MoonLake Buy Rating: Clear HS Approval Path, Priority Review Upside, and Underappreciated Multi-Indication Value

Julian Harrison, an analyst from BTIG, maintained the Buy rating on MoonLake Immunotherapeutics. The associated price target remains the same with $30.00.

Julian Harrison has given his Buy rating due to a combination of factors tied to MoonLake’s lead asset sonelokimab and its regulatory trajectory in hidradenitis suppurativa. He sees a clear and credible path to U.S. approval based on the VELA-1, VELA-2, and MIRA studies, noting that prior FDA feedback supports these trials as sufficient to demonstrate efficacy and that MIRA’s robust, Phase 3–like design should strengthen the eventual label.

Harrison also highlights the potential upside from VELA-TEEN, which could both underscore a strong safety profile in adolescents and help secure priority review, accelerating time to market. He views historical precedent, such as Cosentyx’s approval in HS despite mixed trial outcomes, as supportive of MoonLake’s case, and believes the Street underestimates sonelokimab’s broader opportunity in psoriatic arthritis, axial spondyloarthritis, and palmoplantar pustulosis, which underpins an attractive valuation in his NPV-based framework.

In another report released on March 31, LifeSci Capital also maintained a Buy rating on the stock with a $33.00 price target.

MLTX’s price has also changed dramatically for the past six months – from $9.280 to $17.080, which is a 84.05% increase.