Why Are Dermata Therapeutics Shares Trading Higher Today?

Brookline has initiated Dermata Therapeutics Inc's DRMA coverage with a Buy rating and $14 price target. Analyst Kumaraguru Raja sees an upside of almost 164%.
Dermata's pipeline includes DMT310, a once-weekly topical product for acne, psoriasis & rosacea, and DMT410 for the topical treatment of skin diseases and conditions treated with multiple injections of botulinum toxin.
The analyst said Phase 2b trial results for DMT310 and a Phase 1b trial for DMT410 were both "encouraging."
Last week, Maxim initiated coverage on Dermata with a Buy rating and $9 price target.
Analyst Anthony Vendetti believes DMT310 generates results more rapidly than other currently available acne topicals, accomplished with fewer total applications and an attractive tolerability profile.
Earlier today, Dermata said that it would present efficacy and safety data from its Phase 1b proof of concept study evaluating one application of DMT410 to treat multiple aesthetic skin conditions.
The Company will share data at the American Society for Dermatologic Surgery's 2021 Annual Meeting (November 19-21).
Price Action: DMRA stock is up 6.77% at $5.12 during the market session on the last check Tuesday.

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