Wedbush Reiterates "Outperform" Rating for MoonLake Immunotherapeutics (NASDAQ:MLTX)

MoonLake Immunotherapeutics (NASDAQ:MLTX - Get Free Report)'s stock had its "outperform" rating reiterated by Wedbush in a research report issued on Tuesday, MarketBeat reports. They currently have a $73.00 price target on the stock, down from their prior price target of $92.00. Wedbush's price target would suggest a potential upside of 53.26% from the stock's previous close.

Other equities research analysts also recently issued research reports about the company. Wolfe Research downgraded MoonLake Immunotherapeutics from an "outperform" rating to a "peer perform" rating in a research report on Monday, August 26th. HC Wainwright restated a "buy" rating and issued a $100.00 price target on shares of MoonLake Immunotherapeutics in a report on Tuesday, October 15th. Needham & Company LLC reiterated a "buy" rating and set a $62.00 price objective on shares of MoonLake Immunotherapeutics in a research note on Thursday, September 12th. Finally, Cantor Fitzgerald reissued an "overweight" rating on shares of MoonLake Immunotherapeutics in a research note on Monday, September 23rd. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, MoonLake Immunotherapeutics currently has a consensus rating of "Moderate Buy" and a consensus price target of $78.73.

MoonLake Immunotherapeutics Price Performance

NASDAQ:MLTX traded up $1.23 during trading hours on Tuesday, reaching $47.63. 229,215 shares of the company traded hands, compared to its average volume of 378,716. The firm's 50-day moving average is $49.08 and its 200-day moving average is $45.20. The stock has a market cap of $3.04 billion, a P/E ratio of -50.64 and a beta of 1.28. MoonLake Immunotherapeutics has a 1-year low of $35.11 and a 1-year high of $64.98.

MoonLake Immunotherapeutics (NASDAQ:MLTX - Get Free Report) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($0.39) EPS for the quarter, missing analysts' consensus estimates of ($0.28) by ($0.11). During the same quarter last year, the firm earned ($0.23) earnings per share. As a group, research analysts predict that MoonLake Immunotherapeutics will post -1.54 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Simon Sturge sold 171,000 shares of the stock in a transaction dated 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 completion of the transaction, the director now owns 171,980 shares of the company's stock, valued at approximately $9,238,765.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 12.02% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Avoro Capital Advisors LLC lifted its position 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 worth $121,797,000 after purchasing an additional 190,000 shares during the last quarter. Federated Hermes Inc. lifted its holdings in MoonLake Immunotherapeutics by 2.6% during the 2nd quarter. Federated Hermes Inc. now owns 1,128,428 shares of the company's stock worth $49,617,000 after buying an additional 28,672 shares during the last quarter. Marshall Wace LLP grew its position in shares of MoonLake Immunotherapeutics by 115.0% in the 2nd quarter. Marshall Wace LLP now owns 1,098,630 shares of the company's stock worth $48,307,000 after acquiring an additional 587,684 shares in the last quarter. Westfield Capital Management Co. LP increased its holdings in shares of MoonLake Immunotherapeutics by 48.8% in the 1st quarter. Westfield Capital Management Co. LP now owns 910,873 shares of the company's stock valued at $45,753,000 after acquiring an additional 298,823 shares during the last quarter. Finally, Logos Global Management LP acquired a new stake in shares of MoonLake Immunotherapeutics during the 2nd quarter valued at approximately $32,978,000. 93.85% of the stock is owned by institutional investors and hedge funds.

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.