Zacks Investment Research Lowers Melinta Therapeutics (NASDAQ:MLNT) to Hold

Share on StockTwits

Zacks Investment Research lowered shares of Melinta Therapeutics (NASDAQ:MLNT) from a buy rating to a hold rating in a research note published on Saturday morning, Zacks.com reports.

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. “

MLNT has been the subject of a number of other research reports. Cantor Fitzgerald set a $15.00 target price on Melinta Therapeutics and gave the stock a buy rating in a research note on Wednesday, June 19th. Jefferies Financial Group lowered Melinta Therapeutics from a buy rating to a hold rating and reduced their target price for the stock from $14.00 to $5.00 in a research note on Friday, May 10th. HC Wainwright lowered Melinta Therapeutics from a buy rating to a neutral rating in a research note on Monday, August 12th. JPMorgan Chase & Co. lowered Melinta Therapeutics from a neutral rating to an underweight rating in a research note on Friday, June 14th. Finally, ValuEngine upgraded Melinta Therapeutics from a sell rating to a hold rating in a research note on Monday, July 22nd. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. Melinta Therapeutics has an average rating of Hold and a consensus price target of $27.21.

Shares of MLNT opened at $2.49 on Friday. Melinta Therapeutics has a 12 month low of $1.62 and a 12 month high of $24.90. The stock has a fifty day moving average price of $4.19 and a 200-day moving average price of $3.84. The company has a current ratio of 1.18, a quick ratio of 0.87 and a debt-to-equity ratio of 1.11. The firm has a market cap of $34.24 million, a PE ratio of -0.14 and a beta of 4.30.

Melinta Therapeutics (NASDAQ:MLNT) last issued its quarterly earnings data on Friday, August 9th. The biotechnology company reported ($3.07) EPS for the quarter, missing the consensus estimate of ($2.57) by ($0.50). Melinta Therapeutics had a negative net margin of 135.23% and a negative return on equity of 55.97%. The business had revenue of $15.96 million for the quarter, compared to analysts’ expectations of $14.00 million. As a group, research analysts forecast that Melinta Therapeutics will post -9.82 EPS for the current year.

A number of hedge funds have recently modified their holdings of MLNT. BlackRock Inc. grew its position in Melinta Therapeutics by 4.4% during the 4th quarter. BlackRock Inc. now owns 2,532,235 shares of the biotechnology company’s stock worth $2,008,000 after purchasing an additional 106,721 shares during the period. Dimensional Fund Advisors LP grew its position in Melinta Therapeutics by 6.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 772,725 shares of the biotechnology company’s stock worth $613,000 after purchasing an additional 48,907 shares during the period. Deutsche Bank AG grew its position in Melinta Therapeutics by 979.8% during the 4th quarter. Deutsche Bank AG now owns 751,625 shares of the biotechnology company’s stock worth $595,000 after purchasing an additional 682,014 shares during the period. Vanguard Group Inc. grew its position in Melinta Therapeutics by 97.2% during the 2nd quarter. Vanguard Group Inc. now owns 442,455 shares of the biotechnology company’s stock worth $2,942,000 after purchasing an additional 218,085 shares during the period. Finally, Geode Capital Management LLC grew its position in Melinta Therapeutics by 3.3% during the 4th quarter. Geode Capital Management LLC now owns 418,753 shares of the biotechnology company’s stock worth $331,000 after purchasing an additional 13,337 shares during the period. Institutional investors own 17.67% 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, 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.

Recommended Story: Understanding Options Trading

Get a free copy of the Zacks research report on Melinta Therapeutics (MLNT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Melinta Therapeutics (NASDAQ:MLNT)

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.