Melinta Therapeutics (NASDAQ:MLNT) Rating Increased to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Melinta Therapeutics (NASDAQ:MLNT) from a hold rating to a buy rating in a report released on Friday morning, Zacks.com reports. They currently have $2.75 price objective on the biotechnology company’s stock.

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. “

A number of other research firms also recently weighed in on MLNT. JPMorgan Chase & Co. downgraded shares of Melinta Therapeutics from a neutral rating to an underweight rating in a research report on Friday, June 14th. Gabelli reaffirmed a sell rating on shares of Melinta Therapeutics in a research report on Thursday, June 20th. WBB Securities downgraded shares of Melinta Therapeutics from a speculative buy rating to a hold rating in a research report on Thursday, June 20th. Jefferies Financial Group downgraded shares of 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 report on Friday, May 10th. Finally, Cantor Fitzgerald set a $15.00 target price on shares of Melinta Therapeutics and gave the stock a buy rating in a research report on Wednesday, June 19th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus target price of $27.21.

Shares of Melinta Therapeutics stock opened at $2.69 on Friday. The company has a current ratio of 1.18, a quick ratio of 1.06 and a debt-to-equity ratio of 1.11. The company’s fifty day simple moving average is $4.28 and its two-hundred day simple moving average is $3.83. The company has a market cap of $32.18 million, a P/E ratio of -0.15 and a beta of 4.30. Melinta Therapeutics has a 12-month low of $1.62 and a 12-month high of $24.90.

Melinta Therapeutics (NASDAQ:MLNT) last released its earnings results on Friday, August 9th. The biotechnology company reported ($3.07) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($2.57) by ($0.50). The business had revenue of $15.96 million during the quarter, compared to analysts’ expectations of $14.00 million. Melinta Therapeutics had a negative return on equity of 60.39% and a negative net margin of 135.23%. Analysts predict that Melinta Therapeutics will post -9.82 EPS for the current fiscal year.

Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. raised its holdings in Melinta Therapeutics by 4.4% during the 4th quarter. BlackRock Inc. now owns 2,532,235 shares of the biotechnology company’s stock valued at $2,008,000 after buying an additional 106,721 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Melinta Therapeutics by 11.3% during the 4th quarter. Bank of New York Mellon Corp now owns 142,938 shares of the biotechnology company’s stock valued at $113,000 after buying an additional 14,567 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings 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 valued at $613,000 after buying an additional 48,907 shares during the last quarter. Geode Capital Management LLC raised its holdings 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 valued at $331,000 after buying an additional 13,337 shares during the last quarter. Finally, Deutsche Bank AG raised its holdings in Melinta Therapeutics by 979.8% during the 4th quarter. Deutsche Bank AG now owns 751,625 shares of the biotechnology company’s stock valued at $595,000 after buying an additional 682,014 shares during the last quarter. 17.67% of the stock is currently owned by hedge funds and other institutional investors.

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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