Melinta Therapeutics (NASDAQ:MLNT) Lifted 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, Zacks.com reports. Zacks Investment Research currently has $2.75 target price 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. “

Other equities analysts also recently issued research reports about the company. ValuEngine upgraded Melinta Therapeutics from a sell rating to a hold rating in a research report on Monday, July 22nd. Jefferies Financial Group downgraded Melinta Therapeutics from a buy rating to a hold rating and reduced their target price for the company from $14.00 to $5.00 in a research report on Friday, May 10th. HC Wainwright downgraded Melinta Therapeutics from a buy rating to a neutral rating in a research report on Monday, August 12th. JPMorgan Chase & Co. downgraded Melinta Therapeutics from a neutral rating to an underweight rating in a research report on Friday, June 14th. Finally, WBB Securities downgraded Melinta Therapeutics from a speculative buy rating to a hold rating in a research report on Thursday, June 20th. Two analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. Melinta Therapeutics presently has an average rating of Hold and a consensus target price of $27.21.

Shares of Melinta Therapeutics stock opened at $2.36 on Friday. Melinta Therapeutics has a one year low of $1.62 and a one year high of $24.90. The company has a market cap of $32.18 million, a price-to-earnings ratio of -0.13 and a beta of 4.30. The company has a debt-to-equity ratio of 1.11, a quick ratio of 1.06 and a current ratio of 1.18. The business’s 50 day moving average price is $4.54 and its 200 day moving average price is $3.85.

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

Large investors have recently bought and sold shares of the business. BlackRock Inc. raised its position in Melinta Therapeutics by 4.4% in the fourth quarter. BlackRock Inc. now owns 2,532,235 shares of the biotechnology company’s stock valued at $2,008,000 after purchasing an additional 106,721 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Melinta Therapeutics by 6.8% in the fourth 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 in the last quarter. Deutsche Bank AG grew its stake in shares of Melinta Therapeutics by 979.8% in the fourth 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 in the last quarter. Isthmus Partners LLC grew its stake in shares of Melinta Therapeutics by 460.5% in the first quarter. Isthmus Partners LLC now owns 84,072 shares of the biotechnology company’s stock valued at $7,657,000 after buying an additional 69,072 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Melinta Therapeutics by 11.3% in the fourth 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 in the last quarter. Institutional investors own 17.67% of the company’s stock.

About Melinta Therapeutics

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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