MoonLake Immunotherapeutics (NASDAQ:MLTX) Stock Price Down 5.6% – Here’s Why

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

Wall Street Analyst Weigh In

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

MoonLake Immunotherapeutics Trading Down 4.5 %

The firm’s 50-day moving average price is $50.48 and its 200-day moving average price is $47.34. The stock has a market capitalization of $3.28 billion, a PE ratio of -39.80 and a beta of 1.31.

MoonLake Immunotherapeutics (NASDAQ:MLTX) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.56) earnings per share for the quarter, missing the consensus estimate of ($0.44) by ($0.12). During the same period in the prior year, the company earned ($0.18) earnings per share. On average, equities research analysts predict that MoonLake Immunotherapeutics will post -1.74 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Simon Sturge sold 171,000 shares of the firm’s stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $53.72, for a total value of $9,186,120.00. Following the completion of the sale, the director now owns 171,980 shares in the company, valued at approximately $9,238,765.60. This trade represents a 49.86 % decrease in their position. The transaction was disclosed in a legal filing 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

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MLTX. US Bancorp DE purchased a new position in shares of MoonLake Immunotherapeutics during the third quarter valued at approximately $44,000. Quarry LP boosted its holdings in 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 acquiring an additional 1,900 shares during the period. Barclays PLC grew its position in MoonLake Immunotherapeutics by 1,269.2% in the 3rd quarter. Barclays PLC now owns 5,641 shares of the company’s stock valued at $283,000 after acquiring an additional 5,229 shares during the last quarter. Handelsbanken Fonder AB increased its stake in MoonLake Immunotherapeutics by 26.2% in 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 during the period. Finally, AlphaCentric Advisors LLC bought a new stake in shares of MoonLake Immunotherapeutics during the third quarter worth $706,000. 93.85% of the stock is owned by hedge funds and other institutional investors.

About MoonLake Immunotherapeutics

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.