MoonLake Immunotherapeutics (NASDAQ:MLTX) Stock Price Down 5.6% - What's Next?

MoonLake Immunotherapeutics (NASDAQ:MLTX - Get Free Report)'s stock price dropped 5.6% during trading on Friday . The company traded as low as $50.66 and last traded at $50.77. Approximately 23,191 shares changed hands during trading, a decline of 94% from the average daily volume of 357,597 shares. The stock had previously closed at $53.77.

Analyst Ratings Changes

Several equities research analysts have weighed in on MLTX shares. HC Wainwright reissued a "buy" rating and set a $100.00 price target on shares of MoonLake Immunotherapeutics in a research report on Thursday, November 14th. Wolfe Research downgraded MoonLake Immunotherapeutics from an "outperform" rating to a "peer perform" rating in a report on Monday, August 26th. Cantor Fitzgerald reiterated an "overweight" rating on shares of MoonLake Immunotherapeutics in a report on Monday, September 23rd. Needham & Company LLC reissued a "buy" rating and set a $62.00 target price on shares of MoonLake Immunotherapeutics in a research note on Thursday, September 12th. Finally, Wedbush restated an "outperform" rating and set a $73.00 target price (down previously from $92.00) on shares of MoonLake Immunotherapeutics in a report on Tuesday, November 5th. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $79.88.

MoonLake Immunotherapeutics Stock Down 4.5 %

The company has a market capitalization of $3.28 billion, a P/E ratio of -39.80 and a beta of 1.31. The company has a 50-day moving average of $50.48 and a two-hundred day moving average of $47.34.

MoonLake Immunotherapeutics (NASDAQ:MLTX - Get Free Report) last released its earnings results on Thursday, November 7th. The company reported ($0.56) earnings per share for the quarter, missing analysts' consensus estimates of ($0.44) by ($0.12). During the same period in the previous year, the firm earned ($0.18) EPS. As a group, equities analysts expect that MoonLake Immunotherapeutics will post -1.74 EPS for the current fiscal year.

Insiders Place Their Bets

In other MoonLake Immunotherapeutics news, Director Simon Sturge sold 171,000 shares of the business's stock in a transaction 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 sale, the director now directly owns 171,980 shares of the company's stock, valued at approximately $9,238,765.60. The trade was a 49.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 12.02% of the company's stock.

Hedge Funds Weigh In On MoonLake Immunotherapeutics

Several institutional investors and hedge funds have recently modified their holdings of MLTX. FMR LLC grew its position in MoonLake Immunotherapeutics by 35.8% during the 3rd quarter. FMR LLC now owns 4,950,224 shares of the company's stock valued at $249,590,000 after purchasing an additional 1,306,215 shares during the last quarter. Logos Global Management LP bought a new position in shares of MoonLake Immunotherapeutics in the second quarter worth approximately $32,978,000. Marshall Wace LLP grew its holdings in shares of MoonLake Immunotherapeutics by 115.0% during the second quarter. Marshall Wace LLP now owns 1,098,630 shares of the company's stock valued at $48,307,000 after buying an additional 587,684 shares during the last quarter. Avoro Capital Advisors LLC grew its holdings in shares of MoonLake Immunotherapeutics by 7.4% during the second quarter. Avoro Capital Advisors LLC now owns 2,770,000 shares of the company's stock valued at $121,797,000 after buying an additional 190,000 shares during the last quarter. Finally, Millennium Management LLC increased its position in shares of MoonLake Immunotherapeutics by 596.0% during the second quarter. Millennium Management LLC now owns 216,964 shares of the company's stock valued at $9,540,000 after acquiring an additional 185,789 shares in the last quarter. 93.85% of the stock is currently owned by 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.