Goldman upgrades MoonLake to Buy into hidradenitis suppurativa data

Goldman Sachs analyst Richard Law upgraded MoonLake Immunotherapeutics (MLTX) to Buy from Neutral with a price target of $82, up from $62. The firm says that with the Phase 3 VELA’s results in hidradenitis suppurativa approaching in mid-2025, it now sees the possibility of a “brighter outlook” for Moonlake on the premise that sonelokimab can potentially deliver “best-in-class results.” Sonelokimab has a reasonable chance to succeed due to its “impressive efficacy” in the Phase 2 MIRA study, the analyst tells investors in a research note. Goldman believes Bimzelx’s recent approval and sonelokimab’s potential approval in 2027 will expand the market size for biologics over time.