MoonLake Immunotherapeutics price target raised to $81 from $71 at BTIG

BTIG raised the firm’s price target on MoonLake Immunotherapeutics (MLTX) to $81 from $71 and keeps a Buy rating on the shares. The firm expects sonelokimab’s “differentiating features to translate to best-in-class efficacy in axial spondyloarthritis, palmoplantar pustulosis, and hidradenitis suppurativa. These are severe diseases with high unmet need, the analyst tells investors in a research note. BTIG says the axial spondyloarthritis market is expected to exceed $10B by the mid-2030s and notes 40% of treated patients do not respond to current treatment options. The firm upped the price target after adding sonelokimab in axial spondyloarthritis with a 70% probability of success and palmoplantar pustulosis with a 65% probability of success to MoonLake’s model.