Short Interest in Melinta Therapeutics Inc (NASDAQ:MLNT) Decreases By 23.9%

Melinta Therapeutics Inc (NASDAQ:MLNT) was the recipient of a significant decline in short interest in the month of July. As of July 31st, there was short interest totalling 1,011,100 shares, a decline of 23.9% from the June 30th total of 1,327,900 shares. Based on an average trading volume of 2,600,000 shares, the short-interest ratio is presently 0.4 days. Currently, 14.2% of the shares of the company are sold short.

Shares of NASDAQ:MLNT traded down $0.11 on Tuesday, hitting $2.53. The company had a trading volume of 293,820 shares, compared to its average volume of 1,339,895. The company has a quick ratio of 1.06, a current ratio of 1.40 and a debt-to-equity ratio of 0.87. The stock’s 50-day moving average is $4.74. The company has a market cap of $33.57 million, a price-to-earnings ratio of -0.14 and a beta of 4.30. Melinta Therapeutics has a 1 year low of $1.62 and a 1 year high of $24.90.

Melinta Therapeutics (NASDAQ:MLNT) last issued its quarterly earnings results on Friday, August 9th. The biotechnology company reported ($3.07) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($2.57) by ($0.50). Melinta Therapeutics had a negative return on equity of 55.97% and a negative net margin of 135.23%. The business had revenue of $15.96 million during the quarter, compared to the consensus estimate of $14.00 million. As a group, research analysts forecast that Melinta Therapeutics will post -9.57 EPS for the current fiscal year.

A number of large investors have recently bought and sold shares of the business. BlackRock Inc. boosted its holdings in Melinta Therapeutics by 4.4% during the fourth quarter. BlackRock Inc. now owns 2,532,235 shares of the biotechnology company’s stock valued at $2,008,000 after purchasing an additional 106,721 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Melinta Therapeutics by 11.3% during the fourth quarter. Bank of New York Mellon Corp now owns 142,938 shares of the biotechnology company’s stock valued at $113,000 after purchasing an additional 14,567 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Melinta Therapeutics by 6.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 772,725 shares of the biotechnology company’s stock valued at $613,000 after purchasing an additional 48,907 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Melinta Therapeutics by 3.3% during the fourth quarter. Geode Capital Management LLC now owns 418,753 shares of the biotechnology company’s stock valued at $331,000 after purchasing an additional 13,337 shares in the last quarter. Finally, Two Sigma Investments LP boosted its holdings in Melinta Therapeutics by 431.8% during the fourth quarter. Two Sigma Investments LP now owns 315,905 shares of the biotechnology company’s stock valued at $250,000 after purchasing an additional 256,506 shares in the last quarter. 26.73% of the stock is currently owned by hedge funds and other institutional investors.

Several brokerages recently issued reports on MLNT. Cantor Fitzgerald set a $15.00 target price on shares of Melinta Therapeutics and gave the company a “buy” rating in a research note on Wednesday, June 19th. ValuEngine upgraded shares of Melinta Therapeutics from a “sell” rating to a “hold” rating in a report on Monday, July 22nd. Gabelli reiterated a “sell” rating on shares of Melinta Therapeutics in a report on Thursday, June 20th. HC Wainwright lowered shares of Melinta Therapeutics from a “buy” rating to a “neutral” rating in a report on Monday. Finally, WBB Securities lowered shares of Melinta Therapeutics from a “speculative buy” rating to a “hold” rating in a report on Thursday, June 20th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $28.00.

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, a monotherapy treatment of adult patients with acute bacterial skin or skin structure infections (ABSSSIs); Vabomere, an IV antibiotic used in treatment of gram-negative infections; Orbactiv, an IV 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.

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