MoonLake Immunotherapeutics (NASDAQ:MLTX) Shares Gap Up - Here's Why

MoonLake Immunotherapeutics (NASDAQ:MLTX - Get Free Report)'s share price gapped up prior to trading on Tuesday . The stock had previously closed at $41.16, but opened at $47.82. MoonLake Immunotherapeutics shares last traded at $47.51, with a volume of 1,475,983 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Wedbush reissued an "outperform" rating and issued a $80.00 price target (up previously from $78.00) on shares of MoonLake Immunotherapeutics in a report on Tuesday, May 13th. Wolfe Research raised shares of MoonLake Immunotherapeutics from a "peer perform" rating to an "outperform" rating and set a $61.00 price target on the stock 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. Needham & Company LLC reissued a "buy" rating and issued a $66.00 price target on shares of MoonLake Immunotherapeutics in a report on Tuesday, May 13th. Finally, 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. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $78.71.

MoonLake Immunotherapeutics Trading Up 5.1%

The company's fifty day moving average price is $38.74 and its two-hundred day moving average price is $43.93. The firm has a market cap of $3.27 billion, a P/E ratio of -39.57 and a beta of 1.31.

MoonLake Immunotherapeutics (NASDAQ:MLTX - Get Free Report) last posted 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 quarter in the prior year, the business posted ($0.22) earnings per share. On average, analysts predict that MoonLake Immunotherapeutics will post -1.79 EPS for the current fiscal year.

Institutional Investors Weigh In On MoonLake Immunotherapeutics

Several large investors have recently made changes to their positions in the company. Woodline Partners LP grew its holdings in shares of MoonLake Immunotherapeutics by 0.9% in the 1st quarter. Woodline Partners LP now owns 296,148 shares of the company's stock worth $11,571,000 after purchasing an additional 2,613 shares during the last quarter. Zimmer Partners LP acquired a new position in MoonLake Immunotherapeutics during the 1st quarter worth about $957,000. Octagon Capital Advisors LP acquired a new position in MoonLake Immunotherapeutics during the 1st quarter worth about $11,565,000. Caxton Associates LLP acquired a new position in MoonLake Immunotherapeutics during the 1st quarter worth about $347,000. Finally, Millennium Management LLC lifted its position in MoonLake Immunotherapeutics by 3,343.2% during the 1st quarter. Millennium Management LLC now owns 344,320 shares of the company's stock worth $13,453,000 after buying an additional 334,320 shares in the last quarter. Institutional investors own 93.85% of the company's stock.

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.