MoonLake Immunotherapeutics (NASDAQ:MLTX) Stock Price Down 6.4% - Here's Why

Key Points

• MoonLake Immunotherapeutics fell 6.4% to approximately $11.55 in Friday trading, while volume dropped 80% below its average daily level.
• Analyst sentiment remains mixed: the stock has a consensus “Hold” rating and a $28.50 price target, despite bullish calls from Leerink Partners and HC Wainwright.
• Institutional ownership is high at 93.85%, with several major funds increasing their positions; MoonLake is developing sonelokimab, an investigational therapy for inflammatory and immunological diseases.

MoonLake Immunotherapeutics (NASDAQ:MLTX - Get Free Report) fell 6.4% on Friday. The company traded as low as $11.56 and last traded at $11.5450. Approximately 312,096 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 1,529,186 shares. The stock had previously closed at $12.34.

Analyst Upgrades and Downgrades

MLTX has been the subject of several recent analyst reports. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of MoonLake Immunotherapeutics in a research note on Wednesday, September 16th. Wall Street Zen lowered shares of MoonLake Immunotherapeutics from a "sell" rating to a "strong sell" rating in a report on Sunday, September 27th. Leerink Partners lifted their price objective on MoonLake Immunotherapeutics from $24.00 to $29.00 and gave the company an "outperform" rating in a research report on Wednesday, July 1st. Weiss Ratings raised shares of MoonLake Immunotherapeutics from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Friday, August 21st. Finally, HC Wainwright restated a "buy" rating and issued a $50.00 price objective on shares of MoonLake Immunotherapeutics in a report on Monday, October 5th. Nine investment analysts have rated the stock with a Buy rating, two have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $28.50.

MoonLake Immunotherapeutics Stock Performance

The company has a quick ratio of 12.56, a current ratio of 12.56 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $983.02 million, a PE ratio of -3.02 and a beta of 1.08. The firm has a 50-day moving average of $13.01 and a two-hundred day moving average of $16.51.

MoonLake Immunotherapeutics (NASDAQ:MLTX - Get Free Report) last announced its earnings results on Monday, August 10th. The company reported ($0.84) earnings per share for the quarter, topping the consensus estimate of ($0.91) by $0.07. Research analysts anticipate that MoonLake Immunotherapeutics will post -3.34 EPS for the current year.

Institutional Investors Weigh In On MoonLake Immunotherapeutics

Several institutional investors and hedge funds have recently made changes to their positions in MLTX. Janus Henderson Group PLC lifted its stake in shares of MoonLake Immunotherapeutics by 64.7% during the first quarter. Janus Henderson Group PLC now owns 3,451,628 shares of the company's stock valued at $64,304,000 after buying an additional 1,355,640 shares during the period. Weiss Asset Management LP raised its holdings in shares of MoonLake Immunotherapeutics by 413.1% during the 1st quarter. Weiss Asset Management LP now owns 1,708,328 shares of the company's stock valued at $31,843,000 after buying an additional 1,375,367 shares during the period. Candriam S.C.A. boosted its stake in shares of MoonLake Immunotherapeutics by 509.0% in the first quarter. Candriam S.C.A. now owns 818,126 shares of the company's stock valued at $15,250,000 after purchasing an additional 683,797 shares during the period. Bank of America Corp DE boosted its position in MoonLake Immunotherapeutics by 5,255.8% in the 1st quarter. Bank of America Corp DE now owns 724,794 shares of the company's stock valued at $13,510,000 after buying an additional 711,261 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of MoonLake Immunotherapeutics by 105.8% during the 1st quarter. Renaissance Technologies LLC now owns 276,772 shares of the company's stock valued at $5,159,000 after buying an additional 142,300 shares during the last quarter. 93.85% of the stock is currently owned by hedge funds and other institutional investors.

About MoonLake Immunotherapeutics

MoonLake Immunotherapeutics is a clinical-stage biopharmaceutical company focused on developing therapies for inflammatory and immunological diseases. The company is advancing medicines designed to address conditions in which the immune system contributes to chronic inflammation and tissue damage.

Its lead product candidate is sonelokimab, an investigational Nanobody-based therapy designed to selectively inhibit interleukin-17A and interleukin-17F, two cytokines involved in inflammatory disease.

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