MoonLake Immunotherapeutics (NASDAQ:MLTX) Stock Price Up 5.6%

MoonLake Immunotherapeutics (NASDAQ:MLTX) shares were up 5.6% on Wednesday . The company traded as high as $53.85 and last traded at $53.85. Approximately 297,658 shares changed hands during mid-day trading, a decline of 22% from the average daily volume of 381,000 shares. The stock had previously closed at $50.99.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on MLTX shares. Oppenheimer initiated coverage on MoonLake Immunotherapeutics in a research note on Tuesday, June 25th. They set an “outperform” rating and a $104.00 price target for the company. Wolfe Research cut shares of MoonLake Immunotherapeutics from an “outperform” rating to a “peer perform” rating in a research note on Monday, August 26th. HC Wainwright reiterated a “buy” rating and set a $100.00 target price on shares of MoonLake Immunotherapeutics in a research report on Thursday, September 12th. Cantor Fitzgerald reiterated an “overweight” rating on shares of MoonLake Immunotherapeutics in a research note on Monday, September 9th. Finally, Needham & Company LLC restated a “buy” rating and issued a $62.00 target price on shares of MoonLake Immunotherapeutics in a research note on Thursday, September 12th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, MoonLake Immunotherapeutics currently has an average rating of “Moderate Buy” and an average price target of $80.45.

MoonLake Immunotherapeutics Trading Up 5.6 %

The business has a 50-day moving average price of $46.37 and a 200 day moving average price of $44.59. The stock has a market capitalization of $3.44 billion, a P/E ratio of -71.39 and a beta of 1.26.

MoonLake Immunotherapeutics (NASDAQ:MLTX) last issued its earnings results on Wednesday, August 7th. The company reported ($0.39) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.11). During the same period last year, the firm earned ($0.23) EPS. On average, sell-side analysts predict that MoonLake Immunotherapeutics will post -1.45 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MLTX. Quarry LP acquired a new stake in shares of MoonLake Immunotherapeutics in the fourth quarter valued at $51,000. Bellevue Group AG purchased a new position in MoonLake Immunotherapeutics during the 1st quarter worth approximately $221,000. DNB Asset Management AS raised its position in MoonLake Immunotherapeutics by 29.8% in the 2nd quarter. DNB Asset Management AS now owns 7,372 shares of the company’s stock valued at $324,000 after purchasing an additional 1,694 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in MoonLake Immunotherapeutics by 50.7% during the 4th quarter. PNC Financial Services Group Inc. now owns 6,147 shares of the company’s stock valued at $371,000 after acquiring an additional 2,067 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new position in shares of MoonLake Immunotherapeutics during the 1st quarter worth approximately $726,000. 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.