Jefferies Financial Group Analysts Cut Earnings Estimates for Melinta Therapeutics, Inc. (MLNT)

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Melinta Therapeutics, Inc. (NASDAQ:MLNT) – Jefferies Financial Group lowered their FY2022 earnings per share estimates for Melinta Therapeutics in a research note issued on Wednesday, November 7th. Jefferies Financial Group analyst D. Hoang now expects that the biotechnology company will earn $1.08 per share for the year, down from their previous estimate of $1.24. Jefferies Financial Group has a “Buy” rating and a $15.00 price target on the stock.

Melinta Therapeutics (NASDAQ:MLNT) last posted its quarterly earnings results on Wednesday, November 7th. The biotechnology company reported ($0.50) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($1.05) by $0.55. Melinta Therapeutics had a negative return on equity of 74.19% and a negative net margin of 202.31%. The company had revenue of $34.08 million for the quarter, compared to analysts’ expectations of $17.24 million.

A number of other analysts have also recently commented on MLNT. Zacks Investment Research upgraded Melinta Therapeutics from a “sell” rating to a “hold” rating in a research report on Thursday, October 25th. ValuEngine upgraded Melinta Therapeutics from a “sell” rating to a “hold” rating in a research report on Thursday, August 2nd. Cantor Fitzgerald reiterated a “buy” rating and set a $15.00 target price on shares of Melinta Therapeutics in a research report on Friday, August 3rd. Finally, HC Wainwright cut their target price on Melinta Therapeutics from $14.00 to $12.00 and set a “buy” rating on the stock in a research report on Monday, October 22nd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have assigned a buy rating to the company. The company has an average rating of “Buy” and an average price target of $10.75.

Melinta Therapeutics stock opened at $2.78 on Friday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.65 and a current ratio of 1.97. Melinta Therapeutics has a 1-year low of $2.25 and a 1-year high of $18.20. The firm has a market capitalization of $142.83 million, a price-to-earnings ratio of -0.13 and a beta of 1.45.

Several institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. increased its position in shares of Melinta Therapeutics by 46.3% during the third quarter. BlackRock Inc. now owns 2,425,514 shares of the biotechnology company’s stock worth $9,581,000 after purchasing an additional 767,239 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Melinta Therapeutics by 39.5% during the third quarter. Bank of New York Mellon Corp now owns 128,371 shares of the biotechnology company’s stock worth $508,000 after purchasing an additional 36,341 shares in the last quarter. ClariVest Asset Management LLC increased its position in shares of Melinta Therapeutics by 50.0% during the third quarter. ClariVest Asset Management LLC now owns 97,200 shares of the biotechnology company’s stock worth $384,000 after purchasing an additional 32,400 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Melinta Therapeutics by 562.9% during the third quarter. JPMorgan Chase & Co. now owns 487,537 shares of the biotechnology company’s stock worth $1,926,000 after purchasing an additional 413,989 shares in the last quarter. Finally, First Manhattan Co. increased its position in shares of Melinta Therapeutics by 30.9% during the third 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 in the last quarter. Institutional investors and hedge funds own 69.40% 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.

Further Reading: Understanding Price to Earnings Ratio (PE)

Earnings History and Estimates for Melinta Therapeutics (NASDAQ:MLNT)

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