MoonLake Immunotherapeutics (NASDAQ:MLTX) Sees Strong Trading Volume – Here’s Why

Shares of MoonLake Immunotherapeutics (NASDAQ:MLTX) saw unusually-strong trading volume on Monday . Approximately 463,252 shares changed hands during mid-day trading, an increase of 60% from the previous session’s volume of 290,290 shares.The stock last traded at $52.10 and had previously closed at $53.45.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MLTX. Cantor Fitzgerald reissued an “overweight” rating on shares of MoonLake Immunotherapeutics in a report on Monday, September 23rd. HC Wainwright restated a “buy” rating and issued a $100.00 target price on shares of MoonLake Immunotherapeutics in a research note on Thursday, November 14th. Needham & Company LLC reaffirmed a “buy” rating and issued a $62.00 target price on shares of MoonLake Immunotherapeutics in a report on Thursday, September 12th. Finally, Wedbush reissued an “outperform” rating and set a $73.00 price target (down from $92.00) on shares of MoonLake Immunotherapeutics in a report on Tuesday, November 5th. Two analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, MoonLake Immunotherapeutics has an average rating of “Moderate Buy” and an average target price of $81.43.

MoonLake Immunotherapeutics Stock Performance

The stock has a market cap of $3.31 billion, a price-to-earnings ratio of -40.12 and a beta of 1.31. The firm’s 50-day simple moving average is $52.01 and its two-hundred day simple moving average is $48.57.

MoonLake Immunotherapeutics (NASDAQ:MLTX) last issued its quarterly 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 quarter last year, the business earned ($0.18) EPS. Equities research analysts expect that MoonLake Immunotherapeutics will post -1.75 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. GSA Capital Partners LLP lifted its holdings in MoonLake Immunotherapeutics by 1.9% in the third quarter. GSA Capital Partners LLP now owns 22,127 shares of the company’s stock valued at $1,116,000 after buying an additional 403 shares during the period. US Bancorp DE acquired a new position in shares of MoonLake Immunotherapeutics in the 3rd quarter valued at $44,000. HighVista Strategies LLC boosted its position in shares of MoonLake Immunotherapeutics by 3.1% in the 3rd quarter. HighVista Strategies LLC now owns 43,541 shares of the company’s stock worth $2,195,000 after purchasing an additional 1,292 shares during the last quarter. Parkman Healthcare Partners LLC grew its stake in shares of MoonLake Immunotherapeutics by 1.6% during the third quarter. Parkman Healthcare Partners LLC now owns 102,813 shares of the company’s stock worth $5,184,000 after purchasing an additional 1,589 shares during the period. Finally, Quarry LP increased its holdings in MoonLake Immunotherapeutics by 172.7% in the second quarter. Quarry LP now owns 3,000 shares of the company’s stock valued at $132,000 after purchasing an additional 1,900 shares during the last quarter. 93.85% of the stock is currently owned by institutional investors and hedge funds.

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.