Law Offices of Howard G. Smith announces an investigation on behalf of DermTech, Inc. (“DermTech” or the “Company”) (NASDAQ: DMTK) investors concerning the Company’s possible violations of federal securities laws.
On August 8, 2022, DermTech disclosed that it was reducing its full-year 2022 outlook to reflect a lower average selling price (ASP) for the Company’s DermTech Melanoma Test (DMT). The Company claimed that “[t]he ASP pressure is primarily the result of Medicare billing code edits, which are expected to be improved in the coming quarters, as well as less favorable collection patterns from commercial payors.”
On this news, DermTech’s stock price fell $2.87, or 34%, to close at $5.56 per share on August 9, 2022, thereby injuring investors.
On November 3, 2022, DermTech disclosed that “[w]e achieved meaningful year-over-year billable sample volume growth, but sequential growth was flat due to headwinds caused by limited commercial payer coverage.” The Company further disclosed that growth in utilization of DMT with certain customers “is tempered because of typical payor tactics to impede our adoption momentum” and that as a result “we expect to finish 2022 below our previous guidance range.”
On this news, DermTech’s stock price fell $1.34, or 44.7%, to close at $1.66 per share on November 4, 2022, thereby injuring investors further.
If you purchased DermTech securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
