MoonLake Immunotherapeutics (NASDAQ:MLTX) Shares Gap Down – Here’s Why

MoonLake Immunotherapeutics (NASDAQ:MLTX) gapped down before the market opened on Wednesday . The stock had previously closed at $21.22, but opened at $19.39. MoonLake Immunotherapeutics shares last traded at $19.20, with a volume of 2,034,344 shares changing hands.

Wall Street Analyst Weigh In

MLTX has been the subject of several recent research reports. HC Wainwright reissued a “buy” rating and set a $45.00 price target on shares of MoonLake Immunotherapeutics in a report on Monday, June 8th. Rothschild & Co Redburn raised MoonLake Immunotherapeutics from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $12.00 to $40.00 in a research note on Thursday, March 19th. Needham & Company LLC lifted their price objective on MoonLake Immunotherapeutics from $25.00 to $30.00 and gave the company a “buy” rating in a research report on Tuesday, May 12th. Royal Bank Of Canada boosted their price objective on MoonLake Immunotherapeutics from $12.00 to $13.00 and gave the company a “sector perform” rating in a research note on Monday, March 2nd. Finally, Wolfe Research raised shares of MoonLake Immunotherapeutics from an “underperform” rating to an “outperform” rating and increased their target price for the stock from $12.00 to $24.00 in a report on Monday, March 23rd. Nine analysts have rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, MoonLake Immunotherapeutics presently has a consensus rating of “Hold” and a consensus target price of $23.85.

MoonLake Immunotherapeutics Price Performance

The company has a debt-to-equity ratio of 0.39, a quick ratio of 8.60 and a current ratio of 8.60. The firm’s fifty day moving average is $18.13 and its two-hundred day moving average is $16.86. The company has a market cap of $1.47 billion, a P/E ratio of -5.17 and a beta of 1.04.

MoonLake Immunotherapeutics (NASDAQ:MLTX) last announced its quarterly earnings data on Monday, May 11th. The company reported ($0.98) EPS for the quarter, missing the consensus estimate of ($0.91) by ($0.07). As a group, analysts anticipate that MoonLake Immunotherapeutics will post -3.71 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Da Silva Jorge Santos sold 98,127 shares of the business’s stock in a transaction on Friday, April 10th. The shares were sold at an average price of $18.41, for a total value of $1,806,518.07. Following the transaction, the chief executive officer owned 2,976,766 shares of the company’s stock, valued at approximately $54,802,262.06. The trade was a 3.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kristian Reich sold 50,000 shares of the company’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $19.43, for a total transaction of $971,500.00. Following the transaction, the insider owned 2,824,551 shares of the company’s stock, valued at approximately $54,881,025.93. This represents a 1.74% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 4,000,000 shares of company stock valued at $67,630,663. Corporate insiders own 12.02% of the company’s stock.

Institutional Trading of MoonLake Immunotherapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of MLTX. Cormorant Asset Management LP boosted its holdings in shares of MoonLake Immunotherapeutics by 118.4% during the 4th 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 during the last quarter. Janus Henderson Group PLC increased its holdings in shares of MoonLake Immunotherapeutics by 18,782.8% in the fourth quarter. Janus Henderson Group PLC now owns 2,095,988 shares of the company’s stock worth $27,657,000 after purchasing an additional 2,084,888 shares during the last quarter. Logos Global Management LP bought a new stake in shares of MoonLake Immunotherapeutics in the fourth quarter worth about $23,065,000. Weiss Asset Management LP lifted its position in shares of MoonLake Immunotherapeutics by 413.1% in the first 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 in the last quarter. Finally, Vivo Capital LLC purchased a new stake in shares of MoonLake Immunotherapeutics in the fourth quarter worth about $13,180,000. 93.85% of the stock is currently owned by institutional investors.

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.