Journey Medical Co. (NASDAQ:DERM) Sees Significant Increase in Short Interest

Journey Medical Co. (NASDAQ:DERM) saw a large growth in short interest in the month of November. As of November 15th, there was short interest totalling 66,200 shares, a growth of 8.9% from the October 31st total of 60,800 shares. Approximately 0.7% of the shares of the company are sold short. Based on an average daily volume of 91,200 shares, the short-interest ratio is presently 0.7 days.

Institutional Trading of Journey Medical

A number of institutional investors have recently added to or reduced their stakes in DERM. Cambridge Investment Research Advisors Inc. bought a new stake in shares of Journey Medical during the second quarter valued at about $1,664,000. PVG Asset Management Corp bought a new stake in Journey Medical during the 2nd quarter worth approximately $894,000. Rosalind Advisors Inc. purchased a new stake in Journey Medical in the 2nd quarter worth approximately $644,000. ORG Wealth Partners LLC bought a new position in Journey Medical in the 3rd quarter valued at $110,000. Finally, Geode Capital Management LLC grew its position in shares of Journey Medical by 13.5% during the 3rd quarter. Geode Capital Management LLC now owns 108,435 shares of the company’s stock valued at $613,000 after purchasing an additional 12,882 shares in the last quarter. Hedge funds and other institutional investors own 7.25% of the company’s stock.

Analyst Upgrades and Downgrades

DERM has been the topic of several research analyst reports. Rodman & Renshaw started coverage on Journey Medical in a report on Thursday, August 22nd. They set a “buy” rating and a $9.00 price objective for the company. Lake Street Capital started coverage on Journey Medical in a research note on Friday, September 6th. They set a “buy” rating and a $9.00 price target for the company. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $9.38.

Journey Medical Price Performance

Shares of NASDAQ:DERM remained flat at $5.61 during trading on Wednesday. The company’s stock had a trading volume of 39,686 shares, compared to its average volume of 119,271. Journey Medical has a 12-month low of $2.85 and a 12-month high of $8.11. The firm’s 50-day moving average is $5.72 and its 200 day moving average is $5.23. The company has a current ratio of 1.38, a quick ratio of 1.03 and a debt-to-equity ratio of 1.81. The firm has a market cap of $117.19 million, a P/E ratio of -5.97 and a beta of 0.89.

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.