Goldman Sachs downgraded MoonLake Immunotherapeutics (MLTX) to Neutral from Buy with a price target of $7, down from $82, following the report of mixed topline results from the Phase 3 VELA program in moderate-to-severe hidradenitis suppurativa. The firm believes the drug’s commercial potential has been “greatly weakened,” even if there is still a regulatory path forward, the analyst tells investors.
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