Wedbush Reaffirms “Outperform” Rating for MoonLake Immunotherapeutics (NASDAQ:MLTX)

MoonLake Immunotherapeutics (NASDAQ:MLTX)‘s stock had its “outperform” rating restated by research analysts at Wedbush in a report released on Tuesday,RTT News reports. They presently have a $80.00 price objective on the stock, up from their prior price objective of $78.00. Wedbush’s price target suggests a potential upside of 116.27% from the stock’s current price.

MLTX has been the subject of several other research reports. Needham & Company LLC restated a “buy” rating and issued a $66.00 price target on shares of MoonLake Immunotherapeutics in a research note on Tuesday. The Goldman Sachs Group lowered their target price on MoonLake Immunotherapeutics from $82.00 to $73.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Royal Bank of Canada began coverage on MoonLake Immunotherapeutics in a report on Tuesday, March 18th. They issued an “outperform” rating and a $67.00 target price on the stock. Finally, HC Wainwright reissued a “buy” rating and issued a $100.00 target price on shares of MoonLake Immunotherapeutics in a report on Thursday, February 27th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $81.67.

MoonLake Immunotherapeutics Price Performance

MLTX stock opened at $36.99 on Tuesday. MoonLake Immunotherapeutics has a 1-year low of $31.42 and a 1-year high of $58.26. The business has a fifty day moving average price of $38.39 and a 200-day moving average price of $44.87. The stock has a market capitalization of $2.37 billion, a P/E ratio of -28.67 and a beta of 1.31.

MoonLake Immunotherapeutics (NASDAQ:MLTX) last posted its quarterly earnings results on Monday, May 12th. The company reported ($0.63) earnings per share for the quarter, topping the consensus estimate of ($0.76) by $0.13. During the same period in the previous year, the firm posted ($0.22) earnings per share. As a group, analysts anticipate that MoonLake Immunotherapeutics will post -1.79 earnings per share for the current year.

Institutional Trading of MoonLake Immunotherapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. PNC Financial Services Group Inc. increased its position in MoonLake Immunotherapeutics by 3.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 8,500 shares of the company’s stock worth $460,000 after buying an additional 320 shares in the last quarter. Deutsche Bank AG increased its position in MoonLake Immunotherapeutics by 59.8% in the fourth quarter. Deutsche Bank AG now owns 903 shares of the company’s stock worth $49,000 after buying an additional 338 shares in the last quarter. Geode Capital Management LLC increased its position in MoonLake Immunotherapeutics by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 58,950 shares of the company’s stock worth $3,192,000 after buying an additional 540 shares in the last quarter. DnB Asset Management AS increased its position in MoonLake Immunotherapeutics by 11.3% in the fourth quarter. DnB Asset Management AS now owns 8,356 shares of the company’s stock worth $452,000 after buying an additional 847 shares in the last quarter. Finally, Teacher Retirement System of Texas increased its position in MoonLake Immunotherapeutics by 18.4% in the fourth quarter. Teacher Retirement System of Texas now owns 6,532 shares of the company’s stock worth $354,000 after buying an additional 1,013 shares in the last quarter. Hedge funds and other institutional investors own 93.85% of the company’s stock.

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.