PVG Asset Management Corp Purchases New Holdings in Journey Medical Co. (NASDAQ:DERM)

PVG Asset Management Corp acquired a new position in shares of Journey Medical Co. (NASDAQ:DERM) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 158,540 shares of the company’s stock, valued at approximately $894,000. Journey Medical makes up 3.5% of PVG Asset Management Corp’s investment portfolio, making the stock its 10th largest holding. PVG Asset Management Corp owned 0.79% of Journey Medical at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. TMD Wealth Management LLC acquired a new stake in Journey Medical in the 2nd quarter valued at about $65,000. Nwam LLC bought a new position in shares of Journey Medical during the 1st quarter worth approximately $41,000. Heron Bay Capital Management acquired a new position in shares of Journey Medical during the 1st quarter worth approximately $124,000. Rosalind Advisors Inc. bought a new stake in Journey Medical in the 2nd quarter valued at $644,000. Finally, Acadian Asset Management LLC lifted its holdings in Journey Medical by 687.5% during the 1st quarter. Acadian Asset Management LLC now owns 222,663 shares of the company’s stock valued at $817,000 after purchasing an additional 194,389 shares during the last quarter. 7.25% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on DERM. Roth Capital raised shares of Journey Medical to a “strong-buy” rating in a research report on Friday, June 28th. Lake Street Capital began coverage on shares of Journey Medical in a research report on Friday, September 6th. They issued a “buy” rating and a $9.00 target price for the company. Rodman & Renshaw started coverage on shares of Journey Medical in a research report on Thursday, August 22nd. They set a “buy” rating and a $9.00 price target on the stock. Finally, Roth Mkm started coverage on shares of Journey Medical in a research report on Friday, June 28th. They set a “buy” rating and a $11.00 target price on the stock. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $9.38.

Journey Medical Stock Performance

Shares of Journey Medical stock opened at $5.65 on Tuesday. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 1.75. The company has a market cap of $113.07 million, a PE ratio of -18.23 and a beta of 0.90. The company has a 50 day moving average of $5.03 and a 200-day moving average of $4.55. Journey Medical Co. has a 1-year low of $2.55 and a 1-year high of $8.11.

Journey Medical (NASDAQ:DERM) last issued its earnings results on Monday, August 12th. The company reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.03). Journey Medical had a net margin of 1.09% and a return on equity of 5.44%. The business had revenue of $14.86 million during the quarter, compared to analyst estimates of $13.81 million. During the same period in the prior year, the business posted ($0.46) EPS. As a group, equities research analysts forecast that Journey Medical Co. will post -1.04 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Journey Medical news, CFO Joseph Benesch sold 9,324 shares of the company’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $5.47, for a total value of $51,002.28. Following the completion of the transaction, the chief financial officer now owns 47,331 shares of the company’s stock, valued at approximately $258,900.57. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 19.42% of the company’s stock.

About Journey Medical

Journey Medical Corporation focuses on the development and commercialization of pharmaceutical products for the treatment of dermatological conditions in the United States. The company's marketed products include Qbrexza, a medicated cloth towelette for the treatment of primary axillary hyperhidrosis; Accutane, an oral isotretinoin drug to treat severe recalcitrant nodular acne; and Amzeeq, a topical formulation of minocycline for the treatment of inflammatory lesions of non-nodular moderate to severe acne vulgaris.