Zacks Investment Research cut shares of Melinta Therapeutics (NASDAQ:MLNT) from a buy rating to a hold rating in a report published on Wednesday morning.
According to Zacks, “Melinta Therapeutics, Inc. develops and commercializes novel antibiotics designed to provide new and better therapeutic solutions. Melinta’s lead product is Baxdela, an antibiotic approved by the US FDA for use in the treatment of acute bacterial skin and skin structure infections (ABSSSI). Melinta also has an extensive pipeline of preclinical and clinical stage products that were developed internally or assumed under the 2017 acquisition of Cempra, Inc. This pipeline includes many important classes of antibiotics, each targeted at a different segment of the anti-infective market. Melinta is headquartered in New Haven, CT. “
MLNT has been the subject of several other research reports. Gabelli raised Melinta Therapeutics from a hold rating to a buy rating and set a $11.50 price objective for the company in a report on Monday, October 22nd. They noted that the move was a valuation call. HC Wainwright cut their price objective on Melinta Therapeutics from $14.00 to $12.00 and set a buy rating for the company in a report on Monday, October 22nd. LADENBURG THALM/SH SH reissued a buy rating and issued a $14.00 price objective on shares of Melinta Therapeutics in a report on Tuesday, December 18th. Jefferies Financial Group assumed coverage on Melinta Therapeutics in a report on Tuesday, September 11th. They issued a buy rating and a $15.00 price objective for the company. Finally, Cantor Fitzgerald set a $15.00 price objective on Melinta Therapeutics and gave the company a buy rating in a report on Tuesday, September 18th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the company. Melinta Therapeutics has an average rating of Buy and a consensus price target of $10.96.
Shares of MLNT traded up $0.05 during mid-day trading on Wednesday, hitting $1.06. 310,861 shares of the company’s stock were exchanged, compared to its average volume of 689,838. The stock has a market capitalization of $58.26 million, a P/E ratio of -0.05 and a beta of 2.13. Melinta Therapeutics has a 52 week low of $0.64 and a 52 week high of $16.75. The company has a quick ratio of 1.04, a current ratio of 1.34 and a debt-to-equity ratio of 0.46.
Melinta Therapeutics (NASDAQ:MLNT) last issued its quarterly earnings results on Wednesday, November 7th. The biotechnology company reported ($0.50) earnings per share for the quarter, topping the consensus estimate of ($1.05) by $0.55. The company had revenue of $34.08 million during the quarter, compared to analysts’ expectations of $17.24 million. Melinta Therapeutics had a negative net margin of 202.31% and a negative return on equity of 68.68%. On average, sell-side analysts anticipate that Melinta Therapeutics will post -3.65 earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FMR LLC lifted its holdings in Melinta Therapeutics by 470.0% during the 2nd quarter. FMR LLC now owns 5,640,305 shares of the biotechnology company’s stock valued at $35,816,000 after purchasing an additional 4,650,796 shares during the last quarter. Stonepine Capital Management LLC lifted its holdings in Melinta Therapeutics by 3,652.1% during the 3rd quarter. Stonepine Capital Management LLC now owns 1,958,595 shares of the biotechnology company’s stock valued at $7,736,000 after purchasing an additional 1,906,395 shares during the last quarter. BlackRock Inc. lifted its holdings in Melinta Therapeutics by 93.4% during the 2nd quarter. BlackRock Inc. now owns 1,658,275 shares of the biotechnology company’s stock valued at $10,530,000 after purchasing an additional 800,877 shares during the last quarter. Millennium Management LLC lifted its holdings in Melinta Therapeutics by 160.1% during the 2nd quarter. Millennium Management LLC now owns 1,161,861 shares of the biotechnology company’s stock valued at $7,378,000 after purchasing an additional 715,148 shares during the last quarter. Finally, Sphera Funds Management LTD. lifted its holdings in Melinta Therapeutics by 64.2% during the 3rd quarter. Sphera Funds Management LTD. now owns 1,616,867 shares of the biotechnology company’s stock valued at $6,387,000 after purchasing an additional 632,375 shares during the last quarter. 67.56% of the stock is owned by institutional investors.
Melinta Therapeutics Company Profile
Melinta Therapeutics, Inc, a commercial-stage pharmaceutical company, discovers, develops, and commercializes various anti-infectives for the treatment of bacterial infectious diseases in North America. It offers Baxdela, an antibiotic for the treatment of acute bacterial skin and skin structure infections (ABSSSI); Vabomere, a carbapenem used in treatment of gram-negative infections; Orbactiv, an antibiotic of the lipoglycopeptide class for the treatment of adult patients with ABSSSIs; and Minocin, a IV antibiotic of the tetracycline class with activity against gram-positive and gram-negative pathogens, as well as Solithromycin, a macrolide antibiotic for the treatment of CABP.
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