Wolfe Research double upgraded MoonLake Immunotherapeutics (MLTX) to Outperform from Underperform with a price target of $24, up from $12. The firm says any “bearish commercial thesis” on MoonLake shares relating to sonelokimab in hidradenitis suppurativa will likely be “disconnected from the stock” until late 2027 or early 2028. The remainder of 2026 for MoonLake “looks positively-skewed,” the analyst tells investors in a research note.
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