DermTech, Inc. (NASDAQ:DMTK – Get Rating) saw a large drop in short interest in June. As of June 30th, there was short interest totalling 3,370,000 shares, a drop of 36.2% from the June 15th total of 5,280,000 shares. Based on an average daily volume of 909,200 shares, the short-interest ratio is currently 3.7 days. Currently, 12.9% of the shares of the stock are sold short.
Analyst Upgrades and Downgrades
A number of research firms have commented on DMTK. Cowen reduced their price objective on shares of DermTech from $33.00 to $20.00 in a research note on Wednesday, May 4th. BTIG Research reduced their price objective on shares of DermTech from $38.00 to $19.00 and set a “buy” rating for the company in a research note on Tuesday, June 14th.
DermTech Stock Performance
Shares of NASDAQ DMTK traded down $0.05 during mid-day trading on Friday, reaching $6.31. The company had a trading volume of 215,176 shares, compared to its average volume of 830,764. The stock has a fifty day moving average of $6.13 and a two-hundred day moving average of $10.50. The company has a market capitalization of $188.92 million, a price-to-earnings ratio of -2.00 and a beta of 1.19. DermTech has a 12-month low of $4.18 and a 12-month high of $39.45.
DermTech (NASDAQ:DMTK – Get Rating) last posted its quarterly earnings results on Tuesday, May 3rd. The company reported ($1.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.85) by ($0.16). The company had revenue of $3.72 million during the quarter, compared to analysts’ expectations of $3.77 million. DermTech had a negative return on equity of 37.83% and a negative net margin of 716.51%. During the same period last year, the company earned ($0.49) earnings per share. Sell-side analysts forecast that DermTech will post -4.05 earnings per share for the current fiscal year.
Insider Activity
In other news, Director Herm Rosenman acquired 20,000 shares of DermTech stock in a transaction on Monday, May 9th. The stock was bought at an average cost of $6.86 per share, with a total value of $137,200.00. Following the completion of the purchase, the director now owns 72,832 shares of the company’s stock, valued at $499,627.52. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last quarter, insiders sold 3,905 shares of company stock worth $23,470. Corporate insiders own 3.60% of the company’s stock.
Hedge Funds Weigh In On DermTech
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wolverine Asset Management LLC acquired a new position in DermTech during the fourth quarter valued at approximately $43,000. Amalgamated Bank acquired a new position in DermTech during the first quarter valued at approximately $58,000. National Bank of Canada FI acquired a new position in DermTech during the fourth quarter valued at approximately $68,000. Financial Management Professionals Inc. acquired a new position in DermTech during the second quarter valued at approximately $26,000. Finally, Ensign Peak Advisors Inc acquired a new position in DermTech during the fourth quarter valued at approximately $82,000. Institutional investors own 75.12% of the company’s stock.
DermTech Company Profile
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.
