Shares of MoonLake Immunotherapeutics (NASDAQ:MLTX) have received a consensus rating of “Buy” from seven brokerages currently covering the company, according to Marketbeat Ratings. The average one-year price target among these analysts now stands at $74.50, highlighting a strong market confidence in the firm.
Several investment analysts have recently shared their views on MoonLake Immunotherapeutics. On June 3, 2023, Royal Bank of Canada reiterated an “outperform” rating with a price target of $67.00. Earlier, on May 19, Wolfe Research upgraded the stock from a “peer perform” rating to “outperform,” setting a target at $61.00. Additionally, on May 13, Wedbush also maintained an “outperform” rating while increasing its price target to $80.00 from a previous $78.00. Needham & Company LLC reaffirmed a “buy” rating with a price objective of $66.00 on the same day.
Recent Financial Performance
MoonLake Immunotherapeutics recently announced its quarterly earnings on May 12, 2023. The company reported earnings per share of ($0.63), which surpassed analysts’ expectations of ($0.76) by $0.13. In the same quarter of the previous year, the firm had earnings per share of ($0.22). Analysts now anticipate that the company will post an average earnings per share of ($1.79) for the current fiscal year.
In terms of institutional investments, multiple hedge funds have adjusted their stakes in MoonLake. Notably, UBS Asset Management Americas LLC increased its stake by 17.9% in the fourth quarter, now owning 42,236 shares valued at approximately $2.29 million after acquiring an additional 6,422 shares. Other institutional investors, such as KLP Kapitalforvaltning AS and Dimensional Fund Advisors LP, also purchased new stakes in the company valued at $244,000 and $3.49 million, respectively. Approximately 93.85% of MoonLake’s stock is held by institutional investors.
Company Overview and Future Prospects
Founded in 2020 and headquartered in Zug, Switzerland, MoonLake Immunotherapeutics is a clinical-stage biopharmaceutical company focused on developing innovative therapies. The firm is advancing Sonelokimab, an investigational Nanobody aimed at treating inflammatory diseases, including hidradenitis suppurativa, psoriatic arthritis, axial spondyloarthritis, and psoriasis.
As MoonLake continues to draw interest from analysts and institutional investors, its strategic developments and financial performance will be closely monitored by market participants. The positive ratings and revised price targets reflect growing confidence in the company’s potential to deliver significant breakthroughs in the biopharmaceutical sector.
