In a report released today, Ram Selvaraju from H.C. Wainwright reiterated a Buy rating on MoonLake Immunotherapeutics (MLTX – Research Report), with a price target of $75.00.
Ram Selvaraju has given his Buy rating due to a combination of factors surrounding MoonLake Immunotherapeutics and its promising drug candidate, sonelokimab (SLK). Selvaraju is optimistic about the upcoming Phase 3 VELA trial for SLK in the treatment of hidradenitis suppurativa (HS), which is expected to begin patient enrollment soon. He notes that the VELA trial design has been favorably compared to previous Phase 3 studies of similar drugs, with a lower patient enrollment requirement, which may streamline the path to approval. Furthermore, the successful Phase 2 MIRA trial results and the planned applications for a Biologics License Application and E.U. Marketing Authorization suggest a strong potential for regulatory success.
In addition to the HS indication, Selvaraju is encouraged by the potential for SLK in treating psoriatic arthritis (PsA), with a second pivotal program expected to commence by the end of 2024. The existing positive Phase 2 data in PsA further supports his confidence in the drug’s prospects. Moreover, the upcoming R&D Day is anticipated to shed more light on MoonLake’s plans and pipeline, providing investors with a more comprehensive understanding of the company’s strategy and market opportunities. Selvaraju’s $75 price target reflects his conviction in the stock’s potential, backed by these clinical, regulatory, and commercial developments.
In another report released on March 1, Guggenheim also maintained a Buy rating on the stock with a $80.00 price target.
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MoonLake Immunotherapeutics (MLTX) Company Description:
Helix Acquisition Corp is a blank check company.
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