MoonLake Immunotherapeutics (MLTX – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Yun Zhong from Wedbush maintained a Buy rating on the stock and has a $78.00 price target.
Yun Zhong’s rating is based on several promising developments at MoonLake Immunotherapeutics. The company has successfully completed patient enrollment for its Phase 3 studies in hidradenitis suppurativa (HS), with expectations of replicating the clinical success observed in Phase 2. The management’s confidence is bolstered by a low drop-out rate and a less stringent statistical design, which are likely to enhance the probability of positive outcomes. Additionally, the faster patient enrollment compared to similar studies highlights the strong potential of their lead candidate, sonelokimab (SLK).
Moreover, the significant market opportunity in HS, with a prevalence of approximately 2%, and the potential for SLK to differentiate itself through strong anti-inflammatory activity, further support the Buy rating. The interim data from an open-label Phase 2 study in palmoplantar pustulosis (PPP) also indicate SLK’s potential in additional indications with unmet medical needs. With a robust financial position and strategic focus on execution, MoonLake Immunotherapeutics is well-positioned for future growth, justifying Yun Zhong’s optimistic outlook.
Zhong covers the Healthcare sector, focusing on stocks such as Protagonist Therapeutics, Ascendis Pharma, and Rezolute. According to TipRanks, Zhong has an average return of -21.4% and a 31.02% success rate on recommended stocks.
In another report released today, Needham also maintained a Buy rating on the stock with a $66.00 price target.