Maxim Group Has Lowered Expectations for Moleculin Biotech (NASDAQ:MBRX) Stock Price

Moleculin Biotech (NASDAQ:MBRX) had its price target cut by equities researchers at Maxim Group from $20.00 to $8.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Maxim Group’s target price points to a potential upside of 218.73% from the company’s previous close.

Separately, StockNews.com initiated coverage on shares of Moleculin Biotech in a research note on Tuesday, November 5th. They issued a “sell” rating for the company.

Moleculin Biotech Trading Down 4.9 %

NASDAQ MBRX opened at $2.51 on Tuesday. The company has a 50 day moving average price of $2.50 and a two-hundred day moving average price of $3.33. Moleculin Biotech has a 12-month low of $2.12 and a 12-month high of $15.75.

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

Hedge Funds Weigh In On Moleculin Biotech

A hedge fund recently raised its stake in Moleculin Biotech stock. Armistice Capital LLC increased its stake in shares of Moleculin Biotech, Inc. (NASDAQ:MBRX) by 5.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm 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 at the end of the most recent reporting period. 15.52% of the stock is owned by hedge funds and other institutional investors.

About Moleculin Biotech

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.