MoonLake Immunotherapeutics (NASDAQ:MLTX) Trading 7.9% Higher – Still a Buy?

MoonLake Immunotherapeutics (NASDAQ:MLTX) was up 7.9% during mid-day trading on Tuesday . The company traded as high as $58.26 and last traded at $57.19. Approximately 257,496 shares were traded during trading, a decline of 28% from the average daily volume of 356,903 shares. The stock had previously closed at $52.98.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on MLTX. Wolfe Research lowered MoonLake Immunotherapeutics from an “outperform” rating to a “peer perform” rating in a report on Monday, August 26th. Needham & Company LLC restated a “buy” rating and set a $62.00 target price 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 research note on Monday, September 23rd. HC Wainwright restated a “buy” rating and set 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 previously from $92.00) on shares of MoonLake Immunotherapeutics in a report on Tuesday, November 5th. Two research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $81.43.

MoonLake Immunotherapeutics Price Performance

The business’s 50-day moving average price is $50.73 and its two-hundred day moving average price is $47.61. The company has a market capitalization of $3.32 billion, a price-to-earnings ratio of -40.22 and a beta of 1.31.

MoonLake Immunotherapeutics (NASDAQ:MLTX) last released its earnings results on Thursday, November 7th. The company reported ($0.56) EPS for the quarter, missing the consensus estimate of ($0.44) by ($0.12). During the same quarter in the previous year, the company earned ($0.18) EPS. As a group, research analysts predict that MoonLake Immunotherapeutics will post -1.74 EPS 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 on Friday, October 4th. The shares were sold at an average price of $53.72, for a total transaction of $9,186,120.00. Following the completion of the transaction, the director now directly owns 171,980 shares in the company, valued at approximately $9,238,765.60. This represents a 49.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 12.02% of the company’s stock.

Hedge Funds Weigh In On MoonLake Immunotherapeutics

Several large investors have recently bought and sold shares of MLTX. FMR LLC grew its holdings in MoonLake Immunotherapeutics by 35.8% during the 3rd quarter. FMR LLC now owns 4,950,224 shares of the company’s stock worth $249,590,000 after acquiring an additional 1,306,215 shares during the last quarter. Logos Global Management LP acquired a new stake in MoonLake Immunotherapeutics in the second quarter valued at $32,978,000. Marshall Wace LLP raised its position in MoonLake Immunotherapeutics by 115.0% during the 2nd quarter. Marshall Wace LLP now owns 1,098,630 shares of the company’s stock worth $48,307,000 after purchasing an additional 587,684 shares during the last quarter. Avoro Capital Advisors LLC lifted its holdings in MoonLake Immunotherapeutics by 7.4% during the 2nd 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. Finally, Millennium Management LLC lifted its holdings in MoonLake Immunotherapeutics by 596.0% during the 2nd quarter. Millennium Management LLC now owns 216,964 shares of the company’s stock worth $9,540,000 after buying an additional 185,789 shares during the period. 93.85% of the stock is currently owned by institutional investors.

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.