MoonLake Immunotherapeutics (NASDAQ:MLTX) Shares Down 5.8%

MoonLake Immunotherapeutics (NASDAQ:MLTX) shares fell 5.8% on Wednesday . The company traded as low as $51.10 and last traded at $51.10. 164,352 shares traded hands during mid-day trading, a decline of 57% from the average session volume of 380,660 shares. The stock had previously closed at $54.26.

Analysts Set New Price Targets

Several analysts have recently commented on MLTX shares. Wolfe Research cut MoonLake Immunotherapeutics from an “outperform” rating to a “peer perform” rating in a report on Monday, August 26th. Needham & Company LLC reaffirmed a “buy” rating and issued a $62.00 target price on shares of MoonLake Immunotherapeutics in a research note on Thursday, September 12th. Oppenheimer initiated 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 for the company. Cantor Fitzgerald reiterated an “overweight” rating on shares of MoonLake Immunotherapeutics in a research note on Monday. Finally, HC Wainwright reissued a “buy” rating and issued a $100.00 price target on shares of MoonLake Immunotherapeutics in a research note on Thursday, September 12th. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, MoonLake Immunotherapeutics has a consensus rating of “Moderate Buy” and a consensus target price of $80.45.

MoonLake Immunotherapeutics Stock Performance

The firm has a market cap of $3.25 billion, a price-to-earnings ratio of -70.07 and a beta of 1.26. The company’s fifty day moving average is $47.04 and its two-hundred day moving average is $44.85.

MoonLake Immunotherapeutics (NASDAQ:MLTX) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.11). During the same quarter in the previous year, the company earned ($0.23) earnings per share. As a group, analysts forecast that MoonLake Immunotherapeutics will post -1.57 earnings per share for the current fiscal year.

Institutional Investors Weigh In On MoonLake Immunotherapeutics

A number of institutional investors and hedge funds have recently modified their holdings of MLTX. Logos Global Management LP purchased a new position in MoonLake Immunotherapeutics in the 2nd quarter worth about $32,978,000. Marshall Wace LLP boosted its holdings in shares of MoonLake Immunotherapeutics by 115.0% in the second quarter. Marshall Wace LLP now owns 1,098,630 shares of the company’s stock worth $48,307,000 after buying an additional 587,684 shares during the period. Avoro Capital Advisors LLC increased its position in shares of MoonLake Immunotherapeutics by 29.0% in the fourth quarter. Avoro Capital Advisors LLC now owns 2,580,000 shares of the company’s stock worth $155,806,000 after acquiring an additional 580,001 shares in the last quarter. Finepoint Capital LP raised its holdings in shares of MoonLake Immunotherapeutics by 170.1% during the fourth quarter. Finepoint Capital LP now owns 895,000 shares of the company’s stock valued at $54,049,000 after acquiring an additional 563,584 shares during the period. Finally, Westfield Capital Management Co. LP lifted its position 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 acquiring an additional 298,823 shares in the last quarter. 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.