Wedbush Reaffirms “Outperform” Rating for MoonLake Immunotherapeutics (NASDAQ:MLTX)

MoonLake Immunotherapeutics (NASDAQ:MLTX)‘s stock had its “outperform” rating restated by research analysts at Wedbush in a report issued on Tuesday, MarketBeat Ratings reports. They currently have a $73.00 price objective on the stock, down from their prior price objective of $92.00. Wedbush’s target price would indicate a potential upside of 41.80% from the stock’s current price.

MLTX has been the subject of several other reports. Wolfe Research downgraded MoonLake Immunotherapeutics from an “outperform” rating to a “peer perform” rating in a research note on Monday, August 26th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of MoonLake Immunotherapeutics in a research note on Monday, September 23rd. Needham & Company LLC reiterated a “buy” rating and set a $62.00 price target on shares of MoonLake Immunotherapeutics in a research report on Thursday, September 12th. Finally, HC Wainwright reiterated a “buy” rating and set a $100.00 price target on shares of MoonLake Immunotherapeutics in a research report on Tuesday, October 15th. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $78.73.

MoonLake Immunotherapeutics Stock Up 8.1 %

Shares of MLTX stock opened at $51.48 on Tuesday. The stock has a 50 day simple moving average of $49.19 and a 200-day simple moving average of $45.28. MoonLake Immunotherapeutics has a 1-year low of $35.53 and a 1-year high of $64.98.

MoonLake Immunotherapeutics (NASDAQ:MLTX) last announced its earnings results on Wednesday, August 7th. The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.11). During the same period last year, the business earned ($0.23) earnings per share. Analysts expect that MoonLake Immunotherapeutics will post -1.54 EPS for the current year.

Insider Buying and Selling at MoonLake Immunotherapeutics

In other MoonLake Immunotherapeutics news, Director Simon Sturge sold 171,000 shares of the company’s stock in a transaction on Friday, October 4th. The stock was sold at an average price of $53.72, for a total value of $9,186,120.00. Following the completion of the sale, the director now directly owns 171,980 shares in the company, valued at $9,238,765.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 12.02% of the stock is owned by company insiders.

Hedge Funds Weigh In On MoonLake Immunotherapeutics

Several large investors have recently modified their holdings of the business. Avoro Capital Advisors LLC lifted its stake in shares of MoonLake Immunotherapeutics by 7.4% in the 2nd quarter. Avoro Capital Advisors LLC now owns 2,770,000 shares of the company’s stock valued at $121,797,000 after purchasing an additional 190,000 shares during the last quarter. Federated Hermes Inc. lifted its stake in shares of MoonLake Immunotherapeutics by 2.6% in the 2nd quarter. Federated Hermes Inc. now owns 1,128,428 shares of the company’s stock valued at $49,617,000 after purchasing an additional 28,672 shares during the last quarter. Marshall Wace LLP lifted its stake in shares of MoonLake Immunotherapeutics by 115.0% in the 2nd quarter. Marshall Wace LLP now owns 1,098,630 shares of the company’s stock valued at $48,307,000 after purchasing an additional 587,684 shares during the last quarter. Westfield Capital Management Co. LP lifted its stake in shares of MoonLake Immunotherapeutics by 48.8% in the 1st quarter. Westfield Capital Management Co. LP now owns 910,873 shares of the company’s stock valued at $45,753,000 after purchasing an additional 298,823 shares during the last quarter. Finally, Logos Global Management LP acquired a new position in shares of MoonLake Immunotherapeutics in the 2nd quarter valued at $32,978,000. Institutional investors and hedge funds 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.