Short Interest in MoonLake Immunotherapeutics (NASDAQ:MLTX) Declines By 6.3%

MoonLake Immunotherapeutics (NASDAQ:MLTX) was the recipient of a large decrease in short interest in October. As of October 31st, there was short interest totalling 6,640,000 shares, a decrease of 6.3% from the October 15th total of 7,090,000 shares. Based on an average trading volume of 640,200 shares, the short-interest ratio is presently 10.4 days. Approximately 16.7% of the company’s stock are sold short.

Insider Transactions at MoonLake Immunotherapeutics

In other MoonLake Immunotherapeutics news, major shareholder Bihua Chen bought 67,814 shares of the firm’s stock in a transaction on Wednesday, October 4th. The stock was acquired at an average price of $57.32 per share, with a total value of $3,887,098.48. Following the completion of the purchase, the insider now owns 8,435,312 shares of the company’s stock, valued at $483,512,083.84. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 15.27% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Osaic Holdings Inc. boosted its position in shares of 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 acquiring an additional 727 shares during the last quarter. LPL Financial LLC boosted its position in shares of MoonLake Immunotherapeutics by 12.6% during the 3rd quarter. LPL Financial LLC now owns 6,862 shares of the company’s stock valued at $391,000 after acquiring an additional 767 shares during the last quarter. Tower Research Capital LLC TRC bought a new position in shares of MoonLake Immunotherapeutics during the 2nd quarter valued at approximately $47,000. UBS Group AG raised its position in MoonLake Immunotherapeutics by 2.7% during the third quarter. UBS Group AG now owns 75,664 shares of the company’s stock valued at $587,000 after purchasing an additional 2,004 shares during the period. Finally, Bank of America Corp DE raised its position in MoonLake Immunotherapeutics by 30.1% during the first quarter. Bank of America Corp DE now owns 10,280 shares of the company’s stock valued at $220,000 after purchasing an additional 2,380 shares during the period.

Wall Street Analyst Weigh In

Several analysts recently commented on MLTX shares. HC Wainwright reissued a “buy” rating and set a $75.00 price objective on shares of MoonLake Immunotherapeutics in a research report on Tuesday, September 12th. Cantor Fitzgerald reiterated an “overweight” rating and set a $78.00 target price on shares of MoonLake Immunotherapeutics in a research note on Wednesday, November 8th. Stifel Nicolaus started coverage on shares of MoonLake Immunotherapeutics in a research note on Thursday, November 2nd. They set a “buy” rating and a $74.00 target price for the company. Barclays boosted their target price on shares of MoonLake Immunotherapeutics from $41.00 to $59.00 and gave the company an “equal weight” rating in a research note on Tuesday, September 12th. Finally, Guggenheim boosted their target price on shares of MoonLake Immunotherapeutics from $70.00 to $77.00 and gave the company a “buy” rating in a research note on Wednesday. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $67.70.

MoonLake Immunotherapeutics Stock Performance

MLTX opened at $40.30 on Friday. The stock has a market capitalization of $2.52 billion, a price-to-earnings ratio of -38.75 and a beta of 1.49. The company has a fifty day moving average of $52.13 and a 200 day moving average of $46.02. MoonLake Immunotherapeutics has a fifty-two week low of $7.89 and a fifty-two week high of $63.40.

MoonLake Immunotherapeutics (NASDAQ:MLTX) last posted its earnings results on Tuesday, November 14th. The company reported ($0.18) earnings per share for the quarter, beating the consensus estimate of ($0.23) by $0.05. On average, equities research analysts forecast that MoonLake Immunotherapeutics will post -0.95 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.