MoonLake Immunotherapeutics (NASDAQ:MLTX) Stock Price Down 4.8%

MoonLake Immunotherapeutics (NASDAQ:MLTX - Get Free Report)'s share price dropped 4.8% during trading on Friday . The company traded as low as $39.96 and last traded at $39.96. Approximately 34,246 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 432,208 shares. The stock had previously closed at $41.97.

Analysts Set New Price Targets

A number of analysts have issued reports on MLTX shares. Needham & Company LLC reaffirmed a "buy" rating and issued a $66.00 target price on shares of MoonLake Immunotherapeutics in a report on Wednesday. Wedbush reissued an "outperform" rating and issued a $92.00 target price on shares of MoonLake Immunotherapeutics in a report on Wednesday, March 13th. Wolfe Research began coverage on MoonLake Immunotherapeutics in a report on Thursday, February 15th. They set an "outperform" rating and a $77.00 price target for the company. William Blair restated an "outperform" rating and set a $92.00 target price on shares of MoonLake Immunotherapeutics in a report on Monday, February 26th. Finally, The Goldman Sachs Group started coverage on MoonLake Immunotherapeutics in a research note on Tuesday, April 2nd. They issued a "neutral" rating and a $62.00 price target for the company. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat, MoonLake Immunotherapeutics currently has a consensus rating of "Moderate Buy" and a consensus target price of $74.46.

MoonLake Immunotherapeutics Trading Down 2.5 %

The firm has a 50-day simple moving average of $45.90 and a two-hundred day simple moving average of $50.71. The stock has a market cap of $2.61 billion, a P/E ratio of -51.83 and a beta of 1.29.

MoonLake Immunotherapeutics (NASDAQ:MLTX - Get Free Report) last issued its quarterly earnings data on Tuesday, May 7th. The company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.03). Sell-side analysts predict that MoonLake Immunotherapeutics will post -1.11 earnings per share for the current year.

Insider Activity

In related news, insider Kristian Reich sold 29,431 shares of the firm's stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $55.00, for a total value of $1,618,705.00. Following the transaction, the insider now owns 70,071 shares in the company, valued at $3,853,905. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Da Silva Jorge Santos sold 62,810 shares of the company's stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $55.00, for a total value of $3,454,550.00. Following the completion of the transaction, the chief executive officer now owns 3,043,619 shares of the company's stock, valued at $167,399,045. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Kristian Reich sold 29,431 shares of the firm's stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $55.00, for a total transaction of $1,618,705.00. Following the completion of the transaction, the insider now owns 70,071 shares of the company's stock, valued at approximately $3,853,905. The disclosure for this sale can be found here. In the last three months, insiders sold 166,981 shares of company stock worth $9,490,674. 15.27% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On MoonLake Immunotherapeutics

Large investors have recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in MoonLake Immunotherapeutics by 25.3% in the first quarter. Vanguard Group Inc. now owns 92,298 shares of the company's stock valued at $4,636,000 after purchasing an additional 18,641 shares during the period. Westfield Capital Management Co. LP increased its stake in shares of MoonLake Immunotherapeutics by 48.8% in the first quarter. Westfield Capital Management Co. LP now owns 910,873 shares of the company's stock valued at $45,753,000 after buying an additional 298,823 shares during the period. SG Americas Securities LLC bought a new position in shares of MoonLake Immunotherapeutics during the first quarter worth about $726,000. PNC Financial Services Group Inc. raised its position in shares of MoonLake Immunotherapeutics by 50.7% during the fourth quarter. PNC Financial Services Group Inc. now owns 6,147 shares of the company's stock worth $371,000 after acquiring an additional 2,067 shares during the last quarter. Finally, Perceptive Advisors LLC acquired a new position in shares of MoonLake Immunotherapeutics in the fourth quarter worth approximately $4,976,000. 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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