Fred Alger Management LLC Grows Position in MoonLake Immunotherapeutics (NASDAQ:MLTX)

Fred Alger Management LLC boosted its position in shares of MoonLake Immunotherapeutics (NASDAQ:MLTX) by 1.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 666,574 shares of the company’s stock after purchasing an additional 7,545 shares during the period. Fred Alger Management LLC’s holdings in MoonLake Immunotherapeutics were worth $33,609,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MLTX. US Bancorp DE purchased a new position in shares of MoonLake Immunotherapeutics during the third quarter valued at approximately $44,000. Quarry LP lifted its stake in shares of MoonLake Immunotherapeutics by 172.7% during the 2nd quarter. Quarry LP now owns 3,000 shares of the company’s stock worth $132,000 after acquiring an additional 1,900 shares during the last quarter. DNB Asset Management AS lifted its stake in shares of MoonLake Immunotherapeutics by 29.8% during the 2nd quarter. DNB Asset Management AS now owns 7,372 shares of the company’s stock worth $324,000 after acquiring an additional 1,694 shares during the last quarter. Handelsbanken Fonder AB boosted its holdings in MoonLake Immunotherapeutics by 26.2% during the 3rd quarter. Handelsbanken Fonder AB now owns 13,000 shares of the company’s stock valued at $655,000 after acquiring an additional 2,700 shares during the period. Finally, AlphaCentric Advisors LLC bought a new position in MoonLake Immunotherapeutics in the 3rd quarter valued at $706,000. 93.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on MLTX. Wedbush reiterated an “outperform” rating and set a $73.00 target price (down from $92.00) on shares of MoonLake Immunotherapeutics in a research report on Tuesday, November 5th. Needham & Company LLC reiterated a “buy” rating and set a $62.00 price objective on shares of MoonLake Immunotherapeutics in a report on Thursday, September 12th. Wolfe Research cut shares of MoonLake Immunotherapeutics from an “outperform” rating to a “peer perform” rating in a research report on Monday, August 26th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of MoonLake Immunotherapeutics in a research report on Monday, September 23rd. Finally, HC Wainwright reaffirmed a “buy” rating and set a $100.00 price target on shares of MoonLake Immunotherapeutics in a research note on Thursday, November 14th. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, MoonLake Immunotherapeutics currently has an average rating of “Moderate Buy” and an average target price of $79.00.

MoonLake Immunotherapeutics Stock Performance

NASDAQ:MLTX opened at $54.43 on Friday. The firm has a 50-day simple moving average of $50.27 and a 200-day simple moving average of $46.39. MoonLake Immunotherapeutics has a one year low of $37.55 and a one year high of $64.98. The firm has a market cap of $3.48 billion, a P/E ratio of -42.19 and a beta of 1.28.

MoonLake Immunotherapeutics (NASDAQ:MLTX) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.56) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.44) by ($0.12). During the same quarter in the prior year, the firm earned ($0.18) EPS. On average, research analysts predict that MoonLake Immunotherapeutics will post -1.74 EPS for the current fiscal year.

Insider Activity

In related news, Director Simon Sturge sold 171,000 shares of the firm’s stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $53.72, for a total transaction of $9,186,120.00. Following the sale, the director now owns 171,980 shares of the company’s stock, valued at $9,238,765.60. This trade represents a 49.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 12.02% 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.