MoonLake Immunotherapeutics (NASDAQ:MLTX) Stock Price Down 6% - Here's Why

Key Points

• Stock down 6%: MLTX fell to about $18.25 on Friday (intraday low $18.36) on light trading of 326,345 shares, an 83% drop from its average volume, after closing at $19.41 the prior session.
• Analyst landscape and target: The consensus rating is "Hold" with a consensus target price of $23.08 (9 Buys, 4 Holds, 3 Sells), reflecting mixed analyst views despite several recent price-target upgrades.
• Big insider sale and heavy institutional ownership: BVF Partners sold 3,750,000 shares at an average of $16.79 (≈$62.96M), cutting its stake by 78.3%; insiders own 12.02% while hedge funds/institutions reportedly hold about 93.85% of the stock.

MoonLake Immunotherapeutics (NASDAQ:MLTX - Get Free Report) traded down 6% on Friday . The company traded as low as $18.36 and last traded at $18.2540. 326,345 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 1,947,956 shares. The stock had previously closed at $19.41.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. BTIG Research restated a "buy" rating and issued a $30.00 target price on shares of MoonLake Immunotherapeutics in a research note on Monday, March 30th. Needham & Company LLC upped their target price on MoonLake Immunotherapeutics from $20.00 to $25.00 and gave the stock a "buy" rating in a research note on Monday, February 23rd. Zacks Research upgraded MoonLake Immunotherapeutics from a "strong sell" rating to a "hold" rating in a research note on Tuesday, February 24th. Wolfe Research upgraded MoonLake Immunotherapeutics from an "underperform" rating to an "outperform" rating and upped their target price for the stock from $12.00 to $24.00 in a research note on Monday, March 23rd. Finally, UBS Group set a $24.00 target price on MoonLake Immunotherapeutics in a research note on Friday, January 9th. Nine analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $23.08.

MoonLake Immunotherapeutics Price Performance

The business has a fifty day moving average price of $17.12 and a 200-day moving average price of $15.66. The company has a current ratio of 9.27, a quick ratio of 9.27 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $1.31 billion, a PE ratio of -5.17 and a beta of 1.19.

MoonLake Immunotherapeutics (NASDAQ:MLTX - Get Free Report) last posted its quarterly earnings data on Wednesday, February 25th. The company reported ($0.92) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.92). During the same period in the previous year, the firm earned ($0.72) earnings per share. Research analysts expect that MoonLake Immunotherapeutics will post -1.79 EPS for the current fiscal year.

Insider Activity

In other news, Director Bvf Partners L. P/Il sold 3,750,000 shares of the company's stock in a transaction dated Tuesday, March 31st. The stock was sold at an average price of $16.79, for a total value of $62,962,500.00. Following the completion of the transaction, the director directly owned 1,039,238 shares in the company, valued at approximately $17,448,806.02. This represents a 78.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 12.02% of the company's stock.

Hedge Funds Weigh In On MoonLake Immunotherapeutics

Hedge funds and other institutional investors have recently modified their holdings of the company. Cormorant Asset Management LP boosted its holdings in MoonLake Immunotherapeutics by 118.4% during the 4th quarter. Cormorant Asset Management LP now owns 4,355,433 shares of the company's stock valued at $57,405,000 after acquiring an additional 2,361,260 shares during the period. Janus Henderson Group PLC grew its position in MoonLake Immunotherapeutics by 18,782.8% during the 4th quarter. Janus Henderson Group PLC now owns 2,095,988 shares of the company's stock worth $27,657,000 after acquiring an additional 2,084,888 shares during the last quarter. Logos Global Management LP bought a new position in MoonLake Immunotherapeutics during the 4th quarter worth approximately $23,065,000. Vivo Capital LLC bought a new position in MoonLake Immunotherapeutics during the 4th quarter worth approximately $13,180,000. Finally, Schonfeld Strategic Advisors LLC bought a new position in MoonLake Immunotherapeutics during the 3rd quarter worth approximately $6,922,000. 93.85% of the stock is currently owned by hedge funds and other 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.

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