In a report released today, Ed Arce from H.C. Wainwright maintained a Buy rating on Melinta Therapeutics Inc (MLNT), with a price target of $13. The company’s shares closed yesterday at $3.75, close to its 52-week low of $1.62.
Arce wrote:
“We note that after a brief spike to $4.98 late Tuesday morning, MLNT shares closed last night at $3.75 per share, down $0.43 (-10.3%) since the release, versus NBI essentially flat (-0.4%) over the same period. First, the expected net product sales figure of $13.8M in the quarter is a slight 3% increase from our recently-lowered prior estimate of $13.4M. for CABP by Adjust PT to $13. We have now adjusted our estimate to match guidance. However, with 1H19 net product sales at about $25.6M, net sales growth in 2H19 would need to be at least 49% over 1H19 to meet the full-year 2019 minimum product sales of $63.75M as required by the Deerfield debt facility. This degree of growth acceleration seems unlikely to us the sequential growth in 2Q19 was 17%.”
According to TipRanks.com, Arce is a 4-star analyst with an average return of 6.5% and a 37.1% success rate. Arce covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals Inc, Arcturus Therapeutics Ltd, and Collegium Pharmaceutical.
Melinta Therapeutics Inc has an analyst consensus of Hold, with a price target consensus of $14.
See today’s analyst top recommended stocks >>
The company has a one-year high of $31.47 and a one-year low of $1.62. Currently, Melinta Therapeutics Inc has an average volume of 2.61M.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Melinta Therapeutics, Inc. operates as a commercial-stage pharmaceutical company which engages in developing and commercializing anti-infective s for the hospital and selected non-hospital or communities. It markets antibiotics including Baxdela, Vabomere, Orbactiv, and Minocin for injections.
