DermTech, Inc. (NASDAQ:DMTK) Sees Large Increase in Short Interest

DermTech, Inc. (NASDAQ:DMTK) was the target of a significant growth in short interest in the month of May. As of May 31st, there was short interest totalling 3,360,000 shares, a growth of 17.9% from the May 15th total of 2,850,000 shares. Based on an average trading volume of 525,600 shares, the short-interest ratio is currently 6.4 days. Approximately 10.5% of the shares of the company are sold short.

Hedge Funds Weigh In On DermTech

Several institutional investors have recently bought and sold shares of DMTK. Quantum Private Wealth LLC grew its stake in DermTech by 35.4% during the fourth quarter. Quantum Private Wealth LLC now owns 33,045 shares of the company’s stock valued at $58,000 after acquiring an additional 8,634 shares in the last quarter. Savant Capital LLC purchased a new position in DermTech during the fourth quarter valued at $62,000. Finally, Texas Capital Bank Wealth Management Services Inc grew its stake in DermTech by 100.0% during the fourth quarter. Texas Capital Bank Wealth Management Services Inc now owns 120,000 shares of the company’s stock valued at $210,000 after acquiring an additional 60,000 shares in the last quarter. 20.45% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on DMTK. Stephens reiterated an “equal weight” rating and issued a $1.50 price target on shares of DermTech in a research report on Friday, April 19th. Lake Street Capital reiterated a “hold” rating and issued a $0.63 price target on shares of DermTech in a research report on Friday, April 19th. Finally, BTIG Research reissued a “neutral” rating on shares of DermTech in a research note on Friday, April 19th.

DermTech Price Performance

Shares of NASDAQ DMTK opened at $0.33 on Tuesday. The firm has a fifty day moving average price of $0.50 and a 200-day moving average price of $0.95. The stock has a market cap of $11.63 million, a PE ratio of -0.12 and a beta of 2.49. DermTech has a 1 year low of $0.29 and a 1 year high of $3.90.

DermTech (NASDAQ:DMTK) last announced its quarterly earnings data on Tuesday, May 14th. The company reported ($0.58) earnings per share (EPS) for the quarter. The firm had revenue of $3.85 million during the quarter. DermTech had a negative return on equity of 138.79% and a negative net margin of 572.19%. On average, research analysts expect that DermTech will post -2.12 EPS for the current year.

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.