Analyst Reiterates Buy on Dermata, Keeps 12-Month Price Target Unchanged at $4

In a report released yesterday, Anthony Vendetti from Maxim Group maintained a Buy rating on Dermata Therapeutics, with a price target of $4.00.

Anthony Vendetti has given his Buy rating due to a combination of factors, including Dermata’s progress toward launching its first over-the-counter skincare product in the direct-to-consumer channel by mid-2026 and its disciplined cost structure, which produced lower-than-expected operating expenses and a narrower quarterly loss. He highlights that the company’s cash balance, absence of debt, and projected burn rate should provide sufficient liquidity into late 2026, supporting the execution of its commercialization plans.

Vendetti also points to the company’s Spongilla-based “Foundational” and “Clearing” treatments, ongoing proof-of-concept studies, and planned expansion into additional skin indications as drivers of long-term value. Despite acknowledging early-stage risks and applying a 25% haircut to revenue forecasts, he believes the stock’s valuation is attractive relative to its growth potential, and therefore maintains a Buy rating with an unchanged 12-month price target of $4.