MoonLake Immunotherapeutics (NASDAQ:MLTX) Trading Down 12.8% – Here’s Why

MoonLake Immunotherapeutics (NASDAQ:MLTX) fell 12.8% on Wednesday . The company traded as low as $16.20 and last traded at $16.2520. 848,195 shares were traded during mid-day trading, a decline of 56% from the average session volume of 1,949,061 shares. The stock had previously closed at $18.64.

Wall Street Analysts Forecast Growth

MLTX has been the topic of a number of recent research reports. HC Wainwright boosted their target price 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. UBS Group set a $24.00 price objective on shares of MoonLake Immunotherapeutics in a report on Friday, January 9th. Wolfe Research raised shares of MoonLake Immunotherapeutics from an “underperform” rating to an “outperform” rating and upped their price objective for the company from $12.00 to $24.00 in a research report on Monday, March 23rd. The Goldman Sachs Group downgraded MoonLake Immunotherapeutics from a “neutral” rating to a “sell” rating and raised their target price for the company from $8.00 to $10.00 in a research note on Wednesday, January 14th. Finally, Oppenheimer boosted their price target on MoonLake Immunotherapeutics from $30.00 to $35.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 24th. Nine investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $23.08.

MoonLake Immunotherapeutics Price Performance

The company has a debt-to-equity ratio of 0.24, a current ratio of 9.27 and a quick ratio of 9.27. The business’s 50-day moving average price is $16.91 and its two-hundred day moving average price is $16.89. The firm has a market cap of $1.21 billion, a price-to-earnings ratio of -4.80 and a beta of 1.20.

MoonLake Immunotherapeutics (NASDAQ:MLTX) last posted its quarterly earnings results on Wednesday, February 25th. The company reported ($0.92) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.92). During the same quarter last year, the firm earned ($0.72) earnings per share. On average, research analysts forecast that MoonLake Immunotherapeutics will post -1.79 EPS for the current fiscal year.

Hedge Funds Weigh In On MoonLake Immunotherapeutics

Hedge funds have recently bought and sold shares of the company. Principal Financial Group Inc. bought a new position in MoonLake Immunotherapeutics during the 3rd quarter worth approximately $509,000. Rhenman & Partners Asset Management AB grew its position in shares of MoonLake Immunotherapeutics by 360.0% in the 3rd quarter. Rhenman & Partners Asset Management AB now owns 207,000 shares of the company’s stock worth $1,484,000 after acquiring an additional 162,000 shares in the last quarter. Decheng Capital LLC bought a new stake in shares of MoonLake Immunotherapeutics in the 2nd quarter valued at approximately $8,572,000. Caitong International Asset Management Co. Ltd increased its holdings in shares of MoonLake Immunotherapeutics by 22,387.5% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 84,553 shares of the company’s stock valued at $606,000 after acquiring an additional 84,177 shares during the last quarter. Finally, Boxer Capital Management LLC acquired a new stake in shares of MoonLake Immunotherapeutics during the 3rd quarter valued at approximately $1,792,000. 93.85% of the stock is currently owned by institutional investors and hedge funds.

MoonLake Immunotherapeutics Company Profile

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.