MoonLake Immunotherapeutics (NASDAQ:MLTX) Sees Unusually-High Trading Volume - Time to Buy?

MoonLake Immunotherapeutics (NASDAQ:MLTX - Get Free Report) saw strong trading volume on Wednesday . 868,915 shares traded hands 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 Analyst Weigh In

MLTX has been the subject of several recent analyst reports. Needham & Company LLC reissued a "buy" rating and set a $66.00 target price on shares of MoonLake Immunotherapeutics in a research note on Tuesday, May 13th. The Goldman Sachs Group dropped their price objective on MoonLake Immunotherapeutics from $82.00 to $73.00 and set a "buy" rating for the company in a research note on Thursday, February 27th. HC Wainwright reaffirmed a "buy" rating and issued a $100.00 price objective on shares of MoonLake Immunotherapeutics in a research note on Thursday, February 27th. Wolfe Research raised MoonLake Immunotherapeutics from a "peer perform" rating to an "outperform" rating and set a $61.00 price objective for the company in a research note on Monday, May 19th. Finally, Royal Bank of Canada reissued an "outperform" rating and set a $67.00 target price on shares of MoonLake Immunotherapeutics in a research note on Tuesday. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat, MoonLake Immunotherapeutics has an average rating of "Buy" and a consensus target price of $78.71.

MoonLake Immunotherapeutics Stock Down 4.0%

The stock has a fifty day moving average of $39.15 and a two-hundred day moving average of $43.87. The stock has a market cap of $3.00 billion, a price-to-earnings ratio of -36.34 and a beta of 1.23.

MoonLake Immunotherapeutics (NASDAQ:MLTX - Get Free Report) last issued its quarterly earnings results on Monday, May 12th. The company reported ($0.63) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.76) by $0.13. During the same period in the prior year, the business earned ($0.22) EPS. Equities research analysts anticipate that MoonLake Immunotherapeutics will post -1.79 EPS for the current fiscal year.

Hedge Funds Weigh In On MoonLake Immunotherapeutics

Several institutional investors have recently bought and sold shares of the stock. FMR LLC boosted its holdings in shares of MoonLake Immunotherapeutics by 28.1% in the 4th quarter. FMR LLC now owns 6,341,391 shares of the company's stock worth $343,386,000 after acquiring an additional 1,391,167 shares in the last quarter. Paradigm Biocapital Advisors LP grew its holdings in shares of MoonLake Immunotherapeutics by 90.3% in the 4th quarter. Paradigm Biocapital Advisors LP now owns 1,772,211 shares of the company's stock valued at $95,965,000 after buying an additional 840,731 shares during the period. Nuveen LLC acquired a new position in MoonLake Immunotherapeutics in the 1st quarter worth $26,308,000. Polar Capital Holdings Plc lifted its position in MoonLake Immunotherapeutics by 120.0% during the 4th quarter. Polar Capital Holdings Plc now owns 1,100,000 shares of the company's stock worth $59,565,000 after buying an additional 600,000 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of MoonLake Immunotherapeutics by 12.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,343,643 shares of the company's stock worth $181,059,000 after buying an additional 363,394 shares during the last quarter. 93.85% of the stock is currently owned by institutional investors.

About MoonLake Immunotherapeutics

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.