Congress Asset Management Co. Makes New Investment in MoonLake Immunotherapeutics (NASDAQ:MLTX)

Congress Asset Management Co. bought a new stake in shares of MoonLake Immunotherapeutics (NASDAQ:MLTX) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 66,641 shares of the company’s stock, valued at approximately $3,360,000. Congress Asset Management Co. owned 0.10% of MoonLake Immunotherapeutics as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Handelsbanken Fonder AB boosted its position in MoonLake Immunotherapeutics by 26.2% during the third quarter. Handelsbanken Fonder AB now owns 13,000 shares of the company’s stock worth $655,000 after purchasing an additional 2,700 shares in the last quarter. Quarry LP lifted its position in shares of MoonLake Immunotherapeutics by 172.7% during the 2nd quarter. Quarry LP now owns 3,000 shares of the company’s stock valued at $132,000 after buying an additional 1,900 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in MoonLake Immunotherapeutics by 37.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 114,234 shares of the company’s stock valued at $5,023,000 after acquiring an additional 31,401 shares during the period. Millennium Management LLC grew its stake in MoonLake Immunotherapeutics by 596.0% in the 2nd quarter. Millennium Management LLC now owns 216,964 shares of the company’s stock valued at $9,540,000 after acquiring an additional 185,789 shares during the period. Finally, Marshall Wace LLP raised its position in MoonLake Immunotherapeutics by 115.0% during the second quarter. Marshall Wace LLP now owns 1,098,630 shares of the company’s stock worth $48,307,000 after acquiring an additional 587,684 shares during the period. Hedge funds and other institutional investors own 93.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on MLTX. Cantor Fitzgerald reissued an “overweight” rating on shares of MoonLake Immunotherapeutics in a research note on Monday, September 23rd. Wolfe Research downgraded MoonLake Immunotherapeutics from an “outperform” rating to a “peer perform” rating in a research report on Monday, August 26th. HC Wainwright reiterated a “buy” rating and set a $100.00 price target on shares of MoonLake Immunotherapeutics in a research report on Tuesday, October 15th. Finally, Needham & Company LLC restated a “buy” rating and issued a $62.00 price objective on shares of MoonLake Immunotherapeutics in a report on Thursday, September 12th. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $80.45.

Insider Buying and Selling

In other news, Director Simon Sturge sold 171,000 shares of the company’s stock in a transaction on Friday, October 4th. The stock was sold at an average price of $53.72, for a total value of $9,186,120.00. Following the transaction, the director now owns 171,980 shares of the company’s stock, valued at $9,238,765.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 12.02% of the stock is currently owned by company insiders.

MoonLake Immunotherapeutics Trading Up 0.7 %

Shares of MLTX stock opened at $46.76 on Friday. MoonLake Immunotherapeutics has a twelve month low of $35.11 and a twelve month high of $64.98. The stock has a market cap of $2.99 billion, a price-to-earnings ratio of -51.38 and a beta of 1.26. The company’s 50-day moving average price is $49.17 and its 200-day moving average price is $45.13.

MoonLake Immunotherapeutics (NASDAQ:MLTX) last posted its quarterly earnings results 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 last year, the firm earned ($0.23) EPS. As a group, equities research analysts predict that MoonLake Immunotherapeutics will post -1.54 EPS for the current year.

MoonLake Immunotherapeutics Profile

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.