MoonLake Immunotherapeutics price target lowered to $25 from $104 at Oppenheimer

Oppenheimer lowered the firm’s price target on MoonLake Immunotherapeutics (MLTX) to $25 from $104 and keeps an Outperform rating on the shares. The firm notes shares of MoonLake dropped 86% last week following mixed Phase 3 VELA results. While acknowledging that sonelokimab missed the mark on establishing its competitive edge to BIMZELX, Oppenheimer doesn’t see the readout as an abject failure and neither do docs who think SLK performed in-line with the other approved products on efficacy and potential differentiation on safety that could position it as a 2nd/3rd-line therapy for HS patients. Moreover, the firm sees potential read-through for SLK in PPP, which has no approved therapies, ahead of the Phase 2 LEDA readout in Q4 2025. With five value-driving catalysts over the next nine months, Oppenheimer still sees strategic value in SLK and would be buyers at current levels.