Analyst Julian Harrison from BTIG reiterated a Buy rating on MoonLake Immunotherapeutics (MLTX – Research Report) and keeping the price target at $81.00.
Julian Harrison’s rating is based on the competitive positioning of MoonLake Immunotherapeutics’ sonelokimab (SLK) in the treatment of hidradenitis suppurativa (HS). The recent Phase 3 results for povorcitinib, a competing JAK inhibitor, were underwhelming, which strengthens the market position of SLK. SLK has demonstrated superior efficacy in previous trials, notably outperforming povorcitinib in key efficacy metrics such as HiSCR50 and HiSCR75 rates.
Furthermore, the landscape for JAK inhibitors in HS appears increasingly uncertain, with other competitors like upadacitinib also showing limited efficacy. This positions SLK as a potentially best-in-class treatment option, especially with anticipated Phase 3 VELA data expected to further confirm its efficacy. The market dynamics, combined with SLK’s promising trial results, contribute to the Buy rating, as SLK is likely to become a preferred advanced treatment option in the HS therapeutic area.
According to TipRanks, Harrison is a 4-star analyst with an average return of 3.8% and a 41.25% success rate. Harrison covers the Healthcare sector, focusing on stocks such as VYNE Therapeutics, Nektar Therapeutics, and Protagonist Therapeutics.
In another report released yesterday, RBC Capital also initiated coverage with a Buy rating on the stock with a $67.00 price target.