MoonLake upgraded to Buy from Neutral at Rothschild & Co Redburn

Rothschild & Co Redburn analyst Qize Ding upgraded MoonLake Immunotherapeutics (MLTX) to Buy from Neutral with a price target of $40, up from $12. The regulatory filing path for sonelokimab in hidradenitis suppurativa is not over yet, but is becoming clearer “now that the biggest regulatory hurdle is out of the way,” the analyst tells investors in a research note. The firm’s base case is that sonelokimab is unlikely to face major hurdles in the FDA review process and that its overall profile is likely to be similar to the “best-in-class” approved therapy in the indication. Rothschild says that despite being a late entrant, sonelokimab “remains an attractive asset for large biopharma.”