Zacks Investment Research upgraded shares of Menlo Therapeutics (NASDAQ:MNLO) from a hold rating to a buy rating in a report published on Friday morning. Zacks Investment Research currently has $7.00 price objective on the stock.
According to Zacks, “Menlo Therapeutics Inc. is a late stage biopharmaceutical company. It focused on the development of serlopitant and treatment of chronic itch and chronic refractory cough. The company’s product pipeline consists of Prurigo Nodularis Itch, Atopic Dermatitis Itch, Psoriasis Itch and Refractory Chronic Cough which are in clinical stage. Menlo Therapeutics Inc. is headquartered in Redwood City, California. “
Other equities research analysts also recently issued research reports about the company. Jefferies Financial Group cut their price target on Menlo Therapeutics to $7.00 and set a hold rating for the company in a report on Tuesday. Roth Capital assumed coverage on Menlo Therapeutics in a report on Tuesday, July 24th. They set a buy rating and a $29.00 price target for the company. KeyCorp assumed coverage on Menlo Therapeutics in a report on Tuesday, July 24th. They set a buy rating for the company. Finally, Cantor Fitzgerald reaffirmed a buy rating and set a $25.00 price target on shares of Menlo Therapeutics in a report on Monday, October 8th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of $24.43.
Menlo Therapeutics stock traded up $0.10 during mid-day trading on Friday, hitting $6.53. 146,369 shares of the company’s stock traded hands, compared to its average volume of 203,908. Menlo Therapeutics has a fifty-two week low of $5.63 and a fifty-two week high of $39.86. The company has a market capitalization of $226.33 million and a price-to-earnings ratio of -1.15.
Menlo Therapeutics (NASDAQ:MNLO) last announced its quarterly earnings results on Wednesday, August 1st. The company reported ($0.36) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.75) by $0.39. The business had revenue of $10.14 million for the quarter, compared to analyst estimates of $1.04 million. As a group, sell-side analysts expect that Menlo Therapeutics will post -2.89 EPS for the current year.
In other Menlo Therapeutics news, insider Presidio Partners 2007 Gp, L.P sold 500,000 shares of the stock in a transaction on Tuesday, July 24th. The stock was sold at an average price of $7.65, for a total transaction of $3,825,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
A number of hedge funds have recently bought and sold shares of MNLO. BlackRock Inc. bought a new position in Menlo Therapeutics during the 1st quarter worth $17,185,000. DAFNA Capital Management LLC bought a new position in Menlo Therapeutics during the 2nd quarter worth $2,533,000. Millennium Management LLC bought a new position in Menlo Therapeutics during the 2nd quarter worth $1,738,000. JPMorgan Chase & Co. bought a new position in Menlo Therapeutics during the 1st quarter worth $4,329,000. Finally, Novo Holdings A S increased its position in Menlo Therapeutics by 5.5% during the 2nd quarter. Novo Holdings A S now owns 1,436,313 shares of the company’s stock worth $11,663,000 after buying an additional 75,000 shares during the period. Hedge funds and other institutional investors own 62.06% of the company’s stock.
Menlo Therapeutics Company Profile
Menlo Therapeutics Inc, a late-stage biopharmaceutical company, focuses on the development and commercialization of serlopitant for the treatment of pruritus associated with dermatologic conditions in the United States. The company has completed Phase II clinical trials in pruritus associated with prurigo nodularis.
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