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

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

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

Moleculin Biotech Stock Down 12.3 %

NASDAQ:MBRX opened at $2.71 on Tuesday. The firm’s fifty day simple moving average is $2.51 and its 200-day simple moving average is $3.32. Moleculin Biotech has a fifty-two week low of $2.12 and a fifty-two week high of $15.75.

Moleculin Biotech (NASDAQ:MBRX) last issued its earnings results on Tuesday, August 13th. The company reported ($2.23) earnings per share for the quarter, missing the consensus estimate of ($2.10) by ($0.13). As a group, 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 lifted its holdings in shares of Moleculin Biotech, Inc. (NASDAQ:MBRX) by 5.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 156,000 shares of the company’s stock after purchasing an additional 7,505 shares during the period. Armistice Capital LLC owned about 6.75% of Moleculin Biotech worth $549,000 as of its most recent SEC filing. 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.