MoonLake Immunotherapeutics (NASDAQ:MLTX) Stock Price Down 3.9% – Should You Sell?

Shares of MoonLake Immunotherapeutics (NASDAQ:MLTX) traded down 3.9% on Friday . The company traded as low as $47.24 and last traded at $46.95. 607,305 shares changed hands during trading, an increase of 61% from the average session volume of 377,278 shares. The stock had previously closed at $48.83.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Royal Bank of Canada restated an “outperform” rating and set a $67.00 target price on shares of MoonLake Immunotherapeutics in a research note on Tuesday, June 3rd. HC Wainwright reiterated a “buy” rating and issued a $100.00 price target on shares of MoonLake Immunotherapeutics in a research note on Thursday, February 27th. The Goldman Sachs Group dropped their price target on shares of MoonLake Immunotherapeutics from $82.00 to $73.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Wolfe Research upgraded shares of MoonLake Immunotherapeutics from a “peer perform” rating to an “outperform” rating and set a $61.00 price target on the stock in a research note on Monday, May 19th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $66.00 price target on shares of MoonLake Immunotherapeutics in a research note on Tuesday, May 13th. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $78.71.

MoonLake Immunotherapeutics Price Performance

The company has a market capitalization of $3.00 billion, a PE ratio of -36.34 and a beta of 1.23. The company’s 50 day simple moving average is $39.15 and its 200 day simple moving average is $43.87.

MoonLake Immunotherapeutics (NASDAQ:MLTX) last posted its quarterly earnings data on Monday, May 12th. The company reported ($0.63) earnings per share for the quarter, beating the consensus estimate of ($0.76) by $0.13. During the same period last year, the company earned ($0.22) earnings per share. On average, equities analysts forecast that MoonLake Immunotherapeutics will post -1.79 EPS for the current year.

Institutional Investors Weigh In On MoonLake Immunotherapeutics

Several large investors have recently modified their holdings of the company. Woodline Partners LP boosted its holdings in shares of MoonLake Immunotherapeutics by 0.9% in the first quarter. Woodline Partners LP now owns 296,148 shares of the company’s stock valued at $11,571,000 after acquiring an additional 2,613 shares during the period. Zimmer Partners LP acquired a new stake in shares of MoonLake Immunotherapeutics in the first quarter valued at approximately $957,000. Octagon Capital Advisors LP acquired a new stake in shares of MoonLake Immunotherapeutics in the first quarter valued at approximately $11,565,000. Caxton Associates LLP acquired a new stake in shares of MoonLake Immunotherapeutics during the first quarter worth $347,000. Finally, Millennium Management LLC lifted its holdings in shares of MoonLake Immunotherapeutics by 3,343.2% during the first quarter. Millennium Management LLC now owns 344,320 shares of the company’s stock worth $13,453,000 after purchasing an additional 334,320 shares during the period. 93.85% of the stock is owned by institutional investors and hedge funds.

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.