Wolfe Research Downgrades Moonlake Immunotherapeutics (MLTX) to Peerperform

Wolfe Research analyst Andy Chen downgraded Moonlake Immunotherapeutics (NASDAQ: MLTX) from Outperform to Peerperform.

The analyst comments "Lacking near-term catalysts, MLTX is expected to lay dormant especially with HS volume slowdown (readthrough from Novartis). We see downside risk from potentially overpromised timeline. Over the next 2-3 quarters, we expect MLTX to trade in tandem with the XBI index (i.e. between $40 and $55 assuming no biotech bull run). We would be wrong on this downgrade should an M&A occur over the next ~12-18 months, but we believe MLTX no longer fits the mould of 'pharma M&A target'. A better time to re-evaluate MLTX would be ~Q1/Q2 2025 if MLTX meets the enrollment target (likely no rewards for meeting this timeline but could be penalized for delays). Though we are bullish on product POS, we find the nearterm setup less favorable."

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 $49.77 yesterday.

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