Maxim Group Issues Pessimistic Forecast for Moleculin Biotech (NASDAQ:MBRX) Stock Price

Moleculin Biotech (NASDAQ:MBRX) had its price target decreased by Maxim Group from $20.00 to $8.00 in a research note published on Tuesday,Benzinga reports. Maxim Group currently has a buy rating on the stock.

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

Moleculin Biotech Stock Down 5.8 %

Shares of MBRX traded down $0.18 during midday trading on Tuesday, reaching $2.91. The company had a trading volume of 52,455 shares, compared to its average volume of 32,818. Moleculin Biotech has a 1-year low of $2.12 and a 1-year high of $15.75. The firm has a 50 day simple moving average of $2.50 and a 200-day simple moving average of $3.32.

Moleculin Biotech (NASDAQ:MBRX) last issued 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, equities analysts forecast that Moleculin Biotech will post -8.6 EPS for the current year.

Hedge Funds Weigh In On Moleculin Biotech

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

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.