MoonLake Immunotherapeutics (NASDAQ:MLTX) Shares Down 5.6% – Here’s What Happened

Shares of MoonLake Immunotherapeutics (NASDAQ:MLTX) fell 5.6% during trading on Friday . The stock traded as low as $50.66 and last traded at $50.77. 23,191 shares changed hands during mid-day trading, a decline of 94% from the average session volume of 357,597 shares. The stock had previously closed at $53.77.

Analysts Set New Price Targets

MLTX has been the subject of several recent research reports. Wolfe Research lowered MoonLake Immunotherapeutics from an “outperform” rating to a “peer perform” rating in a research report on Monday, August 26th. Cantor Fitzgerald reiterated an “overweight” rating on shares of MoonLake Immunotherapeutics in a research note on Monday, September 23rd. HC Wainwright reissued a “buy” rating and set a $100.00 target price on shares of MoonLake Immunotherapeutics in a report on Thursday, November 14th. Needham & Company LLC reaffirmed a “buy” rating and issued a $62.00 price objective on shares of MoonLake Immunotherapeutics in a report on Thursday, September 12th. Finally, Wedbush reissued an “outperform” rating and issued a $73.00 price target (down previously from $92.00) on shares of MoonLake Immunotherapeutics in a research note on Tuesday, November 5th. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $79.88.

MoonLake Immunotherapeutics Stock Down 5.9 %

The business has a 50 day simple moving average of $50.56 and a 200-day simple moving average of $47.23.

MoonLake Immunotherapeutics (NASDAQ:MLTX) last announced its earnings results on Thursday, November 7th. The company reported ($0.56) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.12). During the same period last year, the firm earned ($0.18) earnings per share. Equities analysts predict that MoonLake Immunotherapeutics will post -1.74 earnings per share for the current year.

Insider Activity at MoonLake Immunotherapeutics

In other news, Director Simon Sturge sold 171,000 shares of the firm’s stock in a transaction on Friday, October 4th. The stock was sold at an average price of $53.72, for a total transaction of $9,186,120.00. Following the transaction, the director now directly owns 171,980 shares of the company’s stock, valued at approximately $9,238,765.60. This trade represents a 49.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 12.02% of the company’s stock.

Institutional Investors Weigh In On MoonLake Immunotherapeutics

A number of large investors have recently added to or reduced their stakes in MLTX. Vanguard Group Inc. increased its position in MoonLake Immunotherapeutics by 25.3% in the 1st quarter. Vanguard Group Inc. now owns 92,298 shares of the company’s stock valued at $4,636,000 after acquiring an additional 18,641 shares in the last quarter. California State Teachers Retirement System increased its position in MoonLake Immunotherapeutics by 2.7% during the first quarter. California State Teachers Retirement System now owns 16,366 shares of the company’s stock worth $822,000 after acquiring an additional 429 shares during the period. TD Asset Management Inc raised its position in MoonLake Immunotherapeutics by 2.5% during the second quarter. TD Asset Management Inc now owns 209,234 shares of the company’s stock valued at $9,200,000 after purchasing an additional 5,140 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of MoonLake Immunotherapeutics by 16.0% during the second quarter. Victory Capital Management Inc. now owns 174,682 shares of the company’s stock worth $7,681,000 after purchasing an additional 24,037 shares during the period. Finally, Federated Hermes Inc. lifted its holdings in MoonLake Immunotherapeutics by 2.6% in the second quarter. Federated Hermes Inc. now owns 1,128,428 shares of the company’s stock valued at $49,617,000 after buying an additional 28,672 shares during the period. Institutional investors own 93.85% of the company’s stock.

MoonLake Immunotherapeutics Company 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.