Maxim Group Lowers Dermata Therapeutics (NASDAQ:DRMA) Price Target to $3.00

Dermata Therapeutics (NASDAQ:DRMA) had its target price reduced by analysts at Maxim Group from $6.00 to $3.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Maxim Group’s target price suggests a potential upside of 290.63% from the company’s previous close.

Dermata Therapeutics Stock Performance

Shares of Dermata Therapeutics stock opened at $0.77 on Wednesday. The company has a market capitalization of $4.90 million, a P/E ratio of -0.05 and a beta of 0.59. The company has a fifty day moving average of $0.90 and a 200 day moving average of $1.11. Dermata Therapeutics has a fifty-two week low of $0.69 and a fifty-two week high of $5.00.

Dermata Therapeutics (NASDAQ:DRMA) last issued its earnings results on Wednesday, May 14th. The company reported ($0.45) earnings per share for the quarter, hitting the consensus estimate of ($0.45).

Institutional Trading of Dermata Therapeutics

An institutional investor recently raised its position in Dermata Therapeutics stock. Armistice Capital LLC boosted its stake in Dermata Therapeutics, Inc. (NASDAQ:DRMA) by 1,411.0% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 411,000 shares of the company’s stock after purchasing an additional 383,800 shares during the quarter. Armistice Capital LLC owned about 6.81% of Dermata Therapeutics worth $444,000 as of its most recent SEC filing. Institutional investors own 8.67% of the company’s stock.

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.