Market Analysts see DermTech Inc. [DMTK] gaining to $23. Time to buy?

DermTech Inc. [NASDAQ: DMTK] traded at a low on 01/08/21, posting a -9.81 loss after which it closed the day’ session at $34.56. The company report on January 7, 2021 that DermTech Announces Pricing of Public Offering of Common Stock.

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DermTech, Inc. (Nasdaq: DMTK) (“DermTech”), a leader in precision dermatology enabled by a non-invasive skin genomics platform, announced the pricing of its previously announced underwritten public offering of 4,237,288 shares of its common stock at a price to the public of $29.50 per share. DermTech’s gross proceeds from the offering are expected to be approximately $125 million, before deducting underwriting discounts and commissions and offering expenses. In addition, DermTech has granted the underwriters a 30-day option to purchase up to 635,593 additional shares of common stock at the public offering price, less underwriting discounts and commissions. All of the shares in the offering are being sold by DermTech. DermTech currently intends to use the net proceeds from the offering to fund further commercialization of its clinical commercial tests, accelerate pipeline development and for general corporate purposes, including working capital and other general and administrative purposes.

Cowen and William Blair are acting as joint book-running managers for the offering. BTIG, Craig-Hallum and Oppenheimer & Co. are acting as lead managers for the offering, and Lake Street Capital Markets is acting as co-manager for the offering. The offering is expected to close on January 11, 2021, subject to the satisfaction of customary closing conditions.

The results of the trading session contributed to over 1291021 shares changing hands. Over the past one week, the price volatility of DermTech Inc. stands at 15.08% while the volatility over the past one month is 14.56%.

The market cap for DMTK stock reached $750.99 million, with 18.93 million shares outstanding and 9.26 million shares in the current float. Compared to the average trading volume of 467.33K shares, DMTK reached a trading volume of 1291021 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about DermTech Inc. [DMTK]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for DMTK shares is $27.00 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on DMTK stock is a recommendation set at 1.70. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Craig Hallum have made an estimate for DermTech Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on December 14, 2020. The new note on the price target was released on October 30, 2020, representing the official price target for DermTech Inc. stock.

The Average True Range (ATR) for DermTech Inc. is set at 3.45, with the Price to Sales ratio for DMTK stock in the period of the last 12 months amounting to 139.07. The Price to Book ratio for the last quarter was 12.52, with the Price to Cash per share for the same quarter was set at 2.37.

How has DMTK stock performed recently?

DermTech Inc. [DMTK] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 6.54. With this latest performance, DMTK shares gained by 192.39% in over the last four-week period, additionally plugging by 185.15% over the last 6 months – not to mention a rise of 274.03% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for DMTK stock in for the last two-week period is set at 72.43, with the RSI for the last a single of trading hit 69.77, and the three-weeks RSI is set at 73.16 for DermTech Inc. [DMTK]. The present Moving Average for the last 50 days of trading for this stock 17.08, while it was recorded at 34.31 for the last single week of trading, and 13.42 for the last 200 days.

DermTech Inc. [DMTK]: Deeper insight into the fundamentals

DermTech Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 13.30 and a Current Ratio set at 13.30.

Insider trade positions for DermTech Inc. [DMTK]

There are presently around $348 million, or 57.70% of DMTK stock, in the hands of institutional investors. The top three institutional holders of DMTK stocks are: RTW INVESTMENTS, LP with ownership of 2,887,215, which is approximately 1.101% of the company’s market cap and around 7.70% of the total institutional ownership; CASDIN CAPITAL, LLC, holding 1,428,572 shares of the stock with an approximate value of $49.37 million in DMTK stocks shares; and FARALLON CAPITAL MANAGEMENT LLC, currently with $42.16 million in DMTK stock with ownership of nearly 526.685% of the company’s market capitalization.

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25 institutional holders increased their position in DermTech Inc. [NASDAQ:DMTK] by around 1,911,792 shares. Additionally, 18 investors decreased positions by around 972,778 shares, while 13 investors held positions by with 7,175,551 shares. The mentioned changes placed institutional holdings at 10,060,121 shares, according to the latest SEC report filing. DMTK stock had 9 new institutional investments in for a total of 230,330 shares, while 8 institutional investors sold positions of 842,116 shares during the same period.

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