Price Target For MoonLake Doubled: Analyst Says Lead Program Has 'Best-In-Class Profile'
Portfolio Pulse from Vandana Singh
HC Wainwright has doubled the price target for MoonLake Immunotherapeutics (NASDAQ:MLTX) from $37 to $75 with a Buy rating, following positive results from its Phase 2 MIRA trial. The trial evaluated the Nanobody sonelokimab in patients with moderate-to-severe hidradenitis suppurativa (HS). The analyst raised the probability of approval for sonelokimab in HS and PsA to 70% and reduced the discount rate to 11% from 13%. MoonLake is also reportedly considering a potential sale.
July 17, 2023 | 6:39 pm
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POSITIVE IMPACT
MoonLake Immunotherapeutics' stock price is likely to increase in the short term due to the positive trial results and the doubled price target from HC Wainwright. The company's potential sale could also impact the stock price.
The positive results from the Phase 2 MIRA trial and the subsequent doubling of the price target by HC Wainwright are likely to boost investor confidence in MoonLake Immunotherapeutics, leading to an increase in the stock price. Additionally, the news of a potential sale could further drive up the stock price as it often leads to speculation and increased trading activity.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100