DermTech, Inc. (NASDAQ:DMTK – Get Free Report) was the recipient of a large growth in short interest in October. As of October 15th, there was short interest totalling 5,230,000 shares, a growth of 7.2% from the September 30th total of 4,880,000 shares. Based on an average daily trading volume, of 249,400 shares, the short-interest ratio is presently 21.0 days. Currently, 17.6% of the company’s shares are sold short.
Hedge Funds Weigh In On DermTech
A number of institutional investors have recently modified their holdings of DMTK. XTX Topco Ltd acquired a new position in shares of DermTech during the second quarter worth approximately $33,000. Advisor Group Holdings Inc. raised its position in DermTech by 251.8% in the 4th quarter. Advisor Group Holdings Inc. now owns 20,090 shares of the company’s stock valued at $36,000 after buying an additional 14,380 shares during the last quarter. Schonfeld Strategic Advisors LLC purchased a new stake in DermTech in the 4th quarter valued at $38,000. Charles Schwab Investment Management Inc. purchased a new stake in DermTech in the 1st quarter valued at $42,000. Finally, Kovack Advisors Inc. purchased a new stake in DermTech in the 1st quarter valued at $43,000. 27.81% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Separately, BTIG Research cut their price target on DermTech from $6.00 to $5.00 and set a “buy” rating on the stock in a report on Monday, August 7th.
DermTech Stock Performance
DermTech stock opened at $1.36 on Wednesday. DermTech has a 52-week low of $1.12 and a 52-week high of $6.44. The stock’s 50 day moving average price is $1.70 and its two-hundred day moving average price is $2.46. The stock has a market capitalization of $45.83 million, a price-to-earnings ratio of -0.35 and a beta of 2.31.
DermTech (NASDAQ:DMTK – Get Free Report) last issued its earnings results on Thursday, August 3rd. The company reported ($0.99) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.95) by ($0.04). DermTech had a negative return on equity of 99.14% and a negative net margin of 853.02%. The firm had revenue of $3.98 million for the quarter, compared to analyst estimates of $3.55 million. On average, equities research analysts forecast that DermTech will post -3.56 EPS for the current year.
DermTech Company Profile
DermTech, Inc, a molecular diagnostic company, develops and markets novel non-invasive genomics tests to aid in the diagnosis and management of various skin conditions, including skin cancer and inflammatory diseases in the United States. The company provides DermTech Melanoma Test (DMT), an innovative non-invasive way to enhance melanoma detection for developing product for non-melanoma skin cancers.
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