Dermata Therapeutics (NASDAQ:DRMA) Trading 2.4% Higher – Still a Buy?

Dermata Therapeutics, Inc. (NASDAQ:DRMA)’s stock price traded up 2.4% on Wednesday . The stock traded as high as $1.28 and last traded at $1.26. 27,561 shares were traded during trading, a decline of 96% from the average session volume of 752,987 shares. The stock had previously closed at $1.23.

Wall Street Analyst Weigh In

Separately, Maxim Group dropped their price target on Dermata Therapeutics from $10.00 to $6.00 and set a “buy” rating on the stock in a research report on Wednesday, August 21st.

Dermata Therapeutics Stock Up 2.4 %

The stock has a market capitalization of $2.57 million, a price-to-earnings ratio of -0.08 and a beta of 0.79. The firm has a 50-day moving average of $1.33 and a two-hundred day moving average of $2.01.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Dermata Therapeutics stock. Armistice Capital LLC bought a new position in Dermata Therapeutics, Inc. (NASDAQ:DRMA) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 28,000 shares of the company’s stock, valued at approximately $67,000. Armistice Capital LLC owned about 4.98% of Dermata Therapeutics at the end of the most recent reporting period. Hedge funds and other institutional investors own 8.67% of the company’s stock.

About Dermata Therapeutics

Dermata Therapeutics, Inc, a late-stage medical dermatology company, focuses on identifying, developing, and commercializing pharmaceutical product candidates for the treatment of medical and aesthetic skin conditions and diseases. The company's lead product candidate is DMT310, which has completed Phase IIb clinical trial for treatment of moderate-to-severe acne; and Phase Ib proof of concept (POC) trial for Mild-to-Moderate Psoriasis, as well as is in a Phase 2 clinical trial for treatment of moderate-to-severe rosacea.