Fred Alger Management LLC Grows Holdings in MoonLake Immunotherapeutics (NASDAQ:MLTX)

Fred Alger Management LLC raised its position in shares of MoonLake Immunotherapeutics (NASDAQ:MLTX) by 1.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 666,574 shares of the company’s stock after purchasing an additional 7,545 shares during the quarter. Fred Alger Management LLC owned 1.04% of MoonLake Immunotherapeutics worth $33,609,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of MLTX. US Bancorp DE bought a new stake in shares of MoonLake Immunotherapeutics during the 3rd quarter valued at $44,000. Quarry LP increased its stake in MoonLake Immunotherapeutics by 172.7% in the 2nd quarter. Quarry LP now owns 3,000 shares of the company’s stock worth $132,000 after buying an additional 1,900 shares in the last quarter. DNB Asset Management AS raised its holdings in MoonLake Immunotherapeutics by 29.8% during the second quarter. DNB Asset Management AS now owns 7,372 shares of the company’s stock valued at $324,000 after acquiring an additional 1,694 shares during the period. Handelsbanken Fonder AB lifted its position in shares of MoonLake Immunotherapeutics by 26.2% in the third quarter. Handelsbanken Fonder AB now owns 13,000 shares of the company’s stock valued at $655,000 after acquiring an additional 2,700 shares in the last quarter. Finally, AlphaCentric Advisors LLC purchased a new position in shares of MoonLake Immunotherapeutics in the third quarter valued at about $706,000. 93.85% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Simon Sturge sold 171,000 shares of MoonLake Immunotherapeutics stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $53.72, for a total value of $9,186,120.00. Following the completion of the transaction, the director now owns 171,980 shares in the company, valued at approximately $9,238,765.60. The trade was a 49.86 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 12.02% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Wolfe Research downgraded MoonLake Immunotherapeutics from an “outperform” rating to a “peer perform” rating in a research note on Monday, August 26th. Needham & Company LLC reaffirmed a “buy” rating and set a $62.00 price objective on shares of MoonLake Immunotherapeutics in a report on Thursday, September 12th. Wedbush reissued an “outperform” rating and issued a $73.00 target price (down previously from $92.00) on shares of MoonLake Immunotherapeutics in a report on Tuesday, November 5th. Cantor Fitzgerald restated an “overweight” rating on shares of MoonLake Immunotherapeutics in a research report on Monday, September 23rd. Finally, HC Wainwright reiterated a “buy” rating and issued a $100.00 price target on shares of MoonLake Immunotherapeutics in a report on Thursday, November 14th. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, MoonLake Immunotherapeutics currently has an average rating of “Moderate Buy” and an average target price of $79.00.

MoonLake Immunotherapeutics Stock Up 0.4 %

MoonLake Immunotherapeutics stock opened at $54.43 on Friday. MoonLake Immunotherapeutics has a 52-week low of $37.55 and a 52-week high of $64.98. The firm’s fifty day moving average is $50.27 and its 200 day moving average is $46.39. The company has a market cap of $3.48 billion, a price-to-earnings ratio of -42.19 and a beta of 1.28.

MoonLake Immunotherapeutics (NASDAQ:MLTX) last posted its earnings results on Thursday, November 7th. The company reported ($0.56) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.12). During the same period in the previous year, the company posted ($0.18) EPS. On average, equities research analysts anticipate that MoonLake Immunotherapeutics will post -1.74 earnings per share for the current fiscal year.

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.