Wedbush analyst Yun Zhong reiterated a Buy rating on MoonLake Immunotherapeutics (MLTX – Research Report) today and set a price target of $78.00.
Yun Zhong has given his Buy rating due to a combination of factors that highlight MoonLake Immunotherapeutics’ promising future prospects. The company has announced a Capital Markets Day in the second quarter of 2025, which is expected to provide updates on their Phase 3 Hidradenitis Suppurativa (HS) program. This event is anticipated to set the stage for the release of top-line data from two identical studies in mid-2025. The initiation of a Phase 3 study in adolescent HS patients and the potential inclusion of positive data in the Biologics License Application (BLA) submission could support a broad label for their product SLK in HS.
Furthermore, MoonLake has initiated two Phase 3 Psoriatic Arthritis (PsA) studies, with top-line data expected in the first half of 2026. The company’s ongoing Phase 2 studies in additional indications could further expand their market reach, though the current valuation is based on HS and PsA alone. MoonLake ended the fourth quarter of 2024 with $448 million in cash, which is expected to sustain operations through the end of 2026. The company’s strong financial position, coupled with the promising outcomes of their clinical trials, supports the Buy rating, with a price target increase from $73 to $78.