MoonLake Immunotherapeutics (NASDAQ:MLTX) Trading Down 7.7% – Time to Sell?

MoonLake Immunotherapeutics (NASDAQ:MLTX)’s share price traded down 7.7% on Wednesday . The stock traded as low as $13.86 and last traded at $13.79. 1,046,627 shares changed hands during mid-day 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

Several equities research analysts recently issued reports on the company. Leerink Partners lifted their price objective on MoonLake Immunotherapeutics from $24.00 to $29.00 and gave the company an “outperform” rating in a research note on Wednesday, July 1st. HC Wainwright upped their target price on MoonLake Immunotherapeutics from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Thursday, August 13th. Weiss Ratings raised MoonLake Immunotherapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, August 21st. Finally, BTIG Research reiterated a “buy” rating and set a $30.00 price target on shares of MoonLake Immunotherapeutics in a research report on Tuesday, June 9th. Ten analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $24.57.

MoonLake Immunotherapeutics Stock Up 0.1%

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 stock has a 50-day simple moving average of $17.39 and a two-hundred day simple moving average of $17.78. The firm has a market cap of $1.12 billion, a PE ratio of -3.44 and a beta of 1.04.

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

Insider Activity at MoonLake Immunotherapeutics

In other MoonLake Immunotherapeutics news, CEO Silva Santos sold 68,289 shares of the company’s stock in a transaction that occurred on Friday, July 10th. The stock was sold at an average price of $20.02, for a total value of $1,367,145.78. Following the completion of the sale, the chief executive officer owned 2,774,893 shares of the company’s stock, valued at $55,553,357.86. This represents a 2.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Kristian Reich sold 50,000 shares of MoonLake Immunotherapeutics stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $20.02, for a total transaction of $1,001,000.00. Following the transaction, the insider directly owned 2,714,746 shares in the company, valued at $54,349,214.92. This trade represents a 1.81% decrease in their ownership of the stock. 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 ninety days, insiders sold 344,800 shares of company stock valued at $6,820,071. 10.40% of the stock is owned by insiders.

Hedge Funds Weigh In On MoonLake Immunotherapeutics

A number of large investors have recently added to or reduced their stakes in the business. Engineers Gate Manager LP bought a new stake in MoonLake Immunotherapeutics in the second quarter worth $2,173,000. Integrated Wealth Concepts LLC bought a new stake in MoonLake Immunotherapeutics in the second quarter valued at approximately $39,000. Allworth Financial LP boosted its stake 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 valued at $33,000 after purchasing an additional 1,045 shares during the period. Arizona State Retirement System purchased a new stake in shares of MoonLake Immunotherapeutics during the second quarter valued at approximately $233,000. Finally, California State Teachers Retirement System grew its holdings in shares of MoonLake Immunotherapeutics by 2,414.8% in the second quarter. California State Teachers Retirement System now owns 736,725 shares of the company’s stock worth $14,344,000 after purchasing an additional 707,429 shares during the last quarter. Hedge funds and other institutional investors 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.