Zacks Investment Research upgraded shares of Melinta Therapeutics (NASDAQ:MLNT) from a hold rating to a buy rating in a research note published on Thursday morning. They currently have $1.25 price objective on the biotechnology company’s stock.
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 reports. LADENBURG THALM/SH SH reiterated a buy rating and set a $14.00 price target on shares of Melinta Therapeutics in a research report on Tuesday, December 18th. Gabelli cut Melinta Therapeutics from a buy rating to a hold rating in a research report on Thursday, December 20th. HC Wainwright dropped their price target on Melinta Therapeutics from $14.00 to $12.00 and set a buy rating for the company in a research report on Monday, October 22nd. Finally, Cantor Fitzgerald set a $15.00 price target on Melinta Therapeutics and gave the stock a buy rating in a research report on Tuesday, September 18th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average price target of $10.96.
Shares of Melinta Therapeutics stock traded up $0.05 on Thursday, reaching $1.06. The company’s stock had a trading volume of 307,395 shares, compared to its average volume of 689,838. The stock has a market capitalization of $58.26 million, a PE 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 debt-to-equity ratio of 0.46, a current ratio of 1.34 and a quick ratio of 1.04.
Melinta Therapeutics (NASDAQ:MLNT) last issued its quarterly earnings results on Wednesday, November 7th. The biotechnology company reported ($0.50) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($1.05) by $0.55. Melinta Therapeutics had a negative return on equity of 68.68% and a negative net margin of 202.31%. The firm had revenue of $34.08 million during the quarter, compared to analysts’ expectations of $17.24 million. On average, equities research analysts anticipate that Melinta Therapeutics will post -3.65 EPS for the current fiscal year.
A number of large investors have recently modified their holdings of MLNT. FMR LLC grew its holdings in Melinta Therapeutics by 470.0% in the 2nd quarter. FMR LLC now owns 5,640,305 shares of the biotechnology company’s stock valued at $35,816,000 after buying an additional 4,650,796 shares in the last quarter. Stonepine Capital Management LLC grew its holdings in Melinta Therapeutics by 3,652.1% in 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 buying an additional 1,906,395 shares in the last quarter. BlackRock Inc. grew its holdings in Melinta Therapeutics by 93.4% in the 2nd quarter. BlackRock Inc. now owns 1,658,275 shares of the biotechnology company’s stock valued at $10,530,000 after buying an additional 800,877 shares in the last quarter. Millennium Management LLC grew its holdings in Melinta Therapeutics by 160.1% in the 2nd quarter. Millennium Management LLC now owns 1,161,861 shares of the biotechnology company’s stock valued at $7,378,000 after buying an additional 715,148 shares in the last quarter. Finally, Sphera Funds Management LTD. grew its holdings in Melinta Therapeutics by 64.2% in 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 buying an additional 632,375 shares in the last quarter. Institutional investors own 67.56% of the company’s stock.
About Melinta Therapeutics
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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