Melinta Therapeutics, Inc. (NASDAQ:MLNT) shares rose 12.2% during trading on Thursday following a better than expected earnings announcement. The stock traded as high as $2.88 and last traded at $2.86. Approximately 561,654 shares traded hands during mid-day trading, an increase of 61% from the average daily volume of 348,264 shares. The stock had previously closed at $2.55.
The biotechnology company reported ($0.50) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.05) by $0.55. The business had revenue of $34.08 million during the quarter, compared to the consensus estimate of $17.24 million. Melinta Therapeutics had a negative net margin of 348.51% and a negative return on equity of 67.60%.
Several analysts have recently commented on the stock. Gabelli raised shares of Melinta Therapeutics from a “hold” rating to a “buy” rating and set a $11.50 price objective for the company in a research report on Monday, October 22nd. They noted that the move was a valuation call. HC Wainwright reduced their price objective 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. ValuEngine raised shares of Melinta Therapeutics from a “sell” rating to a “hold” rating in a research report on Thursday, August 2nd. Zacks Investment Research downgraded shares of Melinta Therapeutics from a “hold” rating to a “sell” rating in a research report on Thursday, September 13th. Finally, Jefferies Financial Group assumed coverage on shares of Melinta Therapeutics in a research report on Tuesday, September 11th. They set a “buy” rating and a $15.00 price objective for the company. One analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $10.75.
The company has a debt-to-equity ratio of 0.41, a current ratio of 1.97 and a quick ratio of 1.65. The firm has a market capitalization of $148.99 million, a PE ratio of -0.13 and a beta of 1.45.
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About Melinta Therapeutics (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.
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