MELA Sciences (MELA) Stock Surges On News

MELA Sciences, Inc. (MELA) shares are trading higher by 67.31% to $3.48 following a discloser that on March 9, 2015, the February 2015 CPT Editorial Summary of Panel Actions was posted to the website of the American Medical Association.

“The CPT Editorial Panel accepted the addition of Category III codes 039XX1T and 039XX2T to report multi-spectral digital skin lesion analysis (MSDSLA) of atypical cutaneous lesions, which applies to our MelaFind® system. Barring any further action by the CPT Editorial Panel, we expect that these codes will be posted to the AMA CPT website at by July 1, 2015 with an effective implementation date of January 1, 2016,” the company said.

Approximately 6.82 million shares have already changed hands, well ahead of the name’s three month daily average of 221K shares.

During today’s trading session, MELA opened sharply higher and kept printing higher highs for the majority of the morning, before settling into an intraday range of $3.37 to $4.05 with its 52-week range being $1.11 to $7.70.

Fundamentally, MELA shows the following financial data:

$14.47 million in cash in most recent quarter
$14.13 million t-12 total assets
$8.3 million total equity
$680.49K t-12 revenue
($25.95) million annual net income
($24.6) million free cash flow

On valuation measures, MELA Sciences Inc. shares have a T-12 price/sales ratio of 18.45 and a price/book for the same period of 0.71. EPS is ($2.95). The name has a market cap of $20.91 million and a median Wall Street price target of $4.50 with a high target of $4.50. Currently there is only one analyst that rates MELA a ‘Buy’. No analyst rates it a ‘Sell’ or a ‘Hold’.

In terms of share statistics, MELA Sciences Inc. has a total of 6.04 million shares outstanding with 1.31% held by insiders and 17.00% held by institutions. The stock’s short interest currently stands at 8.69%, bringing the total number of shares sold short to 519,614.

Shares of the Irvington New York-based company are down 72.99% year-over-year ; up 73.33% year-to-date.

The chart below shows where the equity has traded over the last 52 weeks.

MELA Sciences, Inc. is a medical device company that develops a non-invasive point-of-care instrument to aid in the detection of melanoma. The firm was founded in 1989 and is based in Irvington, New York.

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