MoonLake Immunotherapeutics (NASDAQ:MLTX) Sees Strong Trading Volume – Here’s Why

MoonLake Immunotherapeutics (NASDAQ:MLTX) shares saw strong trading volume on Friday . 2,020,229 shares were traded during mid-day trading, an increase of 422% from the previous session’s volume of 386,913 shares.The stock last traded at $52.90 and had previously closed at $52.00.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on MLTX. HC Wainwright restated a “buy” rating and set a $100.00 price target on shares of MoonLake Immunotherapeutics in a research note on Thursday, September 12th. Wolfe Research lowered MoonLake Immunotherapeutics from an “outperform” rating to a “peer perform” rating in a report on Monday, August 26th. Needham & Company LLC reiterated a “buy” rating and set a $62.00 price target on shares of MoonLake Immunotherapeutics in a report 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. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of MoonLake Immunotherapeutics in a report on Monday, September 23rd. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $80.45.

MoonLake Immunotherapeutics Stock Up 0.6 %

The firm’s 50-day moving average is $47.85 and its 200-day moving average is $45.12. The company has a market cap of $3.34 billion, a PE ratio of -69.33 and a beta of 1.26.

MoonLake Immunotherapeutics (NASDAQ:MLTX) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.11). During the same period last year, the company posted ($0.23) earnings per share. As a group, equities research analysts anticipate that MoonLake Immunotherapeutics will post -1.57 EPS for the current fiscal year.

Institutional Investors Weigh In On MoonLake Immunotherapeutics

Institutional investors and hedge funds have recently made changes to their positions in the company. Quarry LP boosted its holdings in shares of MoonLake Immunotherapeutics by 172.7% in the second quarter. Quarry LP now owns 3,000 shares of the company’s stock worth $132,000 after buying an additional 1,900 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in MoonLake Immunotherapeutics by 37.9% during the second quarter. The Manufacturers Life Insurance Company now owns 114,234 shares of the company’s stock valued at $5,023,000 after purchasing an additional 31,401 shares in the last quarter. Millennium Management LLC grew its holdings in MoonLake Immunotherapeutics by 596.0% during the second quarter. Millennium Management LLC now owns 216,964 shares of the company’s stock valued at $9,540,000 after purchasing an additional 185,789 shares during the period. Marshall Wace LLP increased its position in 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 in the last quarter. Finally, Logos Global Management LP bought a new position in shares of MoonLake Immunotherapeutics in the second quarter worth about $32,978,000. 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.