Dermata Therapeutics Inc. (NASDAQ: DRMA) fell 30% after announcing its financial results for Q3 2021 and recent corporate updates.The company’s CEO Gerry Proehl said that Q3 2021 was a transformation as the company closed its IPO, made progress in the clinical pipeline for various indications, and enhanced the Board of Directors and executive team.
Trading Data
On Friday, DRMA stock slumped 30% at $3.31 with more 912K shares, compared to its average volume of 426K shares. The stock has moved within a range of $3.2500 – 4.9300 after opening trade at $4.71.
Earnings Recap
In October, the company announced positive phase 1b proof of concept study results for its flagship candidate DMT310 for mild to moderate psoriasis treatment. Dermata plans to continue studying DMT310 in psoriasis based on the improvements witnessed across the exploratory endpoints and the tolerability and safety profile witnessed.
In August, the company closed an upside IPO of $18 million on the Nasdaq Capital Market. Dermata offered around 2.571 million common shares and warrants to acquire around 2.96 common shares for gross proceeds of 418 million. The company offered all the common shares and warranted for the offering. So, in the coming weeks, investors should keep an eye on DRMA.
Key Quote
“The third quarter of 2021 was transformational for Dermata, as we completed our IPO, bolstered our executive team and Board of Directors, and continued to progress our clinical pipeline in multiple indications,” commented Gerry Proehl, Dermata’s Chairman, President and Chief Executive Officer.
Technical Data
DRMA stock is trading below the 20-Day and 50-Day Moving averages of $4.87 and $4.75 respectively. Moreover, the stock is trading below the 200-Day moving average of $4.87. The stock is down 27% in the past month.
