Chardan Capital Initiates Coverage on MoonLake Immunotherapeutics (NASDAQ:MLTX)

Key Points

• Chardan Capital initiated coverage with a Buy rating and a $57 price target, implying 427.78% upside from the stock’s current price.
• Analyst views are mixed but skew positive: MoonLake has a “Moderate Buy” consensus rating and a $31.09 average price target, based on 10 Buy, two Hold, and two Sell ratings.
• Shares opened at $10.80 after trading down 6.6%; the company also reported quarterly EPS of -$0.93, missing the consensus estimate of -$0.83.

Investment analysts at Chardan Capital initiated coverage on shares of MoonLake Immunotherapeutics (NASDAQ:MLTX - Get Free Report) in a note issued to investors on Friday, Briefing.com reports. The firm set a "buy" rating and a $57.00 price target on the stock. Chardan Capital's price target would indicate a potential upside of 427.78% from the company's current price.

Several other research analysts have also recently issued reports on MLTX. Cantor Fitzgerald reissued an "overweight" rating on shares of MoonLake Immunotherapeutics in a research note on Wednesday, September 16th. Wall Street Zen lowered shares of MoonLake Immunotherapeutics from a "sell" rating to a "strong sell" rating in a report on Sunday, September 27th. HC Wainwright reaffirmed a "buy" rating and issued a $50.00 price target on shares of MoonLake Immunotherapeutics in a research report on Monday, October 5th. Finally, Weiss Ratings upgraded shares of MoonLake Immunotherapeutics from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Friday, August 21st. Ten research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, MoonLake Immunotherapeutics presently has an average rating of "Moderate Buy" and a consensus target price of $31.09.

MoonLake Immunotherapeutics Trading Down 6.6%

MLTX stock opened at $10.80 on Friday. The company has a market capitalization of $919.16 million, a PE ratio of -2.94 and a beta of 1.14. MoonLake Immunotherapeutics has a 12 month low of $9.46 and a 12 month high of $23.29. The firm's 50-day moving average is $12.19 and its 200 day moving average is $16.35. The company has a debt-to-equity ratio of 0.23, a current ratio of 12.56 and a quick ratio of 12.56.

MoonLake Immunotherapeutics (NASDAQ:MLTX - Get Free Report) last issued its earnings results on Wednesday, November 4th. The company reported ($0.93) EPS for the quarter, missing analysts' consensus estimates of ($0.83) by ($0.10). On average, research analysts anticipate that MoonLake Immunotherapeutics will post -3.34 EPS for the current year.

Institutional Investors Weigh In On MoonLake Immunotherapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the company. Allworth Financial LP grew its stake in MoonLake Immunotherapeutics by 156.2% during the 2nd quarter. Allworth Financial LP now owns 1,714 shares of the company's stock worth $33,000 after buying an additional 1,045 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new position in MoonLake Immunotherapeutics during the 2nd quarter valued at about $39,000. EverSource Wealth Advisors LLC raised its stake in MoonLake Immunotherapeutics by 221.1% in the first quarter. EverSource Wealth Advisors LLC now owns 2,867 shares of the company's stock valued at $53,000 after buying an additional 1,974 shares during the last quarter. FNY Investment Advisers LLC purchased a new stake in MoonLake Immunotherapeutics in the second quarter valued at about $58,000. Finally, Arizona State Retirement System acquired a new stake in MoonLake Immunotherapeutics in the second quarter worth about $233,000. Hedge funds and other institutional investors own 93.85% of the company's stock.

MoonLake Immunotherapeutics Company Profile

MoonLake Immunotherapeutics is a clinical-stage biopharmaceutical company focused on developing therapies for inflammatory and immunological diseases. The company is advancing medicines designed to address conditions in which the immune system contributes to chronic inflammation and tissue damage.

Its lead product candidate is sonelokimab, an investigational Nanobody-based therapy designed to selectively inhibit interleukin-17A and interleukin-17F, two cytokines involved in inflammatory disease.

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