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

Melinta Therapeutics (NASDAQ:MLNT) announced its earnings results on Wednesday. The biotechnology company reported ($0.50) EPS for the quarter, topping the consensus estimate of ($1.05) by $0.55, MarketWatch Earnings reports. The business had revenue of $34.08 million for the quarter, compared to the consensus estimate of $17.24 million. Melinta Therapeutics had a negative return on equity of 67.60% and a negative net margin of 348.51%.

MLNT stock traded up $0.31 during trading on Thursday, hitting $2.86. The company had a trading volume of 561,654 shares, compared to its average volume of 348,264. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.97 and a quick ratio of 1.65. Melinta Therapeutics has a 12 month low of $2.25 and a 12 month high of $18.20. The stock has a market capitalization of $148.99 million, a PE ratio of -0.13 and a beta of 1.45.

A number of hedge funds have recently bought and sold shares of the stock. FMR LLC raised its position in Melinta Therapeutics by 470.0% in the 2nd quarter. FMR LLC now owns 5,640,305 shares of the biotechnology company’s stock worth $35,816,000 after purchasing an additional 4,650,796 shares during the last quarter. BlackRock Inc. raised its position in Melinta Therapeutics by 93.4% in the 2nd quarter. BlackRock Inc. now owns 1,658,275 shares of the biotechnology company’s stock worth $10,530,000 after purchasing an additional 800,877 shares during the last quarter. First Manhattan Co. raised its position 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 worth $6,202,000 after purchasing an additional 370,300 shares during the last quarter. Millennium Management LLC raised its position in Melinta Therapeutics by 160.1% in the 2nd quarter. Millennium Management LLC now owns 1,161,861 shares of the biotechnology company’s stock worth $7,378,000 after purchasing an additional 715,148 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Melinta Therapeutics by 13.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 541,583 shares of the biotechnology company’s stock worth $3,439,000 after purchasing an additional 65,371 shares during the last quarter. Hedge funds and other institutional investors own 69.40% of the company’s stock.

Several research analysts have recently commented on MLNT shares. HC Wainwright reduced their target price on Melinta Therapeutics from $14.00 to $12.00 and set a “buy” rating on the stock 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 price objective for the company in a research report on Monday, October 22nd. They noted that the move was a valuation call. Cantor Fitzgerald set a $15.00 price objective on shares of Melinta Therapeutics and gave the stock a “buy” rating in a research report on Tuesday, September 18th. Jefferies Financial Group assumed coverage on shares of Melinta Therapeutics in a research report on Tuesday, September 11th. They issued a “buy” rating and a $15.00 price objective for the company. Finally, Zacks Investment Research upgraded shares of Melinta Therapeutics from a “hold” rating to a “buy” rating and set a $6.75 price objective for the company in a research report on Wednesday, July 18th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have assigned a buy rating to the stock. Melinta Therapeutics currently has a consensus rating of “Buy” and a consensus price target 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.

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Earnings History for Melinta Therapeutics (NASDAQ:MLNT)

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