MoonLake Immunotherapeutics (NASDAQ:MLTX) Shares Gap Up Following Analyst Upgrade

Shares of MoonLake Immunotherapeutics (NASDAQ:MLTX) gapped up before the market opened on Tuesday after Barclays raised their price target on the stock from $41.00 to $59.00. The stock had previously closed at $52.62, but opened at $62.26. Barclays currently has an equal weight rating on the stock. MoonLake Immunotherapeutics shares last traded at $60.10, with a volume of 446,961 shares trading hands.

MLTX has been the topic of a number of other research reports. SVB Securities upped their target price on shares of MoonLake Immunotherapeutics from $28.00 to $56.00 in a report on Monday, June 26th. Guggenheim upped their target price on shares of MoonLake Immunotherapeutics from $51.00 to $65.00 in a report on Monday, June 26th. HC Wainwright reaffirmed a “buy” rating and set a $75.00 target price on shares of MoonLake Immunotherapeutics in a report on Monday, August 14th. Needham & Company LLC initiated coverage on shares of MoonLake Immunotherapeutics in a report on Thursday, August 31st. They issued a “buy” rating and a $76.00 price target on the stock. Finally, Cantor Fitzgerald increased their price target on shares of MoonLake Immunotherapeutics from $29.00 to $65.00 in a report on Monday, July 3rd. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, MoonLake Immunotherapeutics has an average rating of “Moderate Buy” and a consensus price target of $58.80.

Insider Activity at MoonLake Immunotherapeutics

In other MoonLake Immunotherapeutics news, major shareholder Bihua Chen bought 800,000 shares of MoonLake Immunotherapeutics stock in a transaction that occurred on Friday, June 30th. The shares were bought at an average price of $50.00 per share, with a total value of $40,000,000.00. Following the acquisition, the insider now owns 4,927,100 shares in the company, valued at $246,355,000. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 15.27% of the stock is owned by insiders.

Institutional Investors Weigh In On MoonLake Immunotherapeutics

Several institutional investors have recently added to or reduced their stakes in MLTX. Osaic Holdings Inc. boosted its position in MoonLake Immunotherapeutics by 956.6% during the 2nd quarter. Osaic Holdings Inc. now owns 803 shares of the company’s stock valued at $41,000 after buying an additional 727 shares during the period. Tower Research Capital LLC TRC purchased a new stake in shares of MoonLake Immunotherapeutics in the 2nd quarter worth about $47,000. Goldman Sachs Group Inc. purchased a new stake in shares of MoonLake Immunotherapeutics in the 2nd quarter worth about $62,000. Bank of America Corp DE purchased a new stake in shares of MoonLake Immunotherapeutics in the 4th quarter worth about $83,000. Finally, Geode Capital Management LLC purchased a new stake in shares of MoonLake Immunotherapeutics in the 4th quarter worth about $120,000.

MoonLake Immunotherapeutics Stock Performance

The company’s 50-day moving average price is $55.10 and its 200 day moving average price is $36.19. The stock has a market capitalization of $3.61 billion, a PE ratio of -55.60 and a beta of 1.46.

MoonLake Immunotherapeutics (NASDAQ:MLTX) last posted its quarterly earnings data on Thursday, August 10th. The company reported ($0.23) EPS for the quarter, topping the consensus estimate of ($0.27) by $0.04. Analysts expect that MoonLake Immunotherapeutics will post -0.96 earnings per share for the current year.

About MoonLake Immunotherapeutics

MoonLake Immunotherapeutics, a clinical-stage biopharmaceutical company, engages in developing therapies. It is developing Sonelokimab, a novel investigational Nanobody for the treatment of inflammation diseases. The company is involved in conducting Phase II trials for hidradenitis suppurativa, psoriatic arthritis, ankylosing spondylitis, or axial spondyloarthritis.