MoonLake Immunotherapeutics (NASDAQ:MLTX) Shares Gap Down After Insider Selling

MoonLake Immunotherapeutics (NASDAQ:MLTX) shares gapped down prior to trading on Wednesday following insider selling activity. The stock had previously closed at $49.85, but opened at $47.79. MoonLake Immunotherapeutics shares last traded at $47.01, with a volume of 266,585 shares changing hands.

Specifically, Director Simon Sturge sold 171,000 shares of MoonLake Immunotherapeutics stock in a transaction on Friday, October 4th. The shares were sold at an average price of $53.72, for a total value of $9,186,120.00. Following the completion of the transaction, the director now directly owns 171,980 shares of the company’s stock, valued at $9,238,765.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on MLTX. Cantor Fitzgerald reiterated an “overweight” rating on shares of MoonLake Immunotherapeutics in a report on Monday, September 23rd. Needham & Company LLC reiterated a “buy” rating and set a $62.00 price objective on shares of MoonLake Immunotherapeutics in a research report on Thursday, September 12th. Oppenheimer assumed coverage on shares of MoonLake Immunotherapeutics in a research note on Tuesday, June 25th. They issued an “outperform” rating and a $104.00 target price on the stock. HC Wainwright reaffirmed a “buy” rating and set a $100.00 price target on shares of MoonLake Immunotherapeutics in a research note on Thursday, September 12th. Finally, Wolfe Research lowered shares of MoonLake Immunotherapeutics from an “outperform” rating to a “peer perform” rating in a research report on Monday, August 26th. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $80.45.

MoonLake Immunotherapeutics Stock Performance

The company has a market cap of $3.00 billion, a PE ratio of -62.67 and a beta of 1.26. The stock has a 50 day moving average of $48.62 and a 200-day moving average of $45.11.

MoonLake Immunotherapeutics (NASDAQ:MLTX) last issued its earnings results on Wednesday, August 7th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.11). During the same period in the previous year, the firm earned ($0.23) EPS. Equities research analysts forecast that MoonLake Immunotherapeutics will post -1.57 EPS for the current year.

Hedge Funds Weigh In On MoonLake Immunotherapeutics

Several institutional investors and hedge funds have recently modified their holdings of the stock. Avoro Capital Advisors LLC grew its holdings in 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 acquiring an additional 190,000 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of MoonLake Immunotherapeutics by 9.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,314,012 shares of the company’s stock worth $139,744,000 after purchasing an additional 196,144 shares during the period. Federated Hermes Inc. grew its stake in shares of MoonLake Immunotherapeutics by 2.6% during the 2nd quarter. Federated Hermes Inc. now owns 1,128,428 shares of the company’s stock worth $49,617,000 after purchasing an additional 28,672 shares during the period. Marshall Wace LLP increased its holdings in shares of MoonLake Immunotherapeutics by 115.0% during the 2nd quarter. Marshall Wace LLP now owns 1,098,630 shares of the company’s stock valued at $48,307,000 after purchasing an additional 587,684 shares in the last quarter. Finally, Westfield Capital Management Co. LP lifted its stake in shares of MoonLake Immunotherapeutics by 48.8% in the 1st quarter. Westfield Capital Management Co. LP now owns 910,873 shares of the company’s stock valued at $45,753,000 after purchasing an additional 298,823 shares during the period. Institutional investors and hedge funds 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.