MoonLake Immunotherapeutics (NASDAQ:MLTX) Shares Gap Up – Here’s Why

MoonLake Immunotherapeutics (NASDAQ:MLTX) gapped up prior to trading on Friday . The stock had previously closed at $41.47, but opened at $44.83. MoonLake Immunotherapeutics shares last traded at $43.38, with a volume of 119,893 shares traded.

Analyst Upgrades and Downgrades

MLTX has been the topic of several research analyst reports. The Goldman Sachs Group upgraded shares of MoonLake Immunotherapeutics from a “neutral” rating to a “buy” rating and raised their price target for the stock from $62.00 to $82.00 in a research report on Friday. HC Wainwright restated a “buy” rating and issued a $100.00 price target on shares of MoonLake Immunotherapeutics in a research report on Friday, January 10th. Cantor Fitzgerald reiterated an “overweight” rating on shares of MoonLake Immunotherapeutics in a research report on Monday, September 23rd. Finally, Wedbush reiterated an “outperform” rating and set a $73.00 target price (down from $92.00) on shares of MoonLake Immunotherapeutics in a research report on Tuesday, November 5th. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $84.29.

MoonLake Immunotherapeutics Stock Up 7.4 %

The stock has a market capitalization of $2.85 billion, a price-to-earnings ratio of -34.35 and a beta of 1.31. The stock’s 50-day simple moving average is $51.79 and its 200 day simple moving average is $48.93.

MoonLake Immunotherapeutics (NASDAQ:MLTX) last announced its earnings results on Thursday, November 7th. The company reported ($0.56) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.12). During the same period in the prior year, the company earned ($0.18) EPS. As a group, equities research analysts anticipate that MoonLake Immunotherapeutics will post -1.75 earnings per share for the current year.

Hedge Funds Weigh In On MoonLake Immunotherapeutics

Institutional investors have recently modified their holdings of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of MoonLake Immunotherapeutics by 96.4% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 35,814 shares of the company’s stock worth $1,806,000 after acquiring an additional 17,580 shares during the last quarter. Erste Asset Management GmbH bought a new position in shares of MoonLake Immunotherapeutics in the third quarter worth about $741,000. State Street Corp raised its stake in shares of MoonLake Immunotherapeutics by 96.2% in the third quarter. State Street Corp now owns 87,637 shares of the company’s stock worth $4,419,000 after acquiring an additional 42,980 shares during the last quarter. Harbor Capital Advisors Inc. raised its stake in shares of MoonLake Immunotherapeutics by 100.2% during the third quarter. Harbor Capital Advisors Inc. now owns 77,468 shares of the company’s stock worth $3,906,000 after buying an additional 38,779 shares during the last quarter. Finally, Rice Hall James & Associates LLC bought a new stake in shares of MoonLake Immunotherapeutics during the third quarter worth approximately $3,805,000. 93.85% of the stock is owned by 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.