MoonLake Immunotherapeutics (NASDAQ:MLTX) Sees Unusually-High Trading Volume - Here's Why

MoonLake Immunotherapeutics (NASDAQ:MLTX - Get Free Report) shares saw unusually-high trading volume on Wednesday . Approximately 868,915 shares were traded during trading, an increase of 136% from the previous session's volume of 368,286 shares.The stock last traded at $51.04 and had previously closed at $48.55.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on MLTX. Wolfe Research raised MoonLake Immunotherapeutics from a "peer perform" rating to an "outperform" rating and set a $61.00 price target for the company in a report on Monday, May 19th. HC Wainwright reissued a "buy" rating and issued a $100.00 price target on shares of MoonLake Immunotherapeutics in a report on Thursday, February 27th. Wedbush reissued an "outperform" rating and issued a $80.00 price target (up from $78.00) on shares of MoonLake Immunotherapeutics in a report on Tuesday, May 13th. Royal Bank of Canada reissued an "outperform" rating and issued a $67.00 price target on shares of MoonLake Immunotherapeutics in a report on Tuesday. Finally, The Goldman Sachs Group decreased their price target on MoonLake Immunotherapeutics from $82.00 to $73.00 and set a "buy" rating for the company in a report on Thursday, February 27th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, MoonLake Immunotherapeutics currently has a consensus rating of "Buy" and an average price target of $78.71.

MoonLake Immunotherapeutics Stock Performance

The firm has a market capitalization of $3.13 billion, a price-to-earnings ratio of -37.85 and a beta of 1.31. The company has a 50 day moving average price of $38.94 and a two-hundred day moving average price of $43.93.

MoonLake Immunotherapeutics (NASDAQ:MLTX - Get Free Report) last announced its earnings results on Monday, May 12th. The company reported ($0.63) earnings per share for the quarter, topping the consensus estimate of ($0.76) by $0.13. During the same period last year, the company earned ($0.22) EPS. On average, equities analysts expect that MoonLake Immunotherapeutics will post -1.79 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Congress Asset Management Co. raised its stake in shares of MoonLake Immunotherapeutics by 9.5% during the 4th quarter. Congress Asset Management Co. now owns 72,993 shares of the company's stock worth $3,953,000 after buying an additional 6,352 shares during the period. KLP Kapitalforvaltning AS acquired a new position in shares of MoonLake Immunotherapeutics during the 4th quarter worth approximately $244,000. Rice Hall James & Associates LLC raised its stake in shares of MoonLake Immunotherapeutics by 47.3% during the 4th quarter. Rice Hall James & Associates LLC now owns 111,133 shares of the company's stock worth $6,018,000 after buying an additional 35,664 shares during the period. Teacher Retirement System of Texas increased its position in shares of MoonLake Immunotherapeutics by 18.4% during the fourth quarter. Teacher Retirement System of Texas now owns 6,532 shares of the company's stock worth $354,000 after purchasing an additional 1,013 shares in the last quarter. Finally, Mariner LLC purchased a new stake in shares of MoonLake Immunotherapeutics during the fourth quarter worth approximately $272,000. 93.85% of the stock is owned by institutional investors and hedge funds.

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.