MoonLake Immunotherapeutics (NASDAQ:MLTX) Shares Up 2.9% – Time to Buy?

MoonLake Immunotherapeutics (NASDAQ:MLTX)’s stock price shot up 2.9% on Tuesday . The stock traded as high as $39.99 and last traded at $39.79. 16,317 shares changed hands during trading, a decline of 95% from the average session volume of 335,065 shares. The stock had previously closed at $38.67.

Analysts Set New Price Targets

Several brokerages have weighed in on MLTX. The Goldman Sachs Group lowered their price target on shares of MoonLake Immunotherapeutics from $82.00 to $73.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Royal Bank of Canada started coverage on shares of MoonLake Immunotherapeutics in a report on Tuesday. They issued an “outperform” rating and a $67.00 target price on the stock. HC Wainwright reissued a “buy” rating and issued a $100.00 target price on shares of MoonLake Immunotherapeutics in a report on Thursday, February 27th. Finally, Needham & Company LLC boosted their target price on shares of MoonLake Immunotherapeutics from $62.00 to $66.00 and gave the stock a “buy” rating in a report on Thursday, February 27th. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, MoonLake Immunotherapeutics has a consensus rating of “Buy” and an average price target of $80.50.

MoonLake Immunotherapeutics Price Performance

The firm’s 50-day moving average is $42.90 and its two-hundred day moving average is $48.10. The company has a market cap of $2.56 billion, a P/E ratio of -30.95 and a beta of 1.31.

MoonLake Immunotherapeutics (NASDAQ:MLTX) last announced its quarterly earnings results on Wednesday, February 26th. The company reported ($0.72) earnings per share for the quarter, missing the consensus estimate of ($0.63) by ($0.09). As a group, sell-side analysts expect that MoonLake Immunotherapeutics will post -1.79 EPS for the current year.

Institutional Investors Weigh In On MoonLake Immunotherapeutics

Several large investors have recently bought and sold shares of MLTX. FMR LLC increased its position in MoonLake Immunotherapeutics by 28.1% in the fourth quarter. FMR LLC now owns 6,341,391 shares of the company’s stock worth $343,386,000 after purchasing an additional 1,391,167 shares during the last quarter. Paradigm Biocapital Advisors LP increased its position in MoonLake Immunotherapeutics by 90.3% during the fourth quarter. Paradigm Biocapital Advisors LP now owns 1,772,211 shares of the company’s stock valued at $95,965,000 after acquiring an additional 840,731 shares during the last quarter. Polar Capital Holdings Plc increased its position in MoonLake Immunotherapeutics by 120.0% during the fourth quarter. Polar Capital Holdings Plc now owns 1,100,000 shares of the company’s stock valued at $59,565,000 after acquiring an additional 600,000 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in MoonLake Immunotherapeutics by 12.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,343,643 shares of the company’s stock valued at $181,059,000 after acquiring an additional 363,394 shares during the last quarter. Finally, Federated Hermes Inc. increased its position in MoonLake Immunotherapeutics by 13.2% during the fourth quarter. Federated Hermes Inc. now owns 1,280,052 shares of the company’s stock valued at $69,315,000 after acquiring an additional 149,724 shares during the last quarter. 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.