Journey Medical (NASDAQ:DERM) Shares Down 3.5% – What’s Next?

Journey Medical Corporation (NASDAQ:DERM) shares traded down 3.5% on Tuesday . The company traded as low as $7.80 and last traded at $7.81. 56,428 shares changed hands during mid-day trading, a decline of 47% from the average session volume of 106,739 shares. The stock had previously closed at $8.09.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Journey Medical in a report on Wednesday, January 21st. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $12.17.

Journey Medical Stock Performance

The stock has a 50 day simple moving average of $8.13 and a 200 day simple moving average of $7.80. The stock has a market cap of $259.76 million, a P/E ratio of -22.31 and a beta of 0.81. The company has a current ratio of 1.42, a quick ratio of 1.12 and a debt-to-equity ratio of 0.75.

Institutional Investors Weigh In On Journey Medical

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Salem Investment Counselors Inc. increased its stake in shares of Journey Medical by 18.2% in the 4th quarter. Salem Investment Counselors Inc. now owns 14,300 shares of the company’s stock valued at $110,000 after purchasing an additional 2,200 shares during the last quarter. Occudo Quantitative Strategies LP grew its position in Journey Medical by 22.3% in the fourth quarter. Occudo Quantitative Strategies LP now owns 18,913 shares of the company’s stock valued at $146,000 after acquiring an additional 3,443 shares during the last quarter. Opaleye Management Inc. grew its position in Journey Medical by 0.4% in the fourth quarter. Opaleye Management Inc. now owns 975,000 shares of the company’s stock valued at $7,517,000 after acquiring an additional 3,936 shares during the last quarter. Police & Firemen s Retirement System of New Jersey acquired a new position in Journey Medical during the second quarter worth about $29,000. Finally, Bank of America Corp DE lifted its holdings in shares of Journey Medical by 4,707.0% in the second quarter. Bank of America Corp DE now owns 4,134 shares of the company’s stock worth $30,000 after acquiring an additional 4,048 shares during the last quarter. 7.25% of the stock is currently owned by institutional investors.

About Journey Medical

Journey Medical Corp, headquartered in Fairfield, New Jersey, is a commercial dermatology company focused on acquiring, developing and marketing prescription dermatology products in the United States. Since its incorporation in 2019, the company has built a portfolio of both branded and generic topical therapies designed to address a range of skin conditions, including acne, atopic dermatitis, fungal infections and inflammatory lesions.

The company’s product lineup features antibiotic/anti-inflammatory combinations and corticosteroid-based formulations delivered through proprietary gel, cream and foam vehicles.