H.C. Wainwright Keeps Their Buy Rating on Melinta Therapeutics Inc (MLNT)

By Carrie Williams

In a report released today, Ed Arce from H.C. Wainwright maintained a Buy rating on Melinta Therapeutics Inc (NASDAQ: MLNT), with a price target of $14. The company’s shares closed yesterday at $4.18, close to its 52-week low of $3.80.

Arce observed:

“We note that Orbactiv is already approved by the EMA, whereas a MAA has yet to be filed for Minocin. While we await an 8-K filing for more details on the financial terms of this agreement, we point to three more near-term milestones for MLNT: (1) seven posters and one oral presentation later this week at Francisco (we are in attendance for the full duration); (2) sales and prescription trends from the 3Q18 results expected in early the pivotal Phase 3 data for Baxdela in community-acquired bacterial pneumonia (CABP) before year end. Affirm Buy.”

According to TipRanks.com, Arce is a 5-star analyst with an average return of 21.3% and a 44.3% success rate. Arce covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals Inc, Collegium Pharmaceutical, and Conatus Pharmaceuticals.

Currently, the analyst consensus on Melinta Therapeutics Inc is a Moderate Buy with an average price target of $14.50, implying a 246.9% upside from current levels. In a report issued on September 18, Cantor Fitzgerald also maintained a Buy rating on the stock with a $15 price target.

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Based on Melinta Therapeutics Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $55.78 million. In comparison, last year the company had a GAAP net loss of $10.36 million.

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Melinta Therapeutics, Inc. is a commercial-stage biopharmaceutical company, which engages in the discover, development and commercialization of antibiotics. Its product, Baxbela, is used in the treatment of acute bacterial skin and skin structure infections.