DermTech price target lowered to $2 from $4 at BTIG

BTIG lowered the firm’s price target on DermTech to $2 from $4 and keeps a Buy rating on the shares. The stock fell after its Q4 results due to a declining cash balance with likely just below one year of cash remaining, lack of a large new national commercial payor win, and lack of a 2024 revenue guide, the analyst tells investors in a research note. The firm adds however that DermTech has a unique, non-invasive melanoma test in a large market, and BTIG is encouraged that commercial payor coverage and average selling prices are building.