MoonLake Immunotherapeutics (NASDAQ:MLTX) Stock Price Down 5.6% – Here’s What Happened

MoonLake Immunotherapeutics (NASDAQ:MLTX)’s stock price traded down 5.6% during trading on Friday . The stock traded as low as $50.66 and last traded at $50.77. 23,191 shares were traded during mid-day trading, a decline of 94% from the average session volume of 357,597 shares. The stock had previously closed at $53.77.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Cantor Fitzgerald restated an “overweight” rating on shares of MoonLake Immunotherapeutics in a research report on Monday, September 23rd. Wedbush reissued an “outperform” rating and issued a $73.00 price objective (down previously from $92.00) on shares of MoonLake Immunotherapeutics in a research report on Tuesday, November 5th. Wolfe Research lowered MoonLake Immunotherapeutics from an “outperform” rating to a “peer perform” rating in a research note on Monday, August 26th. HC Wainwright restated a “buy” rating and set a $100.00 price objective on shares of MoonLake Immunotherapeutics in a research report on Thursday, November 14th. Finally, Needham & Company LLC restated a “buy” rating and issued a $62.00 target price on shares of MoonLake Immunotherapeutics in a research report on Thursday, September 12th. Two research 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 company’s stock. According to MarketBeat, MoonLake Immunotherapeutics presently has an average rating of “Moderate Buy” and an average target price of $79.88.

MoonLake Immunotherapeutics Trading Down 5.9 %

The firm’s fifty day moving average price is $50.56 and its 200-day moving average price is $47.23.

MoonLake Immunotherapeutics (NASDAQ:MLTX) last announced its earnings results on Thursday, November 7th. The company reported ($0.56) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.12). During the same period in the prior year, the business posted ($0.18) EPS. On average, equities research analysts forecast that MoonLake Immunotherapeutics will post -1.74 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Simon Sturge sold 171,000 shares of the company’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 of the company’s stock, valued at $9,238,765.60. This represents a 49.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 12.02% of the company’s stock.

Institutional Investors Weigh In On MoonLake Immunotherapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. US Bancorp DE bought a new position in shares of MoonLake Immunotherapeutics during the 3rd quarter valued at $44,000. Quarry LP raised its holdings in shares of MoonLake Immunotherapeutics by 172.7% in the second quarter. Quarry LP now owns 3,000 shares of the company’s stock worth $132,000 after buying an additional 1,900 shares during the period. Barclays PLC lifted its holdings in MoonLake Immunotherapeutics by 1,269.2% during the 3rd quarter. Barclays PLC now owns 5,641 shares of the company’s stock valued at $283,000 after buying an additional 5,229 shares in the last quarter. Handelsbanken Fonder AB raised its holdings in shares of MoonLake Immunotherapeutics by 26.2% in the 3rd quarter. Handelsbanken Fonder AB now owns 13,000 shares of the company’s stock valued at $655,000 after purchasing an additional 2,700 shares in the last quarter. Finally, AlphaCentric Advisors LLC bought a new position in shares of MoonLake Immunotherapeutics in the 3rd quarter worth $706,000. 93.85% of the stock is 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.