DermTech price target lowered to $5 from $6 at BTIG

BTIG analyst Mark Massaro lowered the firm’s price target on DermTech to $5 from $6 but keeps a Buy rating on the shares. The stock fell 13% after the company’s Q2 results, but this was likely an overreaction as the quarter was mostly in line, the analyst tells investors in a research note. DermTech offers a unique non-invasive melanoma test in a very large market, and BTIG is encouraged that commercial payor coverage is building at this time, the firm added.