MoonLake Immunotherapeutics (NASDAQ:MLTX) Shares Gap Down After Insider Selling

MoonLake Immunotherapeutics (NASDAQ:MLTX) gapped down before the market opened on Wednesday following insider selling activity. The stock had previously closed at $49.85, but opened at $47.79. MoonLake Immunotherapeutics shares last traded at $47.01, with a volume of 266,585 shares.

Specifically, Director Simon Sturge sold 171,000 shares of the stock in a transaction on Friday, October 4th. The stock was sold at an average price of $53.72, for a total transaction of $9,186,120.00. Following the sale, the director now owns 171,980 shares of the company’s stock, valued at approximately $9,238,765.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MLTX. Wolfe Research cut MoonLake Immunotherapeutics from an “outperform” rating to a “peer perform” rating in a research report on Monday, August 26th. Needham & Company LLC reaffirmed a “buy” rating and set a $62.00 target price on shares of MoonLake Immunotherapeutics in a research report on Thursday, September 12th. HC Wainwright reaffirmed a “buy” rating and set a $100.00 target price on shares of MoonLake Immunotherapeutics in a research report on Thursday, September 12th. Oppenheimer initiated coverage on MoonLake Immunotherapeutics in a research report on Tuesday, June 25th. They set an “outperform” rating and a $104.00 target price on the stock. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of MoonLake Immunotherapeutics in a research report on Monday, September 23rd. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $80.45.

MoonLake Immunotherapeutics Stock Performance

The company has a market cap of $3.05 billion, a PE ratio of -63.59 and a beta of 1.26. The stock has a 50 day moving average of $48.53 and a 200-day moving average of $45.10.

MoonLake Immunotherapeutics (NASDAQ:MLTX) last issued its earnings results on Wednesday, August 7th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.11). During the same period in the prior year, the firm posted ($0.23) earnings per share. Equities research analysts forecast that MoonLake Immunotherapeutics will post -1.57 EPS for the current year.

Hedge Funds Weigh In On MoonLake Immunotherapeutics

A number of institutional investors have recently modified their holdings of MLTX. Parkman Healthcare Partners LLC raised its stake in shares of MoonLake Immunotherapeutics by 53.9% during the 4th quarter. Parkman Healthcare Partners LLC now owns 82,009 shares of the company’s stock valued at $4,953,000 after buying an additional 28,716 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of MoonLake Immunotherapeutics by 9.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,314,012 shares of the company’s stock valued at $139,744,000 after buying an additional 196,144 shares during the last quarter. Quarry LP purchased a new position in shares of MoonLake Immunotherapeutics during the 4th quarter valued at about $51,000. Perceptive Advisors LLC purchased a new position in shares of MoonLake Immunotherapeutics during the 4th quarter valued at about $4,976,000. Finally, PNC Financial Services Group Inc. raised its stake in shares of MoonLake Immunotherapeutics by 50.7% during the 4th quarter. PNC Financial Services Group Inc. now owns 6,147 shares of the company’s stock valued at $371,000 after buying an additional 2,067 shares during the last quarter. Hedge funds and other 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.