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

Dermata Therapeutics, Inc. (NASDAQ:DRMA) was the recipient of a large decrease in short interest in the month of 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 volume of 88,114 shares, the days-to-cover ratio is currently 0.7 days.

Dermata Therapeutics Trading Down 5.0%

Shares of NASDAQ:DRMA traded down $0.07 during mid-day trading on Tuesday, reaching $1.23. The company had a trading volume of 46,515 shares, compared to its average volume of 939,139. The firm has a market cap of $4.92 million, a price-to-earnings ratio of -0.23 and a beta of 0.67. The company’s 50-day moving average price is $1.27 and its 200-day moving average price is $1.44. Dermata Therapeutics has a one year low of $1.10 and a one year high of $7.33.

Dermata Therapeutics (NASDAQ:DRMA) last announced its quarterly earnings data on Wednesday, May 13th. The company reported ($0.48) earnings per share for the quarter, beating the consensus estimate of ($0.53) by $0.05.

Institutional Investors Weigh In On Dermata Therapeutics

A hedge fund recently bought a new stake in Dermata Therapeutics stock. Clear Street Group Inc. acquired a new stake in shares of Dermata Therapeutics, Inc. (NASDAQ:DRMA) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 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. Institutional investors and hedge funds own 8.67% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings downgraded shares of Dermata Therapeutics from a “sell (e+)” rating to a “sell (e)” rating in a report on Friday, July 10th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $10.00.

About Dermata Therapeutics

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.