DermTech (NASDAQ:DMTK) Given Equal Weight Rating at Stephens

Stephens reissued their equal weight rating on shares of DermTech (NASDAQ:DMTK) in a research note issued to investors on Friday morning, Benzinga reports. Stephens currently has a $1.50 price objective on the stock.

Separately, BTIG Research reiterated a neutral rating on shares of DermTech in a research report on Friday.

DermTech Stock Performance

NASDAQ DMTK opened at $0.64 on Friday. The stock’s 50 day simple moving average is $0.86 and its 200-day simple moving average is $1.23. DermTech has a 1-year low of $0.59 and a 1-year high of $4.36.

DermTech (NASDAQ:DMTK) last released its earnings results on Thursday, February 29th. The company reported ($0.56) earnings per share for the quarter, missing the consensus estimate of ($0.54) by ($0.02). DermTech had a negative net margin of 659.57% and a negative return on equity of 123.96%. The firm had revenue of $3.92 million during the quarter, compared to analysts’ expectations of $4.05 million. As a group, sell-side analysts forecast that DermTech will post -1.94 EPS for the current year.

Hedge Funds Weigh In On DermTech

Institutional investors have recently added to or reduced their stakes in the stock. Centiva Capital LP purchased a new position in DermTech during the second quarter worth approximately $60,000. ExodusPoint Capital Management LP acquired a new stake in DermTech during the second quarter worth $61,000. Charles Schwab Investment Management Inc. acquired a new stake in DermTech during the first quarter worth $42,000. XTX Topco Ltd acquired a new stake in DermTech during the second quarter worth $33,000. Finally, Engineers Gate Manager LP acquired a new stake in DermTech during the first quarter worth $195,000. Hedge funds and other institutional investors own 20.45% of the company’s stock.

DermTech Company Profile

DermTech, Inc, a molecular diagnostic company, engages in the development and marketing of novel non-invasive genomics tests to aid in the diagnosis and management of melanoma 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.