MoonLake Immunotherapeutics (NASDAQ:MLTX) PT Lowered to $62.00

MoonLake Immunotherapeutics (NASDAQ:MLTX) had its target price lowered by Needham & Company LLC from $66.00 to $62.00 in a research report issued on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s target price would indicate a potential upside of 40.11% from the stock’s current price.

A number of other research analysts also recently weighed in on the company. Oppenheimer began coverage on MoonLake Immunotherapeutics in a research note on Tuesday, June 25th. They issued an “outperform” rating and a $104.00 price target on the stock. HC Wainwright reissued a “buy” rating and issued a $100.00 price target on shares of MoonLake Immunotherapeutics in a research note on Monday, July 1st. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $78.67.

MoonLake Immunotherapeutics Price Performance

Shares of MLTX stock traded down $1.80 during trading hours on Thursday, reaching $44.25. The company had a trading volume of 308,310 shares, compared to its average volume of 408,914. The company has a 50 day moving average of $42.96 and a 200 day moving average of $46.44. The firm has a market cap of $2.83 billion, a price-to-earnings ratio of -59.00 and a beta of 1.25. MoonLake Immunotherapeutics has a 1-year low of $35.11 and a 1-year high of $64.98.

MoonLake Immunotherapeutics (NASDAQ:MLTX) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.11). During the same quarter in the prior year, the business earned ($0.23) earnings per share. As a group, sell-side analysts forecast that MoonLake Immunotherapeutics will post -1.21 EPS for the current fiscal year.

Hedge Funds Weigh In On MoonLake Immunotherapeutics

A number of large investors have recently added to or reduced their stakes in MLTX. Avoro Capital Advisors LLC increased its holdings in MoonLake Immunotherapeutics by 29.0% during the 4th quarter. Avoro Capital Advisors LLC now owns 2,580,000 shares of the company’s stock worth $155,806,000 after purchasing an additional 580,001 shares in the last quarter. Finepoint Capital LP increased its holdings in MoonLake Immunotherapeutics by 170.1% during the 4th quarter. Finepoint Capital LP now owns 895,000 shares of the company’s stock worth $54,049,000 after purchasing an additional 563,584 shares in the last quarter. Westfield Capital Management Co. LP increased its holdings in MoonLake Immunotherapeutics by 48.8% during the 1st quarter. Westfield Capital Management Co. LP now owns 910,873 shares of the company’s stock worth $45,753,000 after purchasing an additional 298,823 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in MoonLake Immunotherapeutics by 9.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,314,012 shares of the company’s stock worth $139,744,000 after purchasing an additional 196,144 shares in the last quarter. Finally, Decheng Capital LLC bought a new position in MoonLake Immunotherapeutics during the 1st quarter worth about $8,368,000. Institutional investors own 93.85% of the company’s stock.

About MoonLake Immunotherapeutics

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.