Guggenheim cuts MoonLake Immunotherapeutics price target, removes as Best Idea

Guggenheim lowered the firm’s price target on MoonLake Immunotherapeutics (MLTX) to $20 from $80 and keeps a Buy rating on the shares, which the analyst also removed as a Best Idea, following the 16-week readout from the Phase 3 VELA-1/-2 study of sonelokimab in hidradenitis suppurativa. While the key investor focus is now centered on sonelokimab’s regulatory and commercial path, the firm reminds investors that MoonLake is running multiple clinical studies across other indications – including palmoplantar pustulosis, psoriatic arthritis, and axial spondyloarthritis – that it says “collectively sum up to a multibillion market.”