MoonLake Immunotherapeutics (NASDAQ:MLTX) Price Target Cut to $62.00 by Analysts at Needham & Company LLC

MoonLake Immunotherapeutics (NASDAQ:MLTX) had its price objective trimmed by Needham & Company LLC from $66.00 to $62.00 in a research report released on Thursday, Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities analysts also recently weighed in on the stock. Oppenheimer initiated coverage on shares of MoonLake Immunotherapeutics in a report on Tuesday, June 25th. They issued an outperform rating and a $104.00 price target on the stock. HC Wainwright restated a buy rating and issued a $100.00 target price on shares of MoonLake Immunotherapeutics in a research note on Monday, July 1st. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, MoonLake Immunotherapeutics currently has a consensus rating of Moderate Buy and an average target price of $78.67.

MoonLake Immunotherapeutics Stock Performance

Shares of MoonLake Immunotherapeutics stock traded down $1.80 during mid-day trading on Thursday, hitting $44.25. 308,310 shares of the stock were exchanged, compared to its average volume of 408,914. MoonLake Immunotherapeutics has a 12 month low of $35.11 and a 12 month high of $64.98. The company has a 50-day simple moving average of $42.96 and a 200 day simple moving average of $46.44. The company has a market capitalization of $2.83 billion, a P/E ratio of -59.00 and a beta of 1.25.

MoonLake Immunotherapeutics (NASDAQ:MLTX) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.39) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.11). During the same period last year, the company posted ($0.23) earnings per share. Analysts predict that MoonLake Immunotherapeutics will post -1.21 EPS for the current year.

Hedge Funds Weigh In On MoonLake Immunotherapeutics

A number of large investors have recently modified their holdings of MLTX. Quarry LP purchased a new stake in shares of MoonLake Immunotherapeutics in the 4th quarter valued at about $51,000. Stratos Wealth Partners LTD. bought a new stake in MoonLake Immunotherapeutics during the fourth quarter valued at approximately $202,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in MoonLake Immunotherapeutics in the 4th quarter worth approximately $217,000. Bellevue Group AG bought a new position in shares of MoonLake Immunotherapeutics in the 1st quarter worth $221,000. Finally, PNC Financial Services Group Inc. increased its holdings in shares of MoonLake Immunotherapeutics by 50.7% in the 4th quarter. PNC Financial Services Group Inc. now owns 6,147 shares of the company’s stock worth $371,000 after buying an additional 2,067 shares during the last quarter. 93.85% of the stock is currently owned by 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.