Maxim Group Lowers Moleculin Biotech (NASDAQ:MBRX) Price Target to $8.00

Moleculin Biotech (NASDAQ:MBRX) had its target price reduced by analysts at Maxim Group from $20.00 to $8.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Maxim Group’s price target points to a potential upside of 203.03% from the stock’s current price.

Separately, StockNews.com assumed coverage on Moleculin Biotech in a report on Tuesday, November 5th. They issued a “sell” rating for the company.

Moleculin Biotech Trading Up 5.2 %

NASDAQ:MBRX traded up $0.13 during midday trading on Tuesday, reaching $2.64. The company had a trading volume of 53,741 shares, compared to its average volume of 30,382. The stock’s fifty day simple moving average is $2.50 and its 200-day simple moving average is $3.34. Moleculin Biotech has a 12-month low of $2.12 and a 12-month high of $15.75.

Moleculin Biotech (NASDAQ:MBRX) last issued its quarterly earnings data on Tuesday, August 13th. The company reported ($2.23) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.10) by ($0.13). Sell-side analysts anticipate that Moleculin Biotech will post -8.6 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Moleculin Biotech

A hedge fund recently raised its stake in Moleculin Biotech stock. Armistice Capital LLC lifted its stake in shares of Moleculin Biotech, Inc. (NASDAQ:MBRX) by 5.1% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 156,000 shares of the company’s stock after acquiring an additional 7,505 shares during the quarter. Armistice Capital LLC owned about 6.75% of Moleculin Biotech worth $549,000 as of its most recent filing with the SEC. 15.52% of the stock is owned by hedge funds and other institutional investors.

Moleculin Biotech Company Profile

Moleculin Biotech, Inc, a clinical stage pharmaceutical company, focuses on the development of drug candidates for the treatment of cancers and viruses. Its lead drug candidate is Annamycin, which is in Phase 1B/2 clinical trials for the treatment of relapsed or refractory acute myeloid leukemia (AML) and soft tissue sarcoma metastasized to the lungs.