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

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

Separately, StockNews.com started coverage on shares of Moleculin Biotech in a report on Tuesday, November 5th. They issued a “sell” rating on the stock.

Moleculin Biotech Price Performance

Shares of Moleculin Biotech stock opened at $2.51 on Tuesday. The company’s fifty day moving average price is $2.50 and its two-hundred day moving average price is $3.33. Moleculin Biotech has a 52-week low of $2.12 and a 52-week high of $15.75.

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

Institutional Investors Weigh In On Moleculin Biotech

A hedge fund recently raised its stake in Moleculin Biotech stock. Armistice Capital LLC lifted its position in Moleculin Biotech, Inc. (NASDAQ:MBRX) by 5.1% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 156,000 shares of the company’s stock after purchasing an additional 7,505 shares during the quarter. Armistice Capital LLC owned 6.75% of Moleculin Biotech worth $549,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 15.52% of the company’s stock.

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.