Melinta Therapeutics (MLNT) Posts Quarterly Earnings Results, Beats Estimates By $0.55 EPS

Melinta Therapeutics (NASDAQ:MLNT) released its quarterly earnings results on Wednesday. The biotechnology company reported ($0.50) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.05) by $0.55, MarketWatch Earnings reports. The company had revenue of $34.08 million during the quarter, compared to analysts’ expectations of $17.24 million. Melinta Therapeutics had a negative net margin of 348.51% and a negative return on equity of 67.60%.

NASDAQ MLNT traded up $0.31 on Thursday, hitting $2.86. 561,654 shares of the stock were exchanged, compared to its average volume of 348,264. The company has a current ratio of 1.97, a quick ratio of 1.65 and a debt-to-equity ratio of 0.41. Melinta Therapeutics has a 52 week low of $2.25 and a 52 week high of $18.20. The firm has a market capitalization of $148.99 million, a P/E ratio of -0.13 and a beta of 1.45.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. FMR LLC raised its position in Melinta Therapeutics by 470.0% during the second quarter. FMR LLC now owns 5,640,305 shares of the biotechnology company’s stock worth $35,816,000 after acquiring an additional 4,650,796 shares in the last quarter. BlackRock Inc. raised its position in Melinta Therapeutics by 93.4% during the second quarter. BlackRock Inc. now owns 1,658,275 shares of the biotechnology company’s stock worth $10,530,000 after acquiring an additional 800,877 shares in the last quarter. First Manhattan Co. raised its position in Melinta Therapeutics by 30.9% during the third quarter. First Manhattan Co. now owns 1,570,300 shares of the biotechnology company’s stock worth $6,202,000 after acquiring an additional 370,300 shares in the last quarter. Millennium Management LLC raised its position in Melinta Therapeutics by 160.1% during the second quarter. Millennium Management LLC now owns 1,161,861 shares of the biotechnology company’s stock worth $7,378,000 after acquiring an additional 715,148 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Melinta Therapeutics by 13.7% during the second quarter. Dimensional Fund Advisors LP now owns 541,583 shares of the biotechnology company’s stock worth $3,439,000 after acquiring an additional 65,371 shares in the last quarter. 69.40% of the stock is currently owned by hedge funds and other institutional investors.

Several research analysts have recently weighed in on the stock. 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 report on Friday, November 2nd. HC Wainwright reduced their target price on shares of Melinta Therapeutics from $14.00 to $12.00 and set a “buy” rating for the company in a report on Monday, October 22nd. Gabelli upgraded shares of Melinta Therapeutics from a “hold” rating to a “buy” rating and set a $11.50 target price for the company in a report on Monday, October 22nd. They noted that the move was a valuation call. Cantor Fitzgerald set a $15.00 target price on shares of Melinta Therapeutics and gave the stock a “buy” rating in a report on Tuesday, September 18th. Finally, Jefferies Financial Group initiated coverage on shares of Melinta Therapeutics in a report on Tuesday, September 11th. They set a “buy” rating and a $15.00 target price for the company. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the company. Melinta Therapeutics has a consensus rating of “Buy” and a consensus target price of $10.75.

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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, 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: Compound Annual Growth Rate (CAGR)

Earnings History for Melinta Therapeutics (NASDAQ:MLNT)

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