Fred Alger Management LLC Sells 30,892 Shares of MoonLake Immunotherapeutics $MLTX

Key Points

• Fred Alger Management LLC has reduced its stake in MoonLake Immunotherapeutics by 4.6%, now owning 1.00% of the company, worth approximately $25.1 million.
• Despite recent sell-offs, analysts remain optimistic, with a majority rating the stock as a "Moderate Buy" and setting an average price target of $74.43.
• MoonLake Immunotherapeutics reported a quarterly loss of ($0.87) per share, missing estimates, and has a current market capitalization of $3.82 billion.

Fred Alger Management LLC lessened its position in MoonLake Immunotherapeutics (NASDAQ:MLTX - Free Report) by 4.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 642,881 shares of the company's stock after selling 30,892 shares during the quarter. Fred Alger Management LLC owned 1.00% of MoonLake Immunotherapeutics worth $25,117,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in MLTX. Paradigm Biocapital Advisors LP increased its stake in MoonLake Immunotherapeutics by 90.3% in the fourth quarter. Paradigm Biocapital Advisors LP now owns 1,772,211 shares of the company's stock valued at $95,965,000 after acquiring an additional 840,731 shares during the last quarter. Nuveen LLC bought a new position in MoonLake Immunotherapeutics in the first quarter valued at $26,308,000. Polar Capital Holdings Plc increased its stake in MoonLake Immunotherapeutics by 120.0% in the fourth quarter. Polar Capital Holdings Plc now owns 1,100,000 shares of the company's stock valued at $59,565,000 after acquiring an additional 600,000 shares during the last quarter. Millennium Management LLC increased its stake in MoonLake Immunotherapeutics by 3,343.2% in the first quarter. Millennium Management LLC now owns 344,320 shares of the company's stock valued at $13,453,000 after acquiring an additional 334,320 shares during the last quarter. Finally, Vestal Point Capital LP bought a new position in MoonLake Immunotherapeutics in the first quarter valued at $7,814,000. Institutional investors own 93.85% of the company's stock.

MoonLake Immunotherapeutics Trading Down 3.1%

Shares of MoonLake Immunotherapeutics stock traded down $1.68 during trading on Friday, reaching $52.62. 864,952 shares of the stock were exchanged, compared to its average volume of 575,855. The company has a quick ratio of 16.65, a current ratio of 16.65 and a debt-to-equity ratio of 0.21. The stock's fifty day moving average is $53.78 and its 200 day moving average is $45.14. The firm has a market cap of $3.38 billion, a price-to-earnings ratio of -18.93 and a beta of 1.27. MoonLake Immunotherapeutics has a 1 year low of $31.42 and a 1 year high of $61.87.

MoonLake Immunotherapeutics (NASDAQ:MLTX - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported ($0.87) earnings per share for the quarter, missing analysts' consensus estimates of ($0.73) by ($0.14). During the same period in the prior year, the firm posted ($0.39) EPS. As a group, equities research analysts expect that MoonLake Immunotherapeutics will post -1.79 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have issued reports on MLTX. Redburn Atlantic upgraded shares of MoonLake Immunotherapeutics to a "hold" rating in a research report on Monday, July 28th. Rothschild & Co Redburn began coverage on shares of MoonLake Immunotherapeutics in a research report on Monday, July 28th. They set a "neutral" rating and a $65.00 price target for the company. Royal Bank Of Canada restated an "outperform" rating and set a $67.00 price target on shares of MoonLake Immunotherapeutics in a research report on Tuesday, June 3rd. Wolfe Research upgraded shares of MoonLake Immunotherapeutics from a "peer perform" rating to an "outperform" rating and set a $61.00 price target for the company in a research report on Monday, May 19th. Finally, The Goldman Sachs Group upped their price target on shares of MoonLake Immunotherapeutics from $74.00 to $82.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Seven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $74.43.

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.