Melinta Therapeutics (NASDAQ:MLNT) Shares Down 6.9%

Melinta Therapeutics Inc (NASDAQ:MLNT) traded down 6.9% during mid-day trading on Wednesday . The stock traded as low as $2.91 and last traded at $2.96, 970,295 shares traded hands during mid-day trading. A decline of 21% from the average session volume of 1,229,247 shares. The stock had previously closed at $3.18.

A number of research firms have recently commented on MLNT. Zacks Investment Research cut shares of Melinta Therapeutics from a “buy” rating to a “hold” rating in a report on Saturday, August 17th. HC Wainwright lowered shares of Melinta Therapeutics from a “buy” rating to a “neutral” rating in a report on Monday, August 12th. Cantor Fitzgerald set a $15.00 price objective on Melinta Therapeutics and gave the company a “buy” rating in a research report on Wednesday, June 19th. ValuEngine upgraded Melinta Therapeutics from a “hold” rating to a “buy” rating in a research note on Wednesday, September 4th. Finally, Gabelli reissued a “sell” rating on shares of Melinta Therapeutics in a report on Thursday, June 20th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company. Melinta Therapeutics currently has an average rating of “Hold” and a consensus price target of $27.21.

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 $44.55 million, a P/E ratio of -0.17 and a beta of 4.40. The company’s 50 day simple moving average is $2.92 and its 200-day simple moving average is $3.92.

Melinta Therapeutics (NASDAQ:MLNT) last announced its quarterly earnings results on Friday, August 9th. The biotechnology company reported ($3.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.57) by ($0.50). Melinta Therapeutics had a negative net margin of 135.23% and a negative return on equity of 60.39%. The company had revenue of $15.96 million for the quarter, compared to analysts’ expectations of $14.00 million. On average, sell-side analysts anticipate that Melinta Therapeutics Inc will post -9.73 earnings per share for the current year.

A number of institutional investors have recently modified their holdings of MLNT. Royal Bank of Canada purchased a new stake in Melinta Therapeutics in the second quarter worth approximately $267,000. Jane Street Group LLC purchased a new stake in Melinta Therapeutics during the 2nd quarter valued at $297,000. D. E. Shaw & Co. Inc. bought a new position in shares of Melinta Therapeutics during the 2nd quarter valued at $357,000. Morgan Stanley lifted its holdings in shares of Melinta Therapeutics by 82.9% during the 2nd quarter. Morgan Stanley now owns 10,822 shares of the biotechnology company’s stock valued at $72,000 after buying an additional 4,906 shares during the period. Finally, Paloma Partners Management Co purchased a new position in shares of Melinta Therapeutics in the 2nd quarter worth $205,000. Institutional investors own 19.47% of the company’s stock.

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, 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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