Melinta Therapeutics (MLNT) Shares Down 9%

Melinta Therapeutics, Inc. (NASDAQ:MLNT) dropped 9% during trading on Friday . The stock traded as low as $2.05 and last traded at $2.12. Approximately 703,907 shares traded hands during mid-day trading, an increase of 102% from the average daily volume of 348,377 shares. The stock had previously closed at $2.33.

MLNT has been the subject of several research analyst reports. HC Wainwright reduced their price target on shares of Melinta Therapeutics from $14.00 to $12.00 and set a “buy” rating for the company in a research report on Monday, October 22nd. Gabelli upgraded shares of Melinta Therapeutics from a “hold” rating to a “buy” rating and set a $11.50 price target for the company in a research report on Monday, October 22nd. They noted that the move was a valuation call. Cantor Fitzgerald set a $15.00 price target on shares of Melinta Therapeutics and gave the company a “buy” rating in a research report on Tuesday, September 18th. Jefferies Financial Group initiated coverage on shares of Melinta Therapeutics in a research report on Tuesday, September 11th. They issued a “buy” rating and a $15.00 price target for the company. Finally, Zacks Investment Research upgraded shares of Melinta Therapeutics from a “hold” rating to a “buy” rating and set a $3.00 price target for the company in a research report on Friday, November 2nd. One research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $10.75.

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 (NASDAQ:MLNT) last released its earnings results on Wednesday, November 7th. The biotechnology company reported ($0.50) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.05) by $0.55. Melinta Therapeutics had a negative net margin of 202.31% and a negative return on equity of 68.68%. The company had revenue of $34.08 million during the quarter, compared to the consensus estimate of $17.24 million. As a group, equities analysts anticipate that Melinta Therapeutics, Inc. will post -3.69 earnings per share for the current fiscal year.

A number of hedge funds have recently added to or reduced their stakes in MLNT. Boenning & Scattergood Inc. lifted its position in Melinta Therapeutics by 101.1% in the 3rd 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 in the last quarter. Granite Investment Partners LLC purchased a new stake in Melinta Therapeutics in the 2nd quarter worth approximately $221,000. Franklin Street Advisors Inc. NC lifted its position in Melinta Therapeutics by 411.1% in the 3rd quarter. Franklin Street Advisors Inc. NC now owns 64,650 shares of the biotechnology company’s stock worth $255,000 after buying an additional 52,000 shares in the last quarter. Stonepine Capital Management LLC purchased a new stake in Melinta Therapeutics in the 2nd quarter worth approximately $331,000. Finally, ClariVest Asset Management LLC lifted its position in Melinta Therapeutics by 50.0% in the 3rd 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 in the last quarter. Institutional investors own 70.68% of the company’s stock.

ILLEGAL ACTIVITY WARNING: This piece of content was published by Community Financial News and is the sole property of of Community Financial News. If you are viewing this piece of content on another website, it was illegally copied and republished in violation of US and international copyright & trademark laws. The legal version of this piece of content can be viewed at https://www.com-unik.info/2018/12/02/melinta-therapeutics-mlnt-shares-down-9.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.

Read More: Balanced Fund

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.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit