Melinta Therapeutics, Inc. (NASDAQ:MLNT) was the recipient of a significant increase in short interest during the month of September. As of September 28th, there was short interest totalling 2,246,031 shares, an increase of 55.7% from the September 14th total of 1,442,941 shares. Currently, 6.6% of the shares of the stock are short sold. Based on an average daily volume of 566,919 shares, the days-to-cover ratio is currently 4.0 days.
A number of institutional investors have recently added to or reduced their stakes in the business. FMR LLC increased its position in Melinta Therapeutics by 470.0% during the second quarter. FMR LLC now owns 5,640,305 shares of the biotechnology company’s stock worth $35,816,000 after buying an additional 4,650,796 shares in the last quarter. BlackRock Inc. increased its position in Melinta Therapeutics by 93.4% during the second quarter. BlackRock Inc. now owns 1,658,275 shares of the biotechnology company’s stock worth $10,530,000 after buying an additional 800,877 shares in the last quarter. First Manhattan Co. purchased a new stake in shares of Melinta Therapeutics in the second quarter valued at $7,620,000. Millennium Management LLC grew its position in shares of Melinta Therapeutics by 160.1% in the second quarter. Millennium Management LLC now owns 1,161,861 shares of the biotechnology company’s stock valued at $7,378,000 after purchasing an additional 715,148 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of Melinta Therapeutics by 13.7% in the second quarter. Dimensional Fund Advisors LP now owns 541,583 shares of the biotechnology company’s stock valued at $3,439,000 after purchasing an additional 65,371 shares during the period. 68.60% of the stock is owned by institutional investors.
Melinta Therapeutics stock opened at $3.73 on Friday. The company has a quick ratio of 1.65, a current ratio of 1.97 and a debt-to-equity ratio of 0.41. The firm has a market cap of $221.24 million, a price-to-earnings ratio of -0.17 and a beta of 1.06. Melinta Therapeutics has a fifty-two week low of $3.67 and a fifty-two week high of $18.20.
Melinta Therapeutics (NASDAQ:MLNT) last released its quarterly earnings results on Tuesday, August 7th. The biotechnology company reported ($1.38) earnings per share for the quarter, missing the consensus estimate of ($1.14) by ($0.24). The company had revenue of $12.02 million for the quarter, compared to analysts’ expectations of $12.06 million. Melinta Therapeutics had a negative return on equity of 67.60% and a negative net margin of 348.51%. On average, research analysts anticipate that Melinta Therapeutics will post -3.98 EPS for the current year.
MLNT has been the subject of several research reports. Cantor Fitzgerald initiated coverage on Melinta Therapeutics in a report on Sunday, July 1st. They set a “buy” rating and a $15.00 price objective for the company. Zacks Investment Research raised Melinta Therapeutics from a “hold” rating to a “buy” rating and set a $6.75 price objective for the company in a report on Wednesday, July 18th. ValuEngine raised Melinta Therapeutics from a “sell” rating to a “hold” rating in a report on Thursday, August 2nd. Jefferies Financial Group initiated coverage on Melinta Therapeutics in a report on Tuesday, September 11th. They set a “buy” rating and a $15.00 price objective for the company. Finally, HC Wainwright started coverage on Melinta Therapeutics in a report on Tuesday, September 11th. They set a “buy” rating and a $14.00 price objective for the company. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the stock. Melinta Therapeutics has an average rating of “Hold” and a consensus price target of $10.13.
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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