Citi Starts Moonlake Immunotherapeutics (MLTX) at Buy

Citi analyst Samantha Semenkow initiates coverage on Moonlake Immunotherapeutics (NASDAQ: MLTX) with a Buy rating and a price target of $72.00.

The analyst comments "Moonlake is a clinical staged biotech focused on developing sonelokimab, a nanobody that inhibits both IL17A and IL17F, for the treatment of immunological diseases including hidradenitis suppurativa (HS) and psoriatic arthritis (PsA). Ph2 MIRA data for HS appear to demonstrate a compelling efficacy profile for sonelokimab vs. competitor IL-17 inhibitors, suggesting potential for best-in-class differentiation. Given the limited number of approved biologics in HS, we see room for sonelokimab to take meaningful share in this population, assuming the encouraging Ph2 efficacy signal is replicated in a Ph3 trial. In PsA, 12-week Ph2 ARGO data appear competitive when compared to comps, but with less apparent differentiation. The upcoming 24-week ARGO data in 1H24 could help clarify sonelokimab’s profile in PsA. Even so, if PsA data remain competitive but largely undifferentiated, we still see room for sonelokimab to take share given the large market opportunity in PsA. Initiate Buy/High Risk, TP $72."

For an analyst ratings summary and ratings history on Moonlake Immunotherapeutics click here. For more ratings news on Moonlake Immunotherapeutics click here.

Shares of Moonlake Immunotherapeutics closed at $55.25 yesterday.

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