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 company traded as low as $50.66 and last traded at $50.77. 23,191 shares changed hands during trading, a decline of 94% from the average session volume of 357,597 shares. The stock had previously closed at $53.77.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on MLTX shares. Needham & Company LLC reiterated a “buy” rating and issued a $62.00 price target on shares of MoonLake Immunotherapeutics in a report on Thursday, September 12th. Cantor Fitzgerald reiterated an “overweight” rating on shares of MoonLake Immunotherapeutics in a report on Monday, September 23rd. Wolfe Research lowered MoonLake Immunotherapeutics from an “outperform” rating to a “peer perform” rating in a research note on Monday, August 26th. HC Wainwright reaffirmed a “buy” rating and issued a $100.00 price objective on shares of MoonLake Immunotherapeutics in a research note on Thursday, November 14th. Finally, Wedbush reiterated an “outperform” rating and set a $73.00 target price (down from $92.00) on shares of MoonLake Immunotherapeutics in a report on Tuesday, November 5th. Two analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, MoonLake Immunotherapeutics has an average rating of “Moderate Buy” and a consensus target price of $79.88.

MoonLake Immunotherapeutics Price Performance

The business has a 50-day moving average of $50.48 and a two-hundred day moving average of $47.34. The company has a market cap of $3.28 billion, a P/E ratio of -39.80 and a beta of 1.31.

MoonLake Immunotherapeutics (NASDAQ:MLTX) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.56) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.12). During the same quarter last year, the company posted ($0.18) EPS. Equities analysts anticipate that MoonLake Immunotherapeutics will post -1.74 EPS for the current fiscal year.

Insider Buying and Selling at MoonLake Immunotherapeutics

In related news, Director Simon Sturge sold 171,000 shares of the company’s stock in a transaction dated 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 position. The sale was disclosed in a filing with the SEC, which is available at this link. 12.02% of the stock is owned by insiders.

Institutional Investors Weigh In On MoonLake Immunotherapeutics

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. raised its position in shares of MoonLake Immunotherapeutics by 25.3% in the 1st quarter. Vanguard Group Inc. now owns 92,298 shares of the company’s stock valued at $4,636,000 after purchasing an additional 18,641 shares during the last quarter. TD Asset Management Inc increased its stake in MoonLake Immunotherapeutics by 2.5% during the 2nd quarter. TD Asset Management Inc now owns 209,234 shares of the company’s stock valued at $9,200,000 after purchasing an additional 5,140 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of MoonLake Immunotherapeutics by 16.0% in the second quarter. Victory Capital Management Inc. now owns 174,682 shares of the company’s stock worth $7,681,000 after buying an additional 24,037 shares during the last quarter. Federated Hermes Inc. raised its holdings in shares of MoonLake Immunotherapeutics by 2.6% in the second 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. Finally, Avoro Capital Advisors LLC lifted its stake 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 buying an additional 190,000 shares during the period. Hedge funds and other institutional investors own 93.85% of the company’s stock.

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.