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. MoonLake Immunotherapeutics shares last traded at $16.5070, with a volume of 248,567 shares.

Several other brokerages have also issued reports on MLTX. Needham & Company LLC raised their target price on MoonLake Immunotherapeutics from $20.00 to $25.00 and gave the company a “buy” rating in a research report on Monday, February 23rd. UBS Group set a $24.00 price objective on shares of MoonLake Immunotherapeutics in a report on Friday, January 9th. Royal Bank Of Canada boosted their target price on shares of MoonLake Immunotherapeutics from $12.00 to $13.00 and gave the company a “sector perform” rating in a research note on Monday, March 2nd. BTIG Research raised their price target on shares of MoonLake Immunotherapeutics from $24.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, February 23rd. Finally, Oppenheimer upped their price objective on MoonLake Immunotherapeutics from $30.00 to $35.00 and gave the company an “outperform” rating in a research note on Tuesday, February 24th. Eight equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus 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 business. Kestra Advisory Services LLC bought a new stake in shares of MoonLake Immunotherapeutics during the 4th quarter valued at about $26,000. FNY Investment Advisers LLC bought a new stake in MoonLake Immunotherapeutics during the third quarter valued at approximately $28,000. Bank of America Corp DE grew its stake in MoonLake Immunotherapeutics by 64.7% in the 3rd quarter. Bank of America Corp DE now owns 4,532 shares of the company’s stock worth $32,000 after buying an additional 1,781 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in MoonLake Immunotherapeutics by 115.0% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,919 shares of the company’s stock worth $42,000 after buying an additional 3,166 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in shares of MoonLake Immunotherapeutics by 45.4% in the 4th quarter. Russell Investments Group Ltd. now owns 3,426 shares of the company’s stock worth $45,000 after buying an additional 1,069 shares during the last quarter. 93.85% of the stock is currently owned by hedge funds and other institutional investors.

MoonLake Immunotherapeutics Stock Performance

The company’s 50-day moving average price is $16.84 and its two-hundred day moving average price is $19.68. The company has a debt-to-equity ratio of 0.24, a quick ratio of 9.27 and a current ratio of 9.27. The stock has a market cap of $1.18 billion, a PE ratio of -4.68 and a beta of 1.20.

MoonLake Immunotherapeutics (NASDAQ:MLTX) last announced its earnings results on Wednesday, February 25th. The company reported ($0.92) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.92). During the same quarter in the previous year, the business earned ($0.72) earnings per share. On average, equities research analysts forecast that MoonLake Immunotherapeutics will post -1.79 EPS 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.