MoonLake Immunotherapeutics (NASDAQ:MLTX – Get Free Report)‘s stock had its “buy” rating reissued by analysts at Needham & Company LLC in a report issued on Tuesday, Benzinga reports. They currently have a $76.00 price objective on the stock. Needham & Company LLC’s price objective indicates a potential upside of 28.44% from the company’s current price.
Other analysts also recently issued reports about the company. Barclays increased their price target on MoonLake Immunotherapeutics from $41.00 to $59.00 in a research report on Tuesday. BTIG Research lifted their target price on MoonLake Immunotherapeutics from $36.00 to $68.00 in a research note on Tuesday, June 27th. Cantor Fitzgerald restated an “overweight” rating and set a $65.00 price target on shares of MoonLake Immunotherapeutics in a research report on Tuesday. Wedbush reissued an “outperform” rating and set a $86.00 target price on shares of MoonLake Immunotherapeutics in a research report on Monday, August 14th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $75.00 price target on shares of MoonLake Immunotherapeutics in a report on Tuesday. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $58.80.
MoonLake Immunotherapeutics Price Performance
MoonLake Immunotherapeutics (NASDAQ:MLTX – Get Free Report) last issued its quarterly earnings data on Thursday, August 10th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.04. As a group, research analysts expect that MoonLake Immunotherapeutics will post -0.96 earnings per share for the current fiscal year.
In other news, major shareholder Bihua Chen bought 800,000 shares of the stock in a transaction on Friday, June 30th. The shares were acquired at an average cost of $50.00 per share, for a total transaction of $40,000,000.00. Following the purchase, the insider now directly owns 4,927,100 shares of the company’s stock, valued at approximately $246,355,000. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 15.27% of the stock is owned by company insiders.
Hedge Funds Weigh In On MoonLake Immunotherapeutics
A number of institutional investors have recently added to or reduced their stakes in MLTX. Nuveen Asset Management LLC bought a new stake in shares of MoonLake Immunotherapeutics during the 2nd quarter valued at about $7,140,000. Alliancebernstein L.P. bought a new stake in MoonLake Immunotherapeutics during the second quarter valued at approximately $42,726,000. Woodline Partners LP purchased a new position in MoonLake Immunotherapeutics in the 2nd quarter worth approximately $2,523,000. Goldman Sachs Group Inc. bought a new position in shares of MoonLake Immunotherapeutics in the 2nd quarter worth $4,565,000. Finally, Royal Bank of Canada raised its position in shares of MoonLake Immunotherapeutics by 2,978.7% during the 2nd quarter. Royal Bank of Canada now owns 20,196 shares of the company’s stock valued at $1,030,000 after buying an additional 19,540 shares in the last quarter.
MoonLake Immunotherapeutics Company Profile
MoonLake Immunotherapeutics, a clinical-stage biopharmaceutical company, engages in developing therapies. It is developing Sonelokimab, a novel investigational Nanobody for the treatment of inflammation diseases. The company is involved in conducting Phase II trials for hidradenitis suppurativa, psoriatic arthritis, ankylosing spondylitis, or axial spondyloarthritis.
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