MoonLake Immunotherapeutics (NASDAQ:MLTX) Stock Price Down 7.7% – Here’s Why

Shares of MoonLake Immunotherapeutics (NASDAQ:MLTX) were down 7.7% during trading on Wednesday . The company traded as low as $13.86 and last traded at $13.79. 1,046,627 shares were traded during trading, a decline of 28% from the average daily volume of 1,450,186 shares. The stock had previously closed at $14.94.

Wall Street Analyst Weigh In

MLTX has been the subject of a number of recent research reports. Weiss Ratings upgraded shares of MoonLake Immunotherapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, August 21st. Needham & Company LLC increased their target price on MoonLake Immunotherapeutics from $25.00 to $30.00 and gave the stock a “buy” rating in a research report on Tuesday, May 12th. HC Wainwright raised their price target on MoonLake Immunotherapeutics from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Thursday, August 13th. Leerink Partners lifted their price target on MoonLake Immunotherapeutics from $24.00 to $29.00 and gave the company an “outperform” rating in a research report on Wednesday, July 1st. Finally, BTIG Research reiterated a “buy” rating and set a $30.00 price objective on shares of MoonLake Immunotherapeutics in a research note on Tuesday, June 9th. Ten equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, MoonLake Immunotherapeutics currently has a consensus rating of “Hold” and an average target price of $24.57.

MoonLake Immunotherapeutics Trading Down 7.3%

The company has a quick ratio of 12.56, a current ratio of 12.56 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $1.18 billion, a P/E ratio of -3.60 and a beta of 1.04. The firm’s 50-day simple moving average is $17.61 and its 200-day simple moving average is $17.86.

MoonLake Immunotherapeutics (NASDAQ:MLTX) last posted its quarterly earnings data on Monday, August 10th. The company reported ($0.84) earnings per share for the quarter, beating the consensus estimate of ($0.91) by $0.07. Analysts anticipate that MoonLake Immunotherapeutics will post -3.34 EPS for the current year.

Insider Transactions at MoonLake Immunotherapeutics

In related news, CEO Silva Santos sold 68,289 shares of the firm’s stock in a transaction dated Friday, July 10th. The stock was sold at an average price of $20.02, for a total transaction of $1,367,145.78. Following the transaction, the chief executive officer directly owned 2,774,893 shares of the company’s stock, valued at approximately $55,553,357.86. This trade represents a 2.40% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Kristian Reich sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $20.02, for a total value of $1,001,000.00. Following the completion of the sale, the insider directly owned 2,714,746 shares of the company’s stock, valued at approximately $54,349,214.92. This represents a 1.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 344,800 shares of company stock worth $6,820,071 in the last 90 days. Company insiders own 10.40% of the company’s stock.

Institutional Trading of MoonLake Immunotherapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Kestra Advisory Services LLC purchased a new stake in MoonLake Immunotherapeutics during the 4th quarter valued at $26,000. Bank of America Corp DE raised its stake in shares of MoonLake Immunotherapeutics by 64.7% during the third quarter. Bank of America Corp DE now owns 4,532 shares of the company’s stock valued at $32,000 after acquiring an additional 1,781 shares during the last quarter. Allworth Financial LP boosted its holdings in shares of MoonLake Immunotherapeutics by 156.2% during the second quarter. Allworth Financial LP now owns 1,714 shares of the company’s stock worth $33,000 after purchasing an additional 1,045 shares during the period. Integrated Wealth Concepts LLC bought a new stake in shares of MoonLake Immunotherapeutics in the second quarter worth about $39,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of MoonLake Immunotherapeutics by 115.0% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,919 shares of the company’s stock worth $42,000 after purchasing an additional 3,166 shares during the last quarter. Institutional investors own 93.85% of the company’s stock.

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.