MoonLake Immunotherapeutics (NASDAQ:MLTX) Raised to "Strong-Buy" at Wedbush

Wedbush upgraded shares of MoonLake Immunotherapeutics (NASDAQ:MLTX - Free Report) to a strong-buy rating in a research report released on Monday, Zacks.com reports.

MLTX has been the subject of a number of other reports. Cantor Fitzgerald restated an "overweight" rating on shares of MoonLake Immunotherapeutics in a report on Monday, September 23rd. Needham & Company LLC restated a "buy" rating and issued a $62.00 price target on shares of MoonLake Immunotherapeutics in a report on Thursday, September 12th. Wolfe Research cut shares of MoonLake Immunotherapeutics from an "outperform" rating to a "peer perform" rating in a report on Monday, August 26th. Finally, HC Wainwright reiterated a "buy" rating and set a $100.00 price objective on shares of MoonLake Immunotherapeutics in a report on Tuesday, October 15th. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, MoonLake Immunotherapeutics currently has an average rating of "Moderate Buy" and an average target price of $78.73.

MoonLake Immunotherapeutics Price Performance

Shares of MLTX traded up $3.85 during trading hours on Monday, hitting $51.48. 401,291 shares of the stock were exchanged, compared to its average volume of 378,821. MoonLake Immunotherapeutics has a fifty-two week low of $35.53 and a fifty-two week high of $64.98. The business has a 50-day moving average of $49.09 and a 200-day moving average of $45.24. The firm has a market capitalization of $3.29 billion, a P/E ratio of -52.34 and a beta of 1.28.

MoonLake Immunotherapeutics (NASDAQ:MLTX - Get Free Report) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.11). During the same period in the prior year, the business posted ($0.23) EPS. As a group, analysts forecast that MoonLake Immunotherapeutics will post -1.54 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Simon Sturge sold 171,000 shares of the business's stock in a transaction dated Friday, October 4th. The shares were 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 approximately $9,238,765.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 12.02% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GSA Capital Partners LLP increased its holdings in MoonLake Immunotherapeutics by 1.9% during the 3rd quarter. GSA Capital Partners LLP now owns 22,127 shares of the company's stock worth $1,116,000 after acquiring an additional 403 shares during the period. California State Teachers Retirement System increased its holdings in MoonLake Immunotherapeutics by 2.7% during the 1st quarter. California State Teachers Retirement System now owns 16,366 shares of the company's stock worth $822,000 after acquiring an additional 429 shares during the period. US Bancorp DE bought a new stake in MoonLake Immunotherapeutics during the 3rd quarter worth approximately $44,000. DNB Asset Management AS increased its holdings in MoonLake Immunotherapeutics by 29.8% during the 2nd quarter. DNB Asset Management AS now owns 7,372 shares of the company's stock worth $324,000 after acquiring an additional 1,694 shares during the period. Finally, Quarry LP increased its holdings in MoonLake Immunotherapeutics by 172.7% during the 2nd quarter. Quarry LP now owns 3,000 shares of the company's stock worth $132,000 after acquiring an additional 1,900 shares during the period. 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.