Wedbush Reiterates “Outperform” Rating for MoonLake Immunotherapeutics (NASDAQ:MLTX)

MoonLake Immunotherapeutics (NASDAQ:MLTX)‘s stock had its “outperform” rating reaffirmed by analysts at Wedbush in a note issued to investors on Tuesday, Marketbeat reports. They presently have a $73.00 price objective on the stock, down from their previous price objective of $92.00. Wedbush’s price target would suggest a potential upside of 41.80% from the company’s previous close.

Other research analysts also recently issued research reports about the company. Needham & Company LLC reiterated a “buy” rating and issued a $62.00 price objective on shares of MoonLake Immunotherapeutics in a report on Thursday, September 12th. HC Wainwright reiterated a “buy” rating and issued a $100.00 price objective on shares of MoonLake Immunotherapeutics in a report on Tuesday, October 15th. Wolfe Research downgraded MoonLake Immunotherapeutics from an “outperform” rating to a “peer perform” rating in a report on Monday, August 26th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of MoonLake Immunotherapeutics in a report on Monday, September 23rd. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $78.73.

MoonLake Immunotherapeutics Price Performance

MLTX opened at $51.48 on Tuesday. The stock’s 50-day moving average price is $49.19 and its 200 day moving average price is $45.28. MoonLake Immunotherapeutics has a 12-month low of $35.53 and a 12-month high of $64.98.

MoonLake Immunotherapeutics (NASDAQ:MLTX) last posted its earnings results on Wednesday, August 7th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.11). During the same period in the previous year, the business earned ($0.23) earnings per share. Analysts expect that MoonLake Immunotherapeutics will post -1.54 earnings per share for the current fiscal year.

Insider Buying and Selling

In other MoonLake Immunotherapeutics news, Director Simon Sturge sold 171,000 shares of MoonLake Immunotherapeutics stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $53.72, for a total value of $9,186,120.00. Following the transaction, the director now directly owns 171,980 shares in the company, valued at approximately $9,238,765.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 12.02% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of MLTX. SG Americas Securities LLC purchased a new position in shares of MoonLake Immunotherapeutics in the 1st quarter valued at approximately $726,000. Westfield Capital Management Co. LP lifted its holdings in shares of MoonLake Immunotherapeutics by 48.8% in the 1st 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. Vanguard Group Inc. lifted its holdings in shares of MoonLake Immunotherapeutics by 25.3% in the 1st quarter. Vanguard Group Inc. now owns 92,298 shares of the company’s stock valued at $4,636,000 after buying an additional 18,641 shares during the period. Clearbridge Investments LLC acquired a new stake in shares of MoonLake Immunotherapeutics in the 1st quarter valued at approximately $1,434,000. Finally, Decheng Capital LLC acquired a new stake in shares of MoonLake Immunotherapeutics in the 1st quarter valued at approximately $8,368,000. 93.85% of the stock is currently owned by hedge funds and other institutional investors.

MoonLake Immunotherapeutics Company Profile

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.