Dermata Therapeutics, Inc. (NASDAQ:DRMA) Sees Significant Drop in Short Interest

Dermata Therapeutics, Inc. (NASDAQ:DRMA) saw a large decrease in short interest in July. As of July 15th, there was short interest totaling 64,856 shares, a decrease of 50.7% from the June 30th total of 131,494 shares. Currently, 2.1% of the shares of the company are sold short. Based on an average daily trading volume, of 88,114 shares, the days-to-cover ratio is presently 0.7 days.

Dermata Therapeutics Stock Down 5.0%

Shares of NASDAQ:DRMA traded down $0.07 during midday trading on Tuesday, reaching $1.23. 46,515 shares of the company traded hands, compared to its average volume of 939,139. The firm’s fifty day moving average price is $1.27 and its two-hundred day moving average price is $1.44. The firm has a market capitalization of $4.92 million, a price-to-earnings ratio of -0.23 and a beta of 0.67. Dermata Therapeutics has a 12 month low of $1.10 and a 12 month high of $7.33.

Dermata Therapeutics (NASDAQ:DRMA) last posted its earnings results on Wednesday, May 13th. The company reported ($0.48) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.53) by $0.05.

Institutional Investors Weigh In On Dermata Therapeutics

A hedge fund recently bought a new position in Dermata Therapeutics stock. Clear Street Group Inc. purchased a new position in shares of Dermata Therapeutics, Inc. (NASDAQ:DRMA) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 17,000 shares of the company’s stock, valued at approximately $39,000. Clear Street Group Inc. owned about 0.60% of Dermata Therapeutics as of its most recent SEC filing. 8.67% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings lowered shares of Dermata Therapeutics from a “sell (e+)” rating to a “sell (e)” rating in a research note on Friday, July 10th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Dermata Therapeutics currently has a consensus rating of “Hold” and a consensus price target of $10.00.

Dermata Therapeutics Company Profile

Dermata Therapeutics is a clinical-stage immunodermatology company dedicated to developing novel small-molecule therapies for inflammatory skin disorders. The company’s lead clinical candidate, DMVT-502, is being evaluated in atopic dermatitis, while DMVT-505 is in development for vitiligo. In addition to these programs, Dermata advances preclinical assets targeting other indications such as alopecia areata.

At the core of Dermata’s approach is a proprietary drug discovery platform that combines structure-based design, medicinal chemistry and innovative formulation techniques.