MoonLake Immunotherapeutics (NASDAQ:MLTX) Trading Down 7.6% – Here’s What Happened

Shares of MoonLake Immunotherapeutics (NASDAQ:MLTX) fell 7.6% on Tuesday . The stock traded as low as $51.24 and last traded at $51.26. 139,124 shares changed hands during mid-day trading, a decline of 62% from the average session volume of 364,879 shares. The stock had previously closed at $55.47.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on MLTX. 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. Wedbush reiterated an “outperform” rating and issued a $73.00 target price (down previously from $92.00) on shares of MoonLake Immunotherapeutics in a research note on Tuesday, November 5th. Wolfe Research lowered MoonLake Immunotherapeutics from an “outperform” rating to a “peer perform” rating in a research note on Monday, August 26th. Cantor Fitzgerald restated an “overweight” rating on shares of MoonLake Immunotherapeutics in a research note on Monday, September 23rd. Finally, HC Wainwright restated a “buy” rating and set a $100.00 price target on shares of MoonLake Immunotherapeutics in a research note on Thursday, November 14th. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $79.00.

MoonLake Immunotherapeutics Price Performance

The stock has a fifty day simple moving average of $50.26 and a 200-day simple moving average of $46.70.

MoonLake Immunotherapeutics (NASDAQ:MLTX) last announced its quarterly 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 quarter in the prior year, the business earned ($0.18) earnings per share. Equities research analysts predict that MoonLake Immunotherapeutics will post -1.74 EPS for the current fiscal year.

Insider Transactions at MoonLake Immunotherapeutics

In related news, Director Simon Sturge sold 171,000 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the director now directly owns 171,980 shares in the company, valued at approximately $9,238,765.60. The trade was a 49.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 12.02% of the company’s stock.

Institutional Trading of MoonLake Immunotherapeutics

Large investors have recently made changes to their positions in the company. FMR LLC grew its holdings in MoonLake Immunotherapeutics by 35.8% in the 3rd quarter. FMR LLC now owns 4,950,224 shares of the company’s stock valued at $249,590,000 after buying an additional 1,306,215 shares in the last quarter. Logos Global Management LP purchased a new stake in MoonLake Immunotherapeutics in the 2nd quarter valued at $32,978,000. Marshall Wace LLP grew its holdings in MoonLake Immunotherapeutics by 115.0% in the 2nd quarter. Marshall Wace LLP now owns 1,098,630 shares of the company’s stock valued at $48,307,000 after buying an additional 587,684 shares in the last quarter. Avoro Capital Advisors LLC grew its holdings in MoonLake Immunotherapeutics by 7.4% in the 2nd quarter. Avoro Capital Advisors LLC now owns 2,770,000 shares of the company’s stock valued at $121,797,000 after buying an additional 190,000 shares in the last quarter. Finally, Millennium Management LLC grew its holdings 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 buying an additional 185,789 shares in the last quarter. 93.85% of the stock is currently owned by hedge funds and other institutional investors.

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.