MoonLake Immunotherapeutics (NASDAQ:MLTX) Trading Down 7.6% – Here’s Why

MoonLake Immunotherapeutics (NASDAQ:MLTX)’s share price traded down 7.6% during trading on Tuesday . The company traded as low as $51.24 and last traded at $51.26. 139,124 shares changed hands during trading, a decline of 62% from the average session volume of 364,879 shares. The stock had previously closed at $55.47.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on MLTX shares. Wedbush reiterated an “outperform” rating and set a $73.00 price target (down from $92.00) on shares of MoonLake Immunotherapeutics in a research note on Tuesday, November 5th. Cantor Fitzgerald reissued an “overweight” rating on shares of MoonLake Immunotherapeutics in a research note on Monday, September 23rd. HC Wainwright restated a “buy” rating and issued a $100.00 price target on shares of MoonLake Immunotherapeutics in a research note on Thursday, November 14th. Wolfe Research lowered MoonLake Immunotherapeutics from an “outperform” rating to a “peer perform” rating in a report on Monday, August 26th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $62.00 target price on shares of MoonLake Immunotherapeutics in a report on Thursday, September 12th. Two investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $79.00.

MoonLake Immunotherapeutics Stock Performance

The company’s fifty day simple moving average is $50.27 and its two-hundred day simple moving average is $46.57. The company has a market capitalization of $3.28 billion, a price-to-earnings ratio of -43.00 and a beta of 1.31.

MoonLake Immunotherapeutics (NASDAQ:MLTX) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.56) EPS for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.12). During the same period in the previous year, the business earned ($0.18) EPS. Sell-side analysts anticipate that MoonLake Immunotherapeutics will post -1.74 EPS for the current year.

Insider Transactions at MoonLake Immunotherapeutics

In other news, Director Simon Sturge sold 171,000 shares of the firm’s stock in a transaction on Friday, October 4th. The stock was sold at an average price of $53.72, for a total transaction of $9,186,120.00. Following the transaction, the director now directly owns 171,980 shares of the company’s stock, valued at approximately $9,238,765.60. This trade represents a 49.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 12.02% of the company’s stock.

Hedge Funds Weigh In On MoonLake Immunotherapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of MLTX. US Bancorp DE acquired a new stake in MoonLake Immunotherapeutics in the third quarter worth approximately $44,000. Quarry LP increased its holdings in shares of MoonLake Immunotherapeutics by 172.7% in the second quarter. Quarry LP now owns 3,000 shares of the company’s stock valued at $132,000 after buying an additional 1,900 shares in the last quarter. Barclays PLC lifted its position in shares of MoonLake Immunotherapeutics by 1,269.2% during the 3rd quarter. Barclays PLC now owns 5,641 shares of the company’s stock valued at $283,000 after acquiring an additional 5,229 shares during the last quarter. DNB Asset Management AS boosted its stake in shares of MoonLake Immunotherapeutics by 29.8% during the 2nd quarter. DNB Asset Management AS now owns 7,372 shares of the company’s stock worth $324,000 after acquiring an additional 1,694 shares in the last quarter. Finally, Handelsbanken Fonder AB grew its holdings in shares of MoonLake Immunotherapeutics by 26.2% in the 3rd quarter. Handelsbanken Fonder AB now owns 13,000 shares of the company’s stock worth $655,000 after acquiring an additional 2,700 shares during the last quarter. Institutional investors own 93.85% of the company’s stock.

MoonLake Immunotherapeutics Company Profile

MoonLake Immunotherapeutics, a clinical-stage biopharmaceutical company, engages in developing therapies. It develops Sonelokimab, a novel investigational Nanobody for the treatment of inflammation diseases; and hidradenitis suppurativa, psoriatic arthritis, axial spondyloarthritis, and psoriasis. MoonLake Immunotherapeutics was incorporated in 2020 and is headquartered in Zug, Switzerland.