Melinta Therapeutics Inc (NASDAQ:MLNT) saw a large growth in short interest in the month of June. As of June 30th, there was short interest totalling 2,827,500 shares, a growth of 58.5% from the May 30th total of 1,783,600 shares. Based on an average daily volume of 2,410,000 shares, the days-to-cover ratio is currently 1.2 days. Approximately 39.8% of the company’s shares are sold short.
Several large investors have recently modified their holdings of the company. Algert Global LLC purchased a new position in shares of Melinta Therapeutics during the first quarter worth approximately $39,000. Geode Capital Management LLC increased its position in shares of Melinta Therapeutics by 3.3% during the fourth quarter. Geode Capital Management LLC now owns 418,753 shares of the biotechnology company’s stock worth $331,000 after acquiring an additional 13,337 shares during the period. Bank of New York Mellon Corp increased its position in shares of Melinta Therapeutics by 11.3% during the fourth quarter. Bank of New York Mellon Corp now owns 142,938 shares of the biotechnology company’s stock worth $113,000 after acquiring an additional 14,567 shares during the period. Rhumbline Advisers increased its position in shares of Melinta Therapeutics by 59.1% during the fourth quarter. Rhumbline Advisers now owns 44,129 shares of the biotechnology company’s stock worth $35,000 after acquiring an additional 16,400 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in shares of Melinta Therapeutics by 6.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 772,725 shares of the biotechnology company’s stock worth $613,000 after acquiring an additional 48,907 shares during the period. 26.81% of the stock is currently owned by institutional investors and hedge funds.
A number of analysts recently weighed in on the stock. Gabelli lowered shares of Barnes & Noble from a “buy” rating to a “hold” rating and increased their price objective for the stock from $6.50 to $6.71 in a research report on Thursday, June 20th. Jefferies Financial Group set a €20.00 ($23.26) price objective on shares of ThyssenKrupp and gave the stock a “buy” rating in a research report on Friday, May 10th. ValuEngine lowered shares of Zumiez from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. WBB Securities lowered shares of Melinta Therapeutics from a “speculative buy” rating to a “hold” rating in a research report on Thursday, June 20th. Finally, JPMorgan Chase & Co. set a $24.00 price objective on shares of Urovant Sciences and gave the stock a “buy” rating in a research report on Friday, June 14th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $28.00.
Shares of NASDAQ:MLNT traded up $0.16 during trading on Friday, reaching $4.61. 1,094,343 shares of the company were exchanged, compared to its average volume of 6,990,268. The business’s fifty day simple moving average is $4.07. Melinta Therapeutics has a 12-month low of $1.62 and a 12-month high of $32.75. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.06 and a current ratio of 1.40.
Melinta Therapeutics (NASDAQ:MLNT) last issued its earnings results on Thursday, May 9th. The biotechnology company reported ($2.34) EPS for the quarter, topping the Zacks’ consensus estimate of ($2.72) by $0.38. The business had revenue of $14.08 million for the quarter, compared to analyst estimates of $16.83 million. Melinta Therapeutics had a negative net margin of 161.27% and a negative return on equity of 61.13%. Equities research analysts predict that Melinta Therapeutics will post -9.99 EPS for the current fiscal year.
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, a monotherapy treatment of adult patients with acute bacterial skin or skin structure infections (ABSSSIs); Vabomere, an IV antibiotic used in treatment of gram-negative infections; Orbactiv, an IV 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.
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