MoonLake Immunotherapeutics (NASDAQ:MLTX) Stock Price Down 3.1% - Here's What Happened

MoonLake Immunotherapeutics (NASDAQ:MLTX - Get Free Report) shares traded down 3.1% during mid-day trading on Tuesday . The stock traded as low as $38.79 and last traded at $38.76. 278,870 shares changed hands during mid-day trading, a decline of 37% from the average session volume of 440,220 shares. The stock had previously closed at $40.00.

Analyst Upgrades and Downgrades

A number of research analysts have commented on MLTX shares. The Goldman Sachs Group reduced their price target on shares of MoonLake Immunotherapeutics from $82.00 to $73.00 and set a "buy" rating on the stock in a research report on Thursday, February 27th. Needham & Company LLC increased their target price on shares of MoonLake Immunotherapeutics from $62.00 to $66.00 and gave the company a "buy" rating in a report on Thursday, February 27th. Royal Bank of Canada assumed coverage on shares of MoonLake Immunotherapeutics in a research note on Tuesday, March 18th. They issued an "outperform" rating and a $67.00 price target for the company. Finally, HC Wainwright restated a "buy" rating and set a $100.00 price target on shares of MoonLake Immunotherapeutics in a research report on Thursday, February 27th. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $80.50.

MoonLake Immunotherapeutics Price Performance

The firm's 50 day moving average price is $38.67 and its 200 day moving average price is $45.58. The stock has a market capitalization of $2.52 billion, a P/E ratio of -30.56 and a beta of 1.32.

MoonLake Immunotherapeutics (NASDAQ:MLTX - Get Free Report) last released its quarterly earnings results on Wednesday, February 26th. The company reported ($0.72) EPS for the quarter, missing analysts' consensus estimates of ($0.63) by ($0.09). On average, equities research analysts forecast that MoonLake Immunotherapeutics will post -1.79 earnings per share for the current year.

Institutional Trading of MoonLake Immunotherapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MLTX. Deutsche Bank AG raised its holdings in MoonLake Immunotherapeutics by 59.8% in the 4th quarter. Deutsche Bank AG now owns 903 shares of the company's stock worth $49,000 after purchasing an additional 338 shares in the last quarter. Birchview Capital LP purchased a new position in shares of MoonLake Immunotherapeutics during the fourth quarter valued at about $217,000. KLP Kapitalforvaltning AS bought a new position in MoonLake Immunotherapeutics in the fourth quarter worth about $244,000. PEAK6 LLC purchased a new stake in MoonLake Immunotherapeutics in the fourth quarter worth about $271,000. Finally, Mariner LLC bought a new stake in MoonLake Immunotherapeutics during the 4th quarter valued at approximately $272,000. Hedge funds and other 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.