MoonLake Immunotherapeutics (NASDAQ:MLTX) Shares Gap Up - Should You Buy?

Key Points

• MoonLake Immunotherapeutics shares opened at $9.48 after previously closing at $9.10, indicating positive trading activity with a last traded price of $9.96.
• Analyst price targets for the stock have been significantly reduced, with estimates ranging from $8.00 to $20.00, indicating a shift in market sentiment towards a more cautious outlook.
• Insider major shareholder Bihua Chen sold over 6.4 million shares at an average price of $7.21, representing a 76.45% decrease in ownership, which might signal concerns about future performance.

MoonLake Immunotherapeutics (NASDAQ:MLTX - Get Free Report) shares gapped up prior to trading on Thursday . The stock had previously closed at $9.10, but opened at $9.48. MoonLake Immunotherapeutics shares last traded at $9.96, with a volume of 2,245,425 shares trading hands.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Guggenheim lowered their price target on MoonLake Immunotherapeutics from $80.00 to $20.00 and set a "buy" rating for the company in a report on Tuesday, September 30th. Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $10.00 price target (down from $67.00) on shares of MoonLake Immunotherapeutics in a report on Monday, September 29th. HC Wainwright cut MoonLake Immunotherapeutics from a "buy" rating to a "neutral" rating in a research note on Thursday, October 2nd. Wedbush reduced their price objective on MoonLake Immunotherapeutics from $80.00 to $18.00 and set an "outperform" rating for the company in a research note on Tuesday, September 30th. Finally, Jefferies Financial Group cut MoonLake Immunotherapeutics from a "buy" rating to a "hold" rating and set a $8.00 price objective for the company. in a research note on Monday, September 29th. Three equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $36.00.

MoonLake Immunotherapeutics Price Performance

The company has a debt-to-equity ratio of 0.21, a current ratio of 16.65 and a quick ratio of 16.65. The company has a 50 day moving average price of $47.34 and a 200 day moving average price of $44.40. The firm has a market cap of $602.49 million, a PE ratio of -3.37 and a beta of 1.10.

MoonLake Immunotherapeutics (NASDAQ:MLTX - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported ($0.87) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.73) by ($0.14). During the same period in the previous year, the firm posted ($0.39) earnings per share. Sell-side analysts expect that MoonLake Immunotherapeutics will post -1.79 EPS for the current fiscal year.

Insider Transactions at MoonLake Immunotherapeutics

In other MoonLake Immunotherapeutics news, major shareholder Bihua Chen sold 6,494,151 shares of the stock in a transaction on Monday, September 29th. The stock was sold at an average price of $7.21, for a total value of $46,822,828.71. Following the completion of the transaction, the insider owned 2,000,000 shares in the company, valued at approximately $14,420,000. This represents a 76.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 12.02% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of MLTX. Geode Capital Management LLC grew its holdings in MoonLake Immunotherapeutics by 0.9% in the second quarter. Geode Capital Management LLC now owns 59,553 shares of the company's stock valued at $2,809,000 after purchasing an additional 559 shares during the last quarter. Squarepoint Ops LLC grew its holdings in MoonLake Immunotherapeutics by 3.7% in the second quarter. Squarepoint Ops LLC now owns 17,571 shares of the company's stock valued at $829,000 after purchasing an additional 629 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in MoonLake Immunotherapeutics by 8.2% in the first quarter. PNC Financial Services Group Inc. now owns 9,200 shares of the company's stock valued at $359,000 after purchasing an additional 700 shares during the last quarter. MPM Bioimpact LLC grew its holdings in MoonLake Immunotherapeutics by 0.3% in the first quarter. MPM Bioimpact LLC now owns 316,049 shares of the company's stock valued at $12,348,000 after purchasing an additional 819 shares during the last quarter. Finally, US Bancorp DE grew its holdings in MoonLake Immunotherapeutics by 114.4% in the first quarter. US Bancorp DE now owns 2,208 shares of the company's stock valued at $86,000 after purchasing an additional 1,178 shares during the last quarter. Hedge funds and other 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.

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