MoonLake Immunotherapeutics’ SLK Program: Buy Rating Backed by Promising Trial Results and Upcoming Catalysts

Analyst Serge Belanger of Needham maintained a Buy rating on MoonLake Immunotherapeutics, retaining the price target of $20.00.

Serge Belanger has given his Buy rating due to a combination of factors that highlight the potential of MoonLake Immunotherapeutics’ SLK program. Despite the initial setbacks from the VELA trial, recent data from the open-label phase 2 LEDA PPP trial showed significant clinical benefits, and interim results from the VELA-TEEN HS trial indicated promising outcomes with a HiSCR75 achievement of 46% at week 16.
Looking ahead, MoonLake Immunotherapeutics has outlined a series of upcoming events and catalysts that could positively impact the SLK program. These include a crucial FDA meeting in mid-December to discuss the regulatory pathway for SLK in HS, along with multiple data readouts across various indications such as HS, PsA, PPP, and axSpA through the first half of 2026. Belanger believes that these developments could demonstrate SLK’s competitive efficacy and its differentiated safety and tolerability profile compared to existing therapies, justifying the Buy rating and a price target of $20.