Goldman Sachs downgraded MoonLake Immunotherapeutics (MLTX) to Sell from Neutral with a price target of $10, up from $8. While the firm believes sonelokimab’s outlook has improved slightly due to its advancement into Phase 3 for palmoplantar pustolosis providing the company with another shot on goal, the firm continues to see high risk on its approvability in hidradenitis suppurativa, the analyst tells investors in a research note. The firm added that given VELA-2’s failure to meet its primary endpoint, it does not believe the FDA’s procedural openness to a BLA review materially de-risks the probability of approval.
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