MoonLake Immunotherapeutics (NASDAQ:MLTX) Shares Gap Down After Insider Selling

MoonLake Immunotherapeutics (NASDAQ:MLTX)’s stock price gapped down prior to trading on Wednesday following insider selling activity. The stock had previously closed at $49.85, but opened at $47.79. MoonLake Immunotherapeutics shares last traded at $47.01, with a volume of 266,585 shares traded.

Specifically, Director Simon Sturge sold 171,000 shares of the 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 transaction, the director now owns 171,980 shares in the company, valued at approximately $9,238,765.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on MLTX shares. Needham & Company LLC reaffirmed a “buy” rating and set a $62.00 target price on shares of MoonLake Immunotherapeutics in a research note on Thursday, September 12th. Oppenheimer assumed coverage on shares of MoonLake Immunotherapeutics in a research report on Tuesday, June 25th. They set an “outperform” rating and a $104.00 price objective for the company. Wolfe Research downgraded shares of MoonLake Immunotherapeutics from an “outperform” rating to a “peer perform” rating in a report on Monday, August 26th. HC Wainwright reissued a “buy” rating and set a $100.00 target price on shares of MoonLake Immunotherapeutics in a research note on Thursday, September 12th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of MoonLake Immunotherapeutics in a research report on Monday, September 23rd. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, MoonLake Immunotherapeutics has a consensus rating of “Moderate Buy” and an average target price of $80.45.

MoonLake Immunotherapeutics Stock Performance

The firm has a market capitalization of $3.00 billion, a PE ratio of -62.67 and a beta of 1.26. The stock’s 50 day simple moving average is $48.62 and its two-hundred day simple moving average is $45.11.

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of MLTX. Quarry LP purchased a new stake in shares of MoonLake Immunotherapeutics in the fourth quarter valued at about $51,000. Bellevue Group AG purchased a new stake in shares of MoonLake Immunotherapeutics in the 1st quarter valued at approximately $221,000. DNB Asset Management AS increased its holdings in shares of MoonLake Immunotherapeutics by 29.8% during the 2nd quarter. DNB Asset Management AS now owns 7,372 shares of the company’s stock worth $324,000 after buying an additional 1,694 shares during the last quarter. PNC Financial Services Group Inc. raised its position in shares of MoonLake Immunotherapeutics by 50.7% during the 4th quarter. PNC Financial Services Group Inc. now owns 6,147 shares of the company’s stock valued at $371,000 after buying an additional 2,067 shares during the period. Finally, Handelsbanken Fonder AB lifted its holdings in MoonLake Immunotherapeutics by 26.2% in the third quarter. Handelsbanken Fonder AB now owns 13,000 shares of the company’s stock valued at $655,000 after acquiring an additional 2,700 shares during the last quarter. Hedge funds and other 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.