Oppenheimer Initiates Coverage on MoonLake Immunotherapeutics (NASDAQ:MLTX)

Equities research analysts at Oppenheimer initiated coverage on shares of MoonLake Immunotherapeutics (NASDAQ:MLTX) in a research report issued to clients and investors on Tuesday, MarketBeat Ratings reports. The brokerage set an “outperform” rating and a $104.00 price target on the stock. Oppenheimer’s price objective suggests a potential upside of 158.77% from the stock’s previous close.

Other research analysts have also recently issued reports about the company. Wedbush reissued an “outperform” rating and set a $92.00 price target on shares of MoonLake Immunotherapeutics in a research report on Wednesday, March 13th. HC Wainwright reissued a “buy” rating and issued a $100.00 target price on shares of MoonLake Immunotherapeutics in a research note on Tuesday, June 11th. The Goldman Sachs Group began coverage on shares of MoonLake Immunotherapeutics in a research report on Tuesday, April 2nd. They set a “neutral” rating and a $62.00 price target on the stock. William Blair reissued an “outperform” rating and issued a $92.00 price objective on shares of MoonLake Immunotherapeutics in a research report on Monday, February 26th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $66.00 target price on shares of MoonLake Immunotherapeutics in a report on Monday, June 10th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $78.15.

MoonLake Immunotherapeutics Stock Performance

Shares of MLTX opened at $40.19 on Tuesday. The company has a market cap of $2.57 billion, a price-to-earnings ratio of -53.59 and a beta of 1.25. The stock has a fifty day moving average price of $41.37 and a two-hundred day moving average price of $49.57. MoonLake Immunotherapeutics has a 52-week low of $35.11 and a 52-week high of $64.98.

MoonLake Immunotherapeutics (NASDAQ:MLTX) last announced its quarterly earnings data on Sunday, May 12th. The company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.03). As a group, research analysts predict that MoonLake Immunotherapeutics will post -1.23 EPS for the current fiscal year.

Institutional Investors Weigh In On MoonLake Immunotherapeutics

A number of hedge funds have recently added to or reduced their stakes in MLTX. Quarry LP bought a new position in MoonLake Immunotherapeutics in the 4th quarter worth approximately $51,000. Barclays PLC bought a new stake in MoonLake Immunotherapeutics in the 3rd quarter valued at $189,000. Stratos Wealth Partners LTD. purchased a new stake in MoonLake Immunotherapeutics in the 4th quarter worth $202,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of MoonLake Immunotherapeutics during the 4th quarter valued at about $217,000. Finally, Graham Capital Management L.P. purchased a new position in shares of MoonLake Immunotherapeutics during the third quarter valued at about $248,000. 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.