MoonLake Immunotherapeutics (NASDAQ:MLTX) Sees Unusually-High Trading Volume - Here's What Happened

Shares of MoonLake Immunotherapeutics (NASDAQ:MLTX - Get Free Report) saw strong trading volume on Monday . 463,252 shares were traded during mid-day trading, an increase of 60% from the previous session's volume of 290,290 shares.The stock last traded at $52.10 and had previously closed at $53.45.

Analyst Ratings Changes

A number of brokerages have weighed in on MLTX. HC Wainwright restated a "buy" rating and issued a $100.00 target price on shares of MoonLake Immunotherapeutics in a research report on Thursday, November 14th. Needham & Company LLC restated a "buy" rating and set a $62.00 price objective on shares of MoonLake Immunotherapeutics in a research report on Thursday, September 12th. Cantor Fitzgerald reiterated an "overweight" rating on shares of MoonLake Immunotherapeutics in a research report on Monday, September 23rd. Finally, Wedbush restated an "outperform" rating and set a $73.00 price target (down from $92.00) on shares of MoonLake Immunotherapeutics in a report on Tuesday, November 5th. Two research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $81.43.

MoonLake Immunotherapeutics Stock Down 3.2 %

The company has a market cap of $3.31 billion, a price-to-earnings ratio of -40.12 and a beta of 1.31. The firm has a 50 day moving average price of $52.08 and a two-hundred day moving average price of $48.72.

MoonLake Immunotherapeutics (NASDAQ:MLTX - Get Free Report) last announced its earnings results on Thursday, November 7th. The company reported ($0.56) EPS for the quarter, missing the consensus estimate of ($0.44) by ($0.12). During the same quarter last year, the company posted ($0.18) earnings per share. On average, equities analysts expect that MoonLake Immunotherapeutics will post -1.75 earnings per share for the current year.

Hedge Funds Weigh In On MoonLake Immunotherapeutics

Hedge funds have recently bought and sold shares of the company. US Bancorp DE acquired a new stake in MoonLake Immunotherapeutics during the 3rd quarter worth about $44,000. Quarry LP boosted its position in shares of MoonLake Immunotherapeutics by 172.7% during the 2nd quarter. Quarry LP now owns 3,000 shares of the company's stock valued at $132,000 after purchasing an additional 1,900 shares in the last quarter. Barclays PLC grew its stake in MoonLake Immunotherapeutics by 1,269.2% during the third quarter. Barclays PLC now owns 5,641 shares of the company's stock worth $283,000 after purchasing an additional 5,229 shares during the period. Handelsbanken Fonder AB increased its holdings in MoonLake Immunotherapeutics by 26.2% in the third quarter. Handelsbanken Fonder AB now owns 13,000 shares of the company's stock worth $655,000 after purchasing an additional 2,700 shares in the last quarter. Finally, AlphaCentric Advisors LLC acquired a new position in MoonLake Immunotherapeutics in the third quarter valued at approximately $706,000. Institutional investors own 93.85% of the company's stock.

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.