MoonLake Immunotherapeutics (NASDAQ:MLTX) Trading Down 4.9% – Here’s What Happened

MoonLake Immunotherapeutics (NASDAQ:MLTX) shares traded down 4.9% on Monday . The company traded as low as $17.57 and last traded at $17.54. 372,512 shares were traded during mid-day trading, a decline of 75% from the average session volume of 1,470,565 shares. The stock had previously closed at $18.44.

Wall Street Analyst Weigh In

Several research firms recently commented on MLTX. Needham & Company LLC increased their target price on shares of MoonLake Immunotherapeutics from $25.00 to $30.00 and gave the company a “buy” rating in a report on Tuesday, May 12th. Leerink Partners boosted their price target on shares of MoonLake Immunotherapeutics from $24.00 to $29.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 1st. BTIG Research restated a “buy” rating and set a $30.00 price target on shares of MoonLake Immunotherapeutics in a research report on Tuesday, June 9th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of MoonLake Immunotherapeutics in a research note on Tuesday, May 12th. Finally, HC Wainwright reissued a “buy” rating and issued a $45.00 target price on shares of MoonLake Immunotherapeutics in a research note on Monday, July 20th. Ten investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $24.21.

MoonLake Immunotherapeutics Stock Down 4.3%

The company has a 50 day moving average of $19.12 and a 200-day moving average of $17.85. The company has a market capitalization of $1.30 billion, a P/E ratio of -4.56 and a beta of 1.06. The company has a debt-to-equity ratio of 0.39, a current ratio of 8.60 and a quick ratio of 8.60.

MoonLake Immunotherapeutics (NASDAQ:MLTX) last announced its earnings results on Monday, May 11th. The company reported ($0.98) EPS for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.07). As a group, equities analysts anticipate that MoonLake Immunotherapeutics will post -3.64 EPS for the current year.

Insider Activity

In other MoonLake Immunotherapeutics news, CEO Da Silva Jorge Santos sold 68,289 shares of the firm’s stock in a transaction dated Friday, July 10th. The shares were sold at an average price of $20.02, for a total value of $1,367,145.78. Following the completion of the sale, the chief executive officer directly owned 2,774,893 shares in the company, valued at $55,553,357.86. This trade represents a 2.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Kristian Reich sold 50,000 shares of MoonLake Immunotherapeutics stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $20.02, for a total value of $1,001,000.00. Following the sale, the insider directly owned 2,714,746 shares in the company, valued at approximately $54,349,214.92. The trade was a 1.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 344,800 shares of company stock valued at $6,820,071. Corporate insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in MLTX. Cormorant Asset Management LP boosted its position in shares of MoonLake Immunotherapeutics by 118.4% during the fourth quarter. Cormorant Asset Management LP now owns 4,355,433 shares of the company’s stock valued at $57,405,000 after purchasing an additional 2,361,260 shares in the last quarter. Janus Henderson Group PLC lifted its position in MoonLake Immunotherapeutics by 64.7% during the first quarter. Janus Henderson Group PLC now owns 3,451,628 shares of the company’s stock valued at $64,304,000 after buying an additional 1,355,640 shares during the period. Logos Global Management LP bought a new stake in shares of MoonLake Immunotherapeutics during the 4th quarter valued at $23,065,000. Weiss Asset Management LP grew its position in shares of MoonLake Immunotherapeutics by 413.1% in the 1st quarter. Weiss Asset Management LP now owns 1,708,328 shares of the company’s stock worth $31,843,000 after buying an additional 1,375,367 shares during the period. Finally, Alliancebernstein L.P. increased its stake in shares of MoonLake Immunotherapeutics by 17.8% in the 2nd quarter. Alliancebernstein L.P. now owns 1,138,022 shares of the company’s stock worth $53,715,000 after acquiring an additional 171,932 shares in the last quarter. Hedge funds and other institutional investors own 93.85% of the company’s stock.

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.