MoonLake Immunotherapeutics (NASDAQ:MLTX) Shares Gap Down to $57.64

MoonLake Immunotherapeutics (NASDAQ:MLTX)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $57.64, but opened at $56.09. MoonLake Immunotherapeutics shares last traded at $57.06, with a volume of 22,980 shares traded.

Wall Street Analyst Weigh In

Several research firms recently issued reports on MLTX. Barclays lifted their price objective on MoonLake Immunotherapeutics from $41.00 to $59.00 and gave the company an “equal weight” rating in a research note on Tuesday. HC Wainwright reissued a “buy” rating and set a $75.00 price objective on shares of MoonLake Immunotherapeutics in a report on Tuesday. SVB Securities upped their price objective on shares of MoonLake Immunotherapeutics from $28.00 to $56.00 in a research report on Monday, June 26th. Bryan, Garnier & Co lowered shares of MoonLake Immunotherapeutics from a “buy” rating to a “neutral” rating in a research report on Thursday. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $65.00 price target on shares of MoonLake Immunotherapeutics in a report on Tuesday. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, MoonLake Immunotherapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $58.80.

MoonLake Immunotherapeutics Stock Performance

The company has a market cap of $3.56 billion, a PE ratio of -55.42 and a beta of 1.46. The business’s 50-day moving average is $55.21 and its 200 day moving average is $36.34.

MoonLake Immunotherapeutics (NASDAQ:MLTX) last released its quarterly earnings data on Thursday, August 10th. The company reported ($0.23) EPS for the quarter, topping the consensus estimate of ($0.27) by $0.04. Equities research analysts anticipate that MoonLake Immunotherapeutics will post -0.96 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Bihua Chen acquired 450,000 shares of the company’s stock in a transaction dated Monday, June 26th. The stock was purchased at an average price of $45.63 per share, with a total value of $20,533,500.00. Following the completion of the purchase, the insider now owns 4,127,100 shares in the company, valued at approximately $188,319,573. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 15.27% of the company’s stock.

Hedge Funds Weigh In On MoonLake Immunotherapeutics

A number of hedge funds have recently modified their holdings of the company. Cormorant Asset Management LP grew its stake in shares of MoonLake Immunotherapeutics by 18.1% in the second quarter. Cormorant Asset Management LP now owns 8,142,100 shares of the company’s stock worth $415,247,000 after purchasing an additional 1,249,999 shares during the last quarter. Citadel Advisors LLC purchased a new stake in MoonLake Immunotherapeutics in the 2nd quarter worth approximately $13,916,000. FMR LLC bought a new stake in shares of MoonLake Immunotherapeutics in the 2nd quarter worth approximately $6,264,000. Price T Rowe Associates Inc. MD purchased a new position in shares of MoonLake Immunotherapeutics during the second quarter valued at approximately $4,439,000. Finally, Alliancebernstein L.P. purchased a new position in MoonLake Immunotherapeutics during the 2nd quarter valued at $42,726,000.

About MoonLake Immunotherapeutics

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.