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

MoonLake Immunotherapeutics (NASDAQ:MLTX) gapped up prior to trading on Thursday after Rothschild & Co Redburn upgraded the stock from a neutral rating to a buy rating. The stock had previously closed at $16.23, but opened at $17.20. Rothschild & Co Redburn now has a $40.00 price target on the stock, up from their previous price target of $12.00. MoonLake Immunotherapeutics shares last traded at $16.5070, with a volume of 248,567 shares traded.

Several other research analysts have also issued reports on the stock. HC Wainwright lifted their price target on shares of MoonLake Immunotherapeutics from $32.00 to $40.00 and gave the stock a “buy” rating in a research report on Monday, March 2nd. The Goldman Sachs Group downgraded MoonLake Immunotherapeutics from a “neutral” rating to a “sell” rating and increased their price objective for the company from $8.00 to $10.00 in a research report on Wednesday, January 14th. UBS Group set a $24.00 price objective on MoonLake Immunotherapeutics in a research note on Friday, January 9th. Royal Bank Of Canada lifted their target price on MoonLake Immunotherapeutics from $12.00 to $13.00 and gave the stock a “sector perform” rating in a report on Monday, March 2nd. Finally, Oppenheimer boosted their target price on MoonLake Immunotherapeutics from $30.00 to $35.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 24th. Eight equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $25.92.

Hedge Funds Weigh In On MoonLake Immunotherapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Millennium Management LLC grew its position in MoonLake Immunotherapeutics by 3,343.2% during the 1st quarter. Millennium Management LLC now owns 344,320 shares of the company’s stock worth $13,453,000 after purchasing an additional 334,320 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of MoonLake Immunotherapeutics by 0.9% in the second quarter. Geode Capital Management LLC now owns 59,553 shares of the company’s stock valued at $2,809,000 after purchasing an additional 559 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of MoonLake Immunotherapeutics by 4,584.5% in the second quarter. JPMorgan Chase & Co. now owns 39,397 shares of the company’s stock worth $1,860,000 after buying an additional 38,556 shares during the period. Legal & General Group Plc grew its holdings in shares of MoonLake Immunotherapeutics by 7.3% during the second quarter. Legal & General Group Plc now owns 20,905 shares of the company’s stock valued at $987,000 after buying an additional 1,425 shares in the last quarter. Finally, Elevation Point Wealth Partners LLC purchased a new position in shares of MoonLake Immunotherapeutics during the second quarter valued at $74,000. Institutional investors and hedge funds own 93.85% of the company’s stock.

MoonLake Immunotherapeutics Stock Up 2.8%

The stock has a market capitalization of $1.20 billion, a price-to-earnings ratio of -4.74 and a beta of 1.20. The company has a quick ratio of 9.27, a current ratio of 9.27 and a debt-to-equity ratio of 0.24. The firm has a 50-day moving average of $16.89 and a two-hundred day moving average of $19.66.

MoonLake Immunotherapeutics (NASDAQ:MLTX) last announced its quarterly earnings data on Wednesday, February 25th. The company reported ($0.92) EPS for the quarter, hitting analysts’ consensus estimates of ($0.92). During the same period last year, the business earned ($0.72) EPS. As a group, sell-side analysts anticipate that MoonLake Immunotherapeutics will post -1.79 earnings per share for the current year.

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.