MoonLake Immunotherapeutics (NASDAQ:MLTX) Shares Up 7.9% - Here's What Happened

MoonLake Immunotherapeutics (NASDAQ:MLTX - Get Free Report)'s share price shot up 7.9% during trading on Tuesday . The company traded as high as $58.26 and last traded at $57.19. 257,496 shares were traded during trading, a decline of 28% from the average session volume of 356,903 shares. The stock had previously closed at $52.98.

Wall Street Analyst Weigh In

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

MoonLake Immunotherapeutics Trading Up 6.3 %

The business has a 50-day moving average price of $50.50 and a 200-day moving average price of $47.47. The stock has a market cap of $3.60 billion, a PE ratio of -43.85 and a beta of 1.31.

MoonLake Immunotherapeutics (NASDAQ:MLTX - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.56) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.44) by ($0.12). During the same quarter last year, the firm earned ($0.18) EPS. Equities analysts expect that MoonLake Immunotherapeutics will post -1.74 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Simon Sturge sold 171,000 shares of the business's stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $53.72, for a total transaction of $9,186,120.00. Following the transaction, the director now directly owns 171,980 shares in the company, valued at $9,238,765.60. The trade was a 49.86 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 12.02% of the stock is currently owned by insiders.

Hedge Funds Weigh In On MoonLake Immunotherapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MLTX. Erste Asset Management GmbH purchased a new position in shares of MoonLake Immunotherapeutics during the 3rd quarter worth $741,000. Victory Capital Management Inc. raised its holdings in shares of MoonLake Immunotherapeutics by 16.0% in the 2nd quarter. Victory Capital Management Inc. now owns 174,682 shares of the company's stock valued at $7,681,000 after buying an additional 24,037 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of MoonLake Immunotherapeutics by 96.4% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 35,814 shares of the company's stock valued at $1,806,000 after buying an additional 17,580 shares during the period. Harbor Capital Advisors Inc. lifted its stake in MoonLake Immunotherapeutics by 100.2% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 77,468 shares of the company's stock worth $3,906,000 after acquiring an additional 38,779 shares in the last quarter. Finally, Rice Hall James & Associates LLC purchased a new position in MoonLake Immunotherapeutics during the 3rd quarter valued at about $3,805,000. Institutional investors and hedge funds 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.

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