Melinta Therapeutics, Inc. (NASDAQ:MLNT) traded up 12.2% on Thursday following a stronger than expected earnings report. The stock traded as high as $2.88 and last traded at $2.86. 561,654 shares were traded during trading, an increase of 61% from the average session volume of 348,264 shares. The stock had previously closed at $2.55.
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. Melinta Therapeutics had a negative return on equity of 67.60% and a negative net margin of 348.51%. The business had revenue of $34.08 million for the quarter, compared to the consensus estimate of $17.24 million.
Several analysts have recently issued reports on the company. Zacks Investment Research downgraded Melinta Therapeutics from a “buy” rating to a “hold” rating in a research report on Tuesday, August 7th. Cantor Fitzgerald set a $15.00 price objective on Melinta Therapeutics and gave the company a “buy” rating in a research report on Tuesday, September 18th. HC Wainwright assumed coverage on Melinta Therapeutics in a research report on Tuesday, September 11th. They issued a “buy” rating and a $14.00 price objective on the stock. Jefferies Financial Group assumed coverage on Melinta Therapeutics in a research report on Tuesday, September 11th. They issued a “buy” rating and a $15.00 price objective on the stock. Finally, ValuEngine upgraded Melinta Therapeutics from a “sell” rating to a “hold” rating in a research report on Thursday, August 2nd. One research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $10.75.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. California State Teachers Retirement System lifted its position in Melinta Therapeutics by 48.5% during the first quarter. California State Teachers Retirement System now owns 23,035 shares of the biotechnology company’s stock worth $170,000 after buying an additional 7,520 shares during the period. Boenning & Scattergood Inc. lifted its position in Melinta Therapeutics by 101.1% during the third quarter. Boenning & Scattergood Inc. now owns 47,750 shares of the biotechnology company’s stock worth $189,000 after buying an additional 24,000 shares during the period. ClariVest Asset Management LLC lifted its position in Melinta Therapeutics by 50.0% during the third quarter. ClariVest Asset Management LLC now owns 97,200 shares of the biotechnology company’s stock worth $384,000 after buying an additional 32,400 shares during the period. Granite Investment Partners LLC purchased a new position in Melinta Therapeutics during the second quarter worth about $221,000. Finally, Bank of New York Mellon Corp lifted its position in Melinta Therapeutics by 64.7% during the second quarter. Bank of New York Mellon Corp now owns 92,030 shares of the biotechnology company’s stock worth $584,000 after buying an additional 36,155 shares during the period. Hedge funds and other institutional investors own 69.40% of the company’s stock.
The stock has a market capitalization of $148.99 million, a price-to-earnings ratio of -0.13 and a beta of 1.45. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.97 and a quick ratio of 1.65.
WARNING: This report was first reported by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are viewing this report on another website, it was illegally stolen and reposted in violation of US and international copyright and trademark legislation. The correct version of this report can be accessed at https://www.dispatchtribunal.com/2018/11/10/melinta-therapeutics-mlnt-trading-12-2-higher-after-better-than-expected-earnings.html.
Melinta Therapeutics Company Profile (NASDAQ:MLNT)
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.
Recommended Story: The Role of a Fiduciary and Individual Investors
Receive News & Ratings for Melinta Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Melinta Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.