Melinta Therapeutics (MLNT) Stock Price Down 1% on Analyst Downgrade

Shares of Melinta Therapeutics, Inc. (NASDAQ:MLNT) traded down 1% on Tuesday after HC Wainwright lowered their price target on the stock from $14.00 to $12.00. HC Wainwright currently has a buy rating on the stock. Melinta Therapeutics traded as low as $3.03 and last traded at $3.05. 8,263 shares changed hands during mid-day trading, a decline of 98% from the average session volume of 445,115 shares. The stock had previously closed at $3.08.

A number of other research firms have also commented on MLNT. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Melinta Therapeutics in a report on Monday, July 2nd. Zacks Investment Research raised shares of Melinta Therapeutics from a “hold” rating to a “buy” rating and set a $6.75 target price for the company in a report on Wednesday, July 18th. ValuEngine raised shares of Melinta Therapeutics from a “sell” rating to a “hold” rating in a report on Thursday, August 2nd. Jefferies Financial Group assumed 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. Finally, Gabelli raised 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. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company. Melinta Therapeutics currently has a consensus rating of “Buy” and a consensus price target of $10.04.

Several hedge funds and other institutional investors have recently made changes to their positions in MLNT. First Manhattan Co. boosted its holdings in Melinta Therapeutics by 30.9% in the 3rd quarter. First Manhattan Co. now owns 1,570,300 shares of the biotechnology company’s stock valued at $6,202,000 after purchasing an additional 370,300 shares during the period. Boenning & Scattergood Inc. boosted its holdings in Melinta Therapeutics by 101.1% in the 3rd quarter. Boenning & Scattergood Inc. now owns 47,750 shares of the biotechnology company’s stock valued at $189,000 after purchasing an additional 24,000 shares during the period. Franklin Street Advisors Inc. NC boosted its holdings in Melinta Therapeutics by 411.1% in the 3rd quarter. Franklin Street Advisors Inc. NC now owns 64,650 shares of the biotechnology company’s stock valued at $255,000 after purchasing an additional 52,000 shares during the period. Northern Trust Corp boosted its holdings in Melinta Therapeutics by 52.7% in the 2nd quarter. Northern Trust Corp now owns 253,587 shares of the biotechnology company’s stock valued at $1,610,000 after purchasing an additional 87,475 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in Melinta Therapeutics by 64.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 92,030 shares of the biotechnology company’s stock valued at $584,000 after purchasing an additional 36,155 shares during the period. 69.40% of the stock is currently owned by institutional investors.

The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.65 and a current ratio of 1.97. The firm has a market cap of $211.72 million, a PE ratio of -0.14 and a beta of 1.06.

Melinta Therapeutics (NASDAQ:MLNT) last posted its quarterly earnings data on Tuesday, August 7th. The biotechnology company reported ($1.38) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($1.14) by ($0.24). The business had revenue of $12.02 million during the quarter, compared to the consensus estimate of $12.06 million. Melinta Therapeutics had a negative net margin of 348.51% and a negative return on equity of 67.60%. As a group, equities analysts anticipate that Melinta Therapeutics, Inc. will post -3.98 earnings per share for the current year.

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, 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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