Wedbush Issues Pessimistic Forecast for MoonLake Immunotherapeutics (NASDAQ:MLTX) Stock Price

MoonLake Immunotherapeutics (NASDAQ:MLTX) had its price target cut by equities researchers at Wedbush from $80.00 to $18.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Wedbush’s price objective suggests a potential upside of 188.46% from the company’s previous close.

MLTX has been the topic of several other reports. Needham & Company LLC decreased their price target on shares of MoonLake Immunotherapeutics from $66.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday. Rothschild & Co Redburn began coverage on shares of MoonLake Immunotherapeutics in a report on Monday, July 28th. They set a “neutral” rating and a $65.00 price target for the company. Redburn Atlantic raised shares of MoonLake Immunotherapeutics to a “hold” rating in a research note on Monday, July 28th. The Goldman Sachs Group boosted their target price on shares of MoonLake Immunotherapeutics from $74.00 to $82.00 and gave the stock a “buy” rating in a research note on Wednesday, August 6th. Finally, Citigroup cut shares of MoonLake Immunotherapeutics from a “buy” rating to a “neutral” rating in a research report on Tuesday. Five investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, MoonLake Immunotherapeutics presently has a consensus rating of “Hold” and an average target price of $43.82.

MoonLake Immunotherapeutics Stock Performance

NASDAQ:MLTX opened at $6.24 on Tuesday. MoonLake Immunotherapeutics has a 1 year low of $5.95 and a 1 year high of $62.75. The firm’s fifty day simple moving average is $53.73 and its 200 day simple moving average is $46.01. The company has a current ratio of 16.65, a quick ratio of 16.65 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $400.80 million, a PE ratio of -2.24 and a beta of 1.27.

MoonLake Immunotherapeutics (NASDAQ:MLTX) last posted its earnings results on Tuesday, August 5th. The company reported ($0.87) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.73) by ($0.14). During the same quarter last year, the business posted ($0.39) EPS. On average, sell-side analysts anticipate that MoonLake Immunotherapeutics will post -1.79 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Deutsche Bank AG boosted its holdings in shares of MoonLake Immunotherapeutics by 59.8% in the fourth quarter. Deutsche Bank AG now owns 903 shares of the company’s stock valued at $49,000 after buying an additional 338 shares during the period. Elevation Point Wealth Partners LLC acquired a new position in shares of MoonLake Immunotherapeutics in the second quarter valued at approximately $74,000. US Bancorp DE boosted its holdings in shares of MoonLake Immunotherapeutics by 114.4% in the first quarter. US Bancorp DE now owns 2,208 shares of the company’s stock valued at $86,000 after buying an additional 1,178 shares during the period. Quarry LP acquired a new position in shares of MoonLake Immunotherapeutics in the first quarter valued at approximately $94,000. Finally, Advisors Asset Management Inc. boosted its holdings in shares of MoonLake Immunotherapeutics by 81.7% in the first quarter. Advisors Asset Management Inc. now owns 4,009 shares of the company’s stock valued at $157,000 after buying an additional 1,803 shares during the period. Institutional investors and hedge funds 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.