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 target price 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. “
Several other equities research analysts also recently issued reports on MLNT. 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. HC Wainwright reiterated a buy rating and issued a $14.00 price objective on shares of Melinta Therapeutics in a report on Monday, September 24th. Gabelli upgraded Melinta Therapeutics from a hold rating to a buy rating and set a $11.50 price objective on the stock in a report on Monday, October 22nd. They noted that the move was a valuation call. Finally, LADENBURG THALM/SH SH reiterated a buy rating and issued a $14.00 price objective on shares of Melinta Therapeutics in a report on Tuesday, December 18th. One 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 stock. The stock currently has a consensus rating of Buy and a consensus price target of $10.96.
MLNT stock opened at $1.06 on Thursday. The company has a current ratio of 1.34, a quick ratio of 1.04 and a debt-to-equity ratio of 0.46. The firm 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 12-month low of $0.64 and a 12-month high of $16.75.
Melinta Therapeutics (NASDAQ:MLNT) last posted its quarterly earnings data on Wednesday, November 7th. The biotechnology company reported ($0.50) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.05) by $0.55. The firm had revenue of $34.08 million for the quarter, compared to the consensus estimate of $17.24 million. Melinta Therapeutics had a negative return on equity of 68.68% and a negative net margin of 202.31%. On average, research analysts expect that Melinta Therapeutics will post -3.65 EPS for the current year.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Marshall Wace North America L.P. purchased a new stake in Melinta Therapeutics during the 3rd quarter worth about $48,000. TIAA CREF Investment Management LLC increased its holdings in Melinta Therapeutics by 23.7% during the 3rd quarter. TIAA CREF Investment Management LLC now owns 90,646 shares of the biotechnology company’s stock worth $358,000 after purchasing an additional 17,360 shares during the period. Boenning & Scattergood Inc. increased its holdings in Melinta Therapeutics by 101.1% during the 3rd quarter. Boenning & Scattergood Inc. now owns 47,750 shares of the biotechnology company’s stock worth $189,000 after purchasing an additional 24,000 shares during the period. ClariVest Asset Management LLC increased its holdings in Melinta Therapeutics by 50.0% during the 3rd quarter. ClariVest Asset Management LLC now owns 97,200 shares of the biotechnology company’s stock worth $384,000 after purchasing an additional 32,400 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in Melinta Therapeutics by 64.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 92,030 shares of the biotechnology company’s stock worth $584,000 after purchasing an additional 36,155 shares during the period. 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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