MoonLake price target lowered to $12 from $108 at Clear Street

Clear Street lowered the firm’s price target on MoonLake Immunotherapeutics (MLTX) to $12 from $108 and keeps a Buy rating on the shares after data from the sonelokimab Phase 3 VELA program in hidradenitis suppurativa. Given the Vela program’s lower than expected primary efficacy results from MoonLake’s sole asset, Clear anticipates investor sentiment on the shares may remain cautious, the analyst tells investors in a research note. However, it believes Cosentyx’s approval offers an “encouraging example,” suggesting that sonelokimab could have a path to approval and potential use by physicians, “given its overall favorable drug profile.”