Dermata Therapeutics, Inc. (NASDAQ:DRMA) Short Interest Update

Dermata Therapeutics, Inc. (NASDAQ:DRMA) saw a significant growth in short interest in the month of October. As of October 31st, there was short interest totalling 93,700 shares, a growth of 228.8% from the October 15th total of 28,500 shares. Based on an average daily volume of 526,100 shares, the short-interest ratio is currently 0.2 days. Currently, 6.3% of the shares of the stock are short sold.

Dermata Therapeutics Trading Down 4.6 %

NASDAQ DRMA traded down $0.06 on Wednesday, hitting $1.23. 50,144 shares of the company’s stock were exchanged, compared to its average volume of 794,468. The stock has a 50-day moving average of $1.50 and a 200-day moving average of $2.42. The stock has a market cap of $1.86 million, a price-to-earnings ratio of -0.05 and a beta of 0.79. Dermata Therapeutics has a 52 week low of $1.20 and a 52 week high of $14.63.

Hedge Funds Weigh In On Dermata Therapeutics

A hedge fund recently bought a new stake in Dermata Therapeutics stock. Armistice Capital LLC bought a new stake in Dermata Therapeutics, Inc. (NASDAQ:DRMA) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 28,000 shares of the company’s stock, valued at approximately $67,000. Armistice Capital LLC owned about 4.98% of Dermata Therapeutics as of its most recent SEC filing. 8.67% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Maxim Group decreased their target price on shares of Dermata Therapeutics from $10.00 to $6.00 and set a “buy” rating on the stock in a report on Wednesday, August 21st.

Dermata Therapeutics Company Profile

Dermata Therapeutics, Inc, a late-stage medical dermatology company, focuses on identifying, developing, and commercializing pharmaceutical product candidates for the treatment of medical and aesthetic skin conditions and diseases. The company's lead product candidate is DMT310, which has completed Phase IIb clinical trial for treatment of moderate-to-severe acne; and Phase Ib proof of concept (POC) trial for Mild-to-Moderate Psoriasis, as well as is in a Phase 2 clinical trial for treatment of moderate-to-severe rosacea.