Melinta Therapeutics (MLNT) Stock Rating Reaffirmed by HC Wainwright
HC Wainwright reissued their buy rating on shares of Melinta Therapeutics (NASDAQ:MLNT) in a report published on Monday. The firm currently has a $14.00 price target on the biotechnology company’s stock.
“We note that, from a historical perspective, there is a very high correlation between CHMP recommendations and EC approvals. As such, we believe final approval is now virtually a no-risk event. Vabomere revenues from Europe are not yet in our model, however, as we recently noted, this approval is likely, in our view, to enable and accelerate potential EU partnership discussions for commercialization rights to Vabomere, Orbactiv and Minocin. As with Baxdela, we believe it likely that the $30M EU approval milestone due on VAbomere is ultimately paid by a future partner. While management continues to demonstrate achievement of stated catalysts, we affirm our Buy rating on MLNT shares.”,” HC Wainwright’s analyst wrote.
A number of other research analysts have also recently commented on the company. Zacks Investment Research cut Melinta Therapeutics from a buy rating to a hold rating in a research note on Tuesday, August 7th. Jefferies Financial Group began coverage on Melinta Therapeutics in a report on Tuesday, September 11th. They issued a buy rating and a $15.00 price objective for the company. Cantor Fitzgerald set a $15.00 price objective on Melinta Therapeutics and gave the company a buy rating in a report on Tuesday, September 18th. Finally, ValuEngine upgraded Melinta Therapeutics from a sell rating to a hold rating in a report on Thursday, August 2nd. Two research analysts have rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the stock. The company currently has a consensus rating of Hold and an average target price of $10.13.
Melinta Therapeutics (NASDAQ:MLNT) last announced its quarterly earnings results on Tuesday, August 7th. The biotechnology company reported ($1.38) EPS for the quarter, missing the Zacks’ consensus estimate of ($1.14) by ($0.24). Melinta Therapeutics had a negative net margin of 348.51% and a negative return on equity of 67.60%. The firm had revenue of $12.02 million during the quarter, compared to the consensus estimate of $12.06 million. research analysts predict that Melinta Therapeutics will post -3.98 EPS for the current year.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC grew its holdings in Melinta Therapeutics by 470.0% during the 2nd quarter. FMR LLC now owns 5,640,305 shares of the biotechnology company’s stock worth $35,816,000 after acquiring an additional 4,650,796 shares during the period. First Manhattan Co. acquired a new stake in Melinta Therapeutics during the 2nd quarter worth about $7,620,000. BlackRock Inc. grew its holdings in Melinta Therapeutics by 93.4% during the 2nd quarter. BlackRock Inc. now owns 1,658,275 shares of the biotechnology company’s stock worth $10,530,000 after acquiring an additional 800,877 shares during the period. Millennium Management LLC grew its holdings in Melinta Therapeutics by 160.1% during the 2nd quarter. Millennium Management LLC now owns 1,161,861 shares of the biotechnology company’s stock worth $7,378,000 after acquiring an additional 715,148 shares during the period. Finally, Granahan Investment Management Inc. MA acquired a new stake in Melinta Therapeutics during the 2nd quarter worth about $1,932,000. Institutional investors and hedge funds own 68.60% 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, 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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