on equity of 35.57%.
• Shares rose modestly to $6.43 following the results, remaining well below the 12-month high of $9.56. The stock’s average analyst rating is “Hold,” with a consensus price target of $13.00.
• Institutional investors have increased their exposure to DERM, including new positions from J. Goldman, Millennium Management and Ikarian Capital; institutions and hedge funds collectively own 7.25% of the company.

Journey Medical (NASDAQ:DERM - Get Free Report) posted its earnings results on Wednesday. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.04, FiscalAI reports. The company had revenue of $18.51 million for the quarter, compared to the consensus estimate of $18.36 million. Journey Medical had a negative return on equity of 35.57% and a negative net margin of 14.82%.

Journey Medical Price Performance

DERM traded up $0.11 during trading on Wednesday, hitting $6.43. 252,416 shares of the stock traded hands, compared to its average volume of 222,326. The business has a 50 day moving average price of $6.58 and a 200 day moving average price of $6.64. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.72 and a quick ratio of 1.47. Journey Medical has a twelve month low of $4.31 and a twelve month high of $9.56. The company has a market cap of $177.05 million, a price-to-earnings ratio of -17.38 and a beta of 1.08.

Hedge Funds Weigh In On Journey Medical

A number of institutional investors have recently modified their holdings of DERM. J. Goldman & Co LP bought a new position in shares of Journey Medical in the fourth quarter worth about $6,155,000. Millennium Management LLC bought a new stake in shares of Journey Medical during the 4th quarter valued at approximately $3,530,000. Ikarian Capital LLC acquired a new position in Journey Medical during the 4th quarter worth approximately $1,939,000. Wasatch Advisors LP lifted its stake in Journey Medical by 23.8% in the 2nd 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 during the last quarter. Finally, Geode Capital Management LLC lifted its stake in Journey Medical by 130.7% in the 2nd quarter. Geode Capital Management LLC now owns 262,353 shares of the company's stock valued at $1,884,000 after purchasing an additional 148,612 shares during the last quarter. Institutional investors and hedge funds own 7.25% of the company's stock.

Wall Street Analyst Weigh In

DERM has been the subject of a number of research reports. Wall Street Zen raised Journey Medical from a "hold" rating to a "buy" rating in a report on Saturday, June 13th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Journey Medical in a research report on Friday, July 17th. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Journey Medical currently has a consensus rating of "Hold" and a consensus target price of $13.00.

Journey Medical Company Profile

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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