Citi downgraded MoonLake Immunotherapeutics (MLTX) to Sell from Neutral with an unchanged price target of $5. The shares have rallied from the lows post the disappointing hidradenitis suppurativa but Citi is still cautious on the approvability and commercial competitiveness for sonelokima, the analyst tells investors in a research note. The firm also believes MoonLake has a financing overhang.
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