The Wasatch add is a strong active-manager vote of confidence following two consecutive quarters of positive Adjusted EBITDA, but the broad passive selling (BlackRock, State Street, Geode) creates a tug-of-war. Monitor next 8-K for insider buying or a Wasatch 13D filing to confirm conviction. The AMPLIFIER cross-filing verdict suggests earnings context amplifies the offering context — watch for any secondary offering that could dilute the Wasatch thesis.
Executive Summary
Q2 2026 institutional cluster in DERM shows a mixed picture: Wasatch Advisors added $10.2M (+34%), while BlackRock, State Street, and Geode collectively trimmed ~$5.2M. The buying is concentrated in one active manager (Wasatch) and small passive adds, while selling is broad-based across mega-passive funds. The cluster follows a strong Q2 earnings beat (revenue +23% YoY, second consecutive positive Adjusted EBITDA), but the lack of insider buying and the dominance of passive selling suggest the institutional conviction is not uniform. The AMPLIFIER cross-filing verdict (inst-earnings + inst-offering context) supports a modest positive tilt, but the net signal is mixed.
Key Financial Metrics
Institutional Positions
Net institutional flow: $5.3M
▲ Buyers (4)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Wasatch Advisors | ADD | +34% | $20.2M | $10.2M |
| Morgan Stanley | DOUBLED | +298.9% | $298.0K | $248.0K |
| Citigroup | DOUBLED | +275.6% | $29.0K | $24.0K |
| Pnc Financial Services Group | DOUBLED | +2992.7% | $9.0K | $9.0K |
▼ Sellers (6)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| BlackRock | NEAR_EXIT | -89.6% | $4.6M | -$3.8M |
| State Street | TRIM | -72.2% | $1.1M | -$645.8K |
| Geode | TRIM | -53.4% | $2.2M | -$642.8K |
| JPMorgan | NEAR_EXIT | -96.5% | $37.0K | -$35.2K |
| Fidelity | NEAR_EXIT | -78.3% | $10.0K | -$6.9K |
| Russell Investments Group | NEAR_EXIT | -80.9% | $6.0K | -$4.3K |
Key Facts
- Wasatch Advisors added 725.6K shares (+34%), increasing its position from $10.0M to $20.2M
- BlackRock exited 89.6% of its position, selling ~872K shares worth $3.8M
- State Street trimmed 72.2% of its position, selling ~171K shares worth $646K
- Geode trimmed 53.4%, selling ~247K shares worth $643K
- Total buying: $10.5M (4 funds); total selling: $5.2M (6 funds)
- No open-market insider buying in the window (confluence score 27/100, institutions_only)
- Q2 2026 earnings: revenue $18.5M (+23% YoY), Adj. EBITDA +$2.9M, EPS -$0.01 vs -$0.02 consensus
Financial Impact
Net institutional buying of ~$5.3M (4 buyers added $10.5M, 6 sellers reduced $5.2M)
Risk Factors
- Passive selling by BlackRock, State Street, and Geode may continue if DERM fails to sustain profitability
- No insider buying to corroborate institutional accumulation
- Small market cap ($190M) amplifies impact of any single fund's exit
- 13F data is 45+ days stale; positions may have been unwound since quarter-end
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-DERM-2026-Q2 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 9, 2026 17d ago | SC 13G/A | $6.31 | awaiting T+20 | — | — |
Aug 15, 2026 10w ago | Institutional Cluster | $6.46 $7.36 | ▲ +13.93% | ▲ +15.91% | — |
Aug 12, 2026 10w ago | 8-K | $6.65 $7.23 | ▲ +8.72% | ▲ +10.47% | — |
Aug 12, 2026 10w ago | Press Release | $6.65 $7.23 | ▼ −8.72% | ▼ −10.47% | — |
May 13, 2026 23w ago | 8-K | $6.35 $6.34 | ▼ −0.16% | ▲ +0.70% | — |
May 6, 2026 24w ago | Press Release | $5.00 $6.06 | ▲ +21.20% | ▲ +18.06% | — |
Apr 21, 2026 26w ago | Press Release | $4.92 $6.25 | ▲ +27.03% | ▲ +22.12% | — |
Mar 25, 2026 30w ago | Press Release | $4.78 $5.15 | ▲ +7.74% | ▼ −2.92% | — |
Mar 18, 2026 31w ago | Press Release | $7.12 $5.17 | ▼ −27.39% | ▼ −33.43% | — |
US Market Status
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