DermTech (NASDAQ:DMTK) Upgraded to Hold by Zacks Investment Research

Zacks Investment Research upgraded shares of DermTech (NASDAQ:DMTKGet Rating) from a sell rating to a hold rating in a research note issued to investors on Friday morning, Zacks.com reports.

According to Zacks, “DermTech Inc. markets and develops products which facilitate early detection of skin cancers, assess inflammatory diseases and customize drug treatments. DermTech Inc., formerly known as Constellation Alpha Capital Corp., is based in La Jolla, United States. “

A number of other analysts have also issued reports on DMTK. BTIG Research reaffirmed a buy rating and issued a $38.00 target price (down previously from $48.00) on shares of DermTech in a report on Thursday, April 14th. Craig Hallum reduced their price objective on DermTech from $50.00 to $37.00 in a research report on Wednesday, March 2nd. Lake Street Capital reduced their price objective on DermTech from $79.00 to $34.00 in a research report on Wednesday, March 2nd. Finally, Stephens began coverage on DermTech in a research report on Friday, January 7th. They issued an overweight rating and a $26.00 price objective for the company. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of Buy and a consensus target price of $38.60.

DMTK opened at $11.08 on Friday. The firm has a market cap of $330.75 million, a price-to-earnings ratio of -4.10 and a beta of 0.86. The firm has a 50 day simple moving average of $13.28. DermTech has a 12-month low of $10.44 and a 12-month high of $52.00.

DermTech (NASDAQ:DMTKGet Rating) last released its earnings results on Tuesday, March 1st. The company reported ($0.88) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.73) by ($0.15). The business had revenue of $3.17 million during the quarter, compared to analyst estimates of $3.37 million. DermTech had a negative net margin of 661.72% and a negative return on equity of 29.17%. During the same period last year, the business earned ($0.48) EPS. Sell-side analysts forecast that DermTech will post -3.56 earnings per share for the current fiscal year.

In related news, CEO John Dobak sold 2,561 shares of the firm’s stock in a transaction that occurred on Monday, March 7th. The stock was sold at an average price of $13.03, for a total transaction of $33,369.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 7,037 shares of company stock valued at $95,384 in the last 90 days. 8.00% of the stock is owned by corporate insiders.

Several institutional investors have recently bought and sold shares of the stock. Advisor Group Holdings Inc. raised its position in DermTech by 14.7% in the 3rd quarter. Advisor Group Holdings Inc. now owns 4,719 shares of the company’s stock valued at $152,000 after purchasing an additional 606 shares during the last quarter. US Bancorp DE raised its position in DermTech by 160.1% in the 3rd quarter. US Bancorp DE now owns 1,009 shares of the company’s stock valued at $32,000 after purchasing an additional 621 shares during the last quarter. California State Teachers Retirement System raised its position in DermTech by 3.0% in the 4th quarter. California State Teachers Retirement System now owns 28,134 shares of the company’s stock valued at $445,000 after purchasing an additional 819 shares during the last quarter. PNC Financial Services Group Inc. raised its position in DermTech by 73.5% in the 3rd quarter. PNC Financial Services Group Inc. now owns 1,950 shares of the company’s stock valued at $63,000 after purchasing an additional 826 shares during the last quarter. Finally, Royal Bank of Canada raised its position in DermTech by 13.1% in the 3rd quarter. Royal Bank of Canada now owns 8,803 shares of the company’s stock valued at $282,000 after purchasing an additional 1,018 shares during the last quarter. Institutional investors and hedge funds own 69.77% of the company’s stock.

About DermTech (Get Rating)

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.

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