DermTech (NASDAQ:DMTK) Rating Lowered to Sell at Zacks Investment Research

DermTech (NASDAQ:DMTKGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday, Zacks.com reports.

According to Zacks, “DermTech Inc. markets and develops products which facilitate early detection of skin cancers, assess inflammatory diseases and customize drug treatments. DermTech Inc., formerly known as Constellation Alpha Capital Corp., is based in La Jolla, United States. “

A number of other brokerages have also recently weighed in on DMTK. BTIG Research reiterated a “buy” rating and set a $38.00 price target (down from $48.00) on shares of DermTech in a research report on Thursday, April 14th. Craig Hallum decreased their price objective on DermTech from $50.00 to $37.00 in a report on Wednesday, March 2nd. Stephens began coverage on DermTech in a report on Friday, January 7th. They issued an “overweight” rating and a $26.00 price objective for the company. Finally, Lake Street Capital decreased their price objective on DermTech from $79.00 to $34.00 in a report on Wednesday, March 2nd. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $38.60.

NASDAQ DMTK traded down $0.42 on Thursday, hitting $10.66. 567,530 shares of the stock traded hands, compared to its average volume of 684,719. The stock has a 50-day moving average of $13.11 and a 200 day moving average of $17.84. DermTech has a twelve month low of $10.44 and a twelve month high of $52.00. The company has a market capitalization of $319.16 million, a P/E ratio of -3.95 and a beta of 0.86.

DermTech (NASDAQ:DMTKGet Rating) last announced its quarterly earnings data on Tuesday, March 1st. The company reported ($0.88) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.73) by ($0.15). The firm had revenue of $3.17 million for the quarter, compared to analyst estimates of $3.37 million. DermTech had a negative net margin of 661.72% and a negative return on equity of 29.17%. During the same quarter in the previous year, the company earned ($0.48) EPS. Research analysts expect that DermTech will post -3.56 earnings per share for the current year.

In other news, CEO John Dobak sold 2,561 shares of the firm’s stock in a transaction on Monday, March 7th. The stock was sold at an average price of $13.03, for a total transaction of $33,369.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last three months, insiders have sold 7,037 shares of company stock valued at $95,384. Corporate insiders own 8.00% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. State Street Corp boosted its stake in shares of DermTech by 40.4% during the 4th quarter. State Street Corp now owns 2,845,483 shares of the company’s stock worth $44,959,000 after acquiring an additional 818,806 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of DermTech by 1.3% in the third quarter. BlackRock Inc. now owns 1,661,092 shares of the company’s stock valued at $53,337,000 after purchasing an additional 21,020 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of DermTech by 12.2% in the fourth quarter. Victory Capital Management Inc. now owns 956,371 shares of the company’s stock valued at $15,110,000 after purchasing an additional 103,961 shares in the last quarter. Marshall Wace LLP lifted its holdings in shares of DermTech by 4,558.2% in the fourth quarter. Marshall Wace LLP now owns 624,154 shares of the company’s stock valued at $9,863,000 after purchasing an additional 610,755 shares in the last quarter. Finally, MARSHALL WACE ASIA Ltd purchased a new stake in shares of DermTech in the third quarter valued at $17,820,000. 69.77% of the stock is owned by institutional investors and hedge funds.

About DermTech (Get Rating)

DermTech, Inc, a molecular diagnostic company, develops and markets novel non-invasive genomics tests to diagnosis skin cancer, inflammatory diseases, and aging-related conditions in the United States. It offers DermTech Melanoma Test (DMT), a gene expression test that that enhances early detection of genomic atypia and helps rule out melanoma and the need for a surgical biopsy of atypical pigmented lesions.

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