Moonlake Immunotherapeutics (MLTX) PT Lowered to $12 at Clear Street

Clear Street analyst Kaveri Pohlman lowered the price target on Moonlake Immunotherapeutics (NASDAQ: MLTX) to $12.00 (from $108.00) while maintaining a Buy rating.

The analyst comments "We believe COSENTYX’s approval—even without statistically significant results in one of its P3 trials (Sunshine)—serves as an encouraging example, suggesting that SLK may also have a promising path to approval and potential use by physicians, given its overall favorable drug profile. Notably, SLK’s highest HiSCR75 scores of up to ~36% in both the Vela-1 and -2 trials, and up to 17% for the placebo-adjusted score (both comparable to BIMZELX’s data), may imply that increasing the potency of IL17F targeting is not always necessary, though some secondary endpoints demonstrated competitive results. While the higher placebo response in the Vela-2 trial introduces some complexity, it also highlights the importance of further exploring what factors may derive the most benefit from deeper IL17F targeting. We look forward to additional data, particularly from the P3 Izar-PsA program expected in 1H26, which should help provide greater clarity on these questions. Given the Vela program’s lower-than-expected primary efficacy results from MLTX’s sole asset, we anticipate investor sentiment may remain cautious. Reflecting on all these aspects, we are adjusting our price target to $12 from $108."

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