Jefferies Downgrades Moonlake Immunotherapeutics (MLTX) to Hold, 'Growing Uncertainty in SLK Path Fwd and Dimmed Commercial Outlook'

Jefferies analyst Kelly Shi downgraded Moonlake Immunotherapeutics (NASDAQ: MLTX) from Buy to Hold with a price target of $8.00 (from $65.00).

The analyst comments "Post Phase III HS results (note) with VELA-2 missing stat sig and VELA-1 showing 17% pbo-adj efficacy falling short of 20-26% expectation, and despite today's 90% sell-off, we see a balanced outlook from here. While SLK may still get approved, approval is now less likely than it was, and the commercial opportunity is smaller. M&A value also lower. DG to HOLD and PT to $8."

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 $61.99 yesterday.

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