Moleculin Biotech (NASDAQ:MBRX) Given New $8.00 Price Target at Maxim Group

Moleculin Biotech (NASDAQ:MBRX) had its target price dropped by equities researchers at Maxim Group from $20.00 to $8.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Maxim Group’s price target indicates a potential upside of 203.03% from the company’s previous close.

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

Moleculin Biotech Stock Performance

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

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 the consensus estimate of ($2.10) by ($0.13). Research analysts predict 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 raised its holdings 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 Securities and Exchange Commission. The firm owned 156,000 shares of the company’s stock after acquiring an additional 7,505 shares during the period. Armistice Capital LLC owned approximately 6.75% of Moleculin Biotech worth $549,000 at the end of the most recent quarter. 15.52% of the stock is currently 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.