Gabelli Downgrades Melinta Therapeutics Inc. (MLNT) to Sell

Gabelli analyst Kevin Kendra downgraded Melinta Therapeutics Inc. (NASDAQ: MLNT) from Buy to Sell.

The analyst comments "We are lowering our recommendation to Sell (previously Hold) based on weakness in Q1 and concerns about the Deerfield loan covenant tied to 2019 revenue. Management highlighted their confidence in the long-term opportunity for Melinta’s portfolio and new commercial strategy, and we share their belief that products like Vabomere and Baxdela could find their place in the market over time. The problem is that “long-term” may not exist for a company with legitimate near-term liquidity concerns in an antibiotic market that has already seen bankruptcy swallow one competitor."

For an analyst ratings summary and ratings history on Melinta Therapeutics Inc. click here. For more ratings news on Melinta Therapeutics Inc. click here.

Shares of Melinta Therapeutics Inc. closed at $4.63 yesterday.

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