MoonLake Immunotherapeutics downgraded to at Wolfe on lower M&A odds

As previously reported, Wolfe Research downgraded MoonLake Immunotherapeutics to Peer Perform from Outperform and removed the firm’s previous $73 price target. While positive regarding the company’s “eventual” R&D success, the analyst has become “colder” on the stock given a lack of R&D catalysts until 12 months out and “generally waning belief in M&A.” Using “Cosentyx minus Taltz” as a proxy, the firm finds a plateau that suggests that uptake in diagnosed, refractory patients is no longer in acceleration mode, the analyst added.