Wolfe Research Upgrades MoonLake Immunotherapeutics (NASDAQ:MLTX) to Outperform

Wolfe Research upgraded shares of MoonLake Immunotherapeutics (NASDAQ:MLTX - Free Report) from a peer perform rating to an outperform rating in a research report sent to investors on Monday morning, MarketBeat Ratings reports. They currently have $61.00 price target on the stock.

Several other research analysts have also recently weighed in on the stock. Needham & Company LLC reiterated a "buy" rating and issued a $66.00 price target on shares of MoonLake Immunotherapeutics in a report on Tuesday, May 13th. Wedbush reiterated an "outperform" rating and issued a $80.00 price target (up previously from $78.00) on shares of MoonLake Immunotherapeutics in a research note on Tuesday, May 13th. The Goldman Sachs Group cut their target price on shares of MoonLake Immunotherapeutics from $82.00 to $73.00 and set a "buy" rating for the company in a research note on Thursday, February 27th. Royal Bank of Canada initiated coverage on shares of MoonLake Immunotherapeutics in a research report on Tuesday, March 18th. They set an "outperform" rating and a $67.00 price target on the stock. Finally, HC Wainwright reaffirmed a "buy" rating and set a $100.00 price target on shares of MoonLake Immunotherapeutics in a research report on Thursday, February 27th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $78.71.

MoonLake Immunotherapeutics Stock Performance

Shares of NASDAQ MLTX traded up $0.42 during trading on Monday, reaching $38.93. The company had a trading volume of 133,169 shares, compared to its average volume of 353,569. The stock has a market cap of $2.49 billion, a PE ratio of -30.18 and a beta of 1.31. The business's 50 day moving average price is $38.43 and its 200-day moving average price is $44.46. MoonLake Immunotherapeutics has a 52 week low of $31.42 and a 52 week high of $58.26.

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

Institutional Investors Weigh In On MoonLake Immunotherapeutics

Hedge funds have recently added to or reduced their stakes in the business. Woodline Partners LP lifted its position 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 period. Zimmer Partners LP bought a new stake in shares of MoonLake Immunotherapeutics in the 1st quarter valued at $957,000. Octagon Capital Advisors LP bought a new stake in shares of MoonLake Immunotherapeutics in the 1st quarter valued at $11,565,000. Caxton Associates LLP bought a new stake in shares of MoonLake Immunotherapeutics in the 1st quarter valued at $347,000. Finally, Millennium Management LLC increased its stake in MoonLake Immunotherapeutics by 3,343.2% during the 1st quarter. Millennium Management LLC now owns 344,320 shares of the company's stock valued at $13,453,000 after purchasing an additional 334,320 shares in the last quarter. 93.85% of the stock is currently 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.