Zacks Investment Research upgraded shares of Melinta Therapeutics (NASDAQ:MLNT) from a hold rating to a buy rating in a research note released on Friday. Zacks Investment Research currently has $3.00 price target 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. “
A number of other research firms have also issued reports on MLNT. Cantor Fitzgerald reaffirmed a buy rating and issued a $15.00 price target on shares of Melinta Therapeutics in a research report on Friday, August 3rd. HC Wainwright reaffirmed a buy rating and issued a $14.00 price target on shares of Melinta Therapeutics in a research report on Monday, September 24th. Jefferies Financial Group started coverage on Melinta Therapeutics in a research report on Tuesday, September 11th. They issued a buy rating and a $15.00 price target on the stock. ValuEngine raised Melinta Therapeutics from a sell rating to a hold rating in a research report on Thursday, August 2nd. Finally, Gabelli raised Melinta Therapeutics from a hold rating to a buy rating and set a $11.50 price target on the stock in a research report on Monday, October 22nd. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have assigned a buy rating to the stock. Melinta Therapeutics currently has an average rating of Buy and an average price target of $10.75.
MLNT stock opened at $2.80 on Friday. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.97 and a quick ratio of 1.65. Melinta Therapeutics has a 1 year low of $2.25 and a 1 year high of $18.20.
Melinta Therapeutics (NASDAQ:MLNT) last posted its quarterly earnings results on Tuesday, August 7th. The biotechnology company reported ($1.38) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.14) by ($0.24). The company had revenue of $12.02 million during the quarter, compared to analyst estimates of $12.06 million. Melinta Therapeutics had a negative net margin of 348.51% and a negative return on equity of 67.60%. Analysts anticipate that Melinta Therapeutics will post -3.82 earnings per share for the current fiscal year.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. California State Teachers Retirement System increased its holdings in shares of Melinta Therapeutics by 48.5% in the 1st quarter. California State Teachers Retirement System now owns 23,035 shares of the biotechnology company’s stock valued at $170,000 after acquiring an additional 7,520 shares during the last quarter. Boenning & Scattergood Inc. increased its holdings in shares of Melinta Therapeutics by 101.1% in the 3rd quarter. Boenning & Scattergood Inc. now owns 47,750 shares of the biotechnology company’s stock valued at $189,000 after acquiring an additional 24,000 shares during the last quarter. Schwab Charles Investment Management Inc. increased its holdings in shares of Melinta Therapeutics by 56.8% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 74,668 shares of the biotechnology company’s stock valued at $553,000 after acquiring an additional 27,047 shares during the last quarter. Granite Investment Partners LLC purchased a new position in shares of Melinta Therapeutics in the 2nd quarter valued at about $221,000. Finally, Bank of New York Mellon Corp increased its holdings in shares of Melinta Therapeutics by 64.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 92,030 shares of the biotechnology company’s stock valued at $584,000 after acquiring an additional 36,155 shares during the last quarter. Institutional investors and hedge funds own 69.40% of the company’s stock.
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, 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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