MoonLake jumps as AbbVie's weak skin drug data eases competition fears
BUZZ-MoonLake jumps as AbbVie's weak skin drug data eases competition fears ** Shares of MoonLake Immunotherapeutics MLTX.O rise 21.7% to $12.96
** Rally follows AbbVie's ABBV.N late-stage trial data for its skin disease drug lutikizumab, which showed a modest 8% placebo-adjusted improvement in patients with hidradenitis suppurativa (HS)
** MoonLake is developing sonelokimab, a dual IL-17A/F inhibitor targeting the same chronic inflammatory skin condition
** Wedbush analyst Yun Zhong says the "underwhelming" AbbVie data supports sonelokimab as a "better treatment approach" and notes the rally reflects the "relief of an overhang of potential competition"
** Cantor analysts say "for MLTX, this is obviously a near-term positive given the potential reduced competitive threat" from AbbVie's drug
** Including session's moves, MLTX down 1.6% YTD
(Reporting by Kamal Choudhury in Bengaluru)
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