DermTech (NASDAQ:DMTK) PT Lowered to $20.00

DermTech (NASDAQ:DMTKGet Rating) had its target price dropped by analysts at Cowen from $33.00 to $20.00 in a research note issued on Wednesday, The Fly reports. Cowen’s target price points to a potential upside of 111.19% from the company’s current price.

DMTK has been the subject of a number of other reports. Craig Hallum lowered their target price on DermTech from $50.00 to $37.00 in a report on Wednesday, March 2nd. Lake Street Capital decreased their price objective on DermTech from $79.00 to $34.00 in a research note on Wednesday, March 2nd. BTIG Research reissued a “buy” rating and set a $38.00 target price (down previously from $48.00) on shares of DermTech in a research report on Thursday, April 14th. Stephens initiated coverage on DermTech in a research report on Friday, January 7th. They set an “overweight” rating and a $26.00 target price on the stock. Finally, Zacks Investment Research lowered DermTech from a “hold” rating to a “sell” rating in a research report on Thursday, April 21st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, DermTech has an average rating of “Hold” and an average price target of $35.50.

Shares of DMTK opened at $9.47 on Wednesday. DermTech has a 52-week low of $8.10 and a 52-week high of $48.32. The firm has a market cap of $283.53 million, a P/E ratio of -3.51 and a beta of 1.13. The business has a fifty day moving average of $12.58.

DermTech (NASDAQ:DMTKGet Rating) last issued its earnings results on Tuesday, March 1st. The company reported ($0.88) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.73) by ($0.15). The company had revenue of $3.17 million during the quarter, compared to analyst estimates of $3.37 million. DermTech had a negative return on equity of 29.17% and a negative net margin of 661.72%. During the same period last year, the business earned ($0.48) earnings per share. Equities analysts predict that DermTech will post -3.56 earnings per share for the current fiscal year.

In other news, CEO John Dobak sold 2,561 shares of the business’s stock in a transaction that occurred on Monday, March 7th. The stock was sold at an average price of $13.03, for a total value of $33,369.83. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last three months, insiders sold 7,037 shares of company stock worth $95,384. Corporate insiders own 3.60% of the company’s stock.

Institutional investors have recently bought and sold shares of the stock. State Street Corp boosted its position in DermTech by 40.4% during the fourth quarter. State Street Corp now owns 2,845,483 shares of the company’s stock worth $44,959,000 after purchasing an additional 818,806 shares in the last quarter. Marshall Wace LLP boosted its position in DermTech by 4,558.2% during the fourth quarter. Marshall Wace LLP now owns 624,154 shares of the company’s stock worth $9,863,000 after purchasing an additional 610,755 shares in the last quarter. MARSHALL WACE ASIA Ltd purchased a new stake in DermTech during the third quarter worth $17,820,000. Aegon Asset Management UK PLC purchased a new stake in DermTech during the fourth quarter worth $8,026,000. Finally, Bank of America Corp DE boosted its position in DermTech by 2,384.0% during the fourth quarter. Bank of America Corp DE now owns 501,350 shares of the company’s stock worth $7,921,000 after purchasing an additional 481,167 shares in the last quarter. Hedge funds and other institutional investors own 75.12% of the company’s stock.

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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