Melinta Therapeutics (MLNT) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research downgraded shares of Melinta Therapeutics (NASDAQ:MLNT) from a strong-buy rating to a hold rating in a research note released on Wednesday.

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. “

A number of other research firms have also recently commented on MLNT. ValuEngine cut Melinta Therapeutics from a hold rating to a sell rating in a research note on Saturday, February 23rd. LADENBURG THALM/SH SH reiterated a buy rating and issued a $70.00 price target on shares of Melinta Therapeutics in a research note on Tuesday, December 18th. Finally, Gabelli cut Melinta Therapeutics from a buy rating to a hold rating in a research note on Thursday, December 20th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company’s stock. Melinta Therapeutics presently has a consensus rating of Buy and a consensus target price of $55.00.

Melinta Therapeutics stock opened at $5.30 on Wednesday. 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 has a one year low of $3.20 and a one year high of $69.00.

Large investors have recently made changes to their positions in the company. Rhumbline Advisers raised its stake in shares of Melinta Therapeutics by 59.1% in the fourth quarter. Rhumbline Advisers now owns 44,129 shares of the biotechnology company’s stock worth $35,000 after purchasing an additional 16,400 shares during the last quarter. Marshall Wace North America L.P. purchased a new position in shares of Melinta Therapeutics in the third quarter worth about $48,000. Condor Capital Management purchased a new position in shares of Melinta Therapeutics in the fourth quarter worth about $55,000. Bank of New York Mellon Corp raised its stake in shares of Melinta Therapeutics by 11.3% in the fourth quarter. Bank of New York Mellon Corp now owns 142,938 shares of the biotechnology company’s stock worth $113,000 after purchasing an additional 14,567 shares during the last quarter. Finally, Boenning & Scattergood Inc. raised its stake in shares of Melinta Therapeutics by 265.4% in the fourth quarter. Boenning & Scattergood Inc. now owns 174,500 shares of the biotechnology company’s stock worth $138,000 after purchasing an additional 126,750 shares during the last quarter. Hedge funds and other institutional investors own 67.15% 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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