Cowen starts coverage on MoonLake with 'outperform'

MoonLake Immunotherapeutics

07/07/2022 15:38

** Cowen and Co starts coverage on Swiss biotech firm
MoonLake Immunotherapeutics  MLTX.O  with "outperform" rating on
optimism over MLTX's lead drug candidate, sonelokimab
    * Mid-stage data for drug in treatment of psoriasis suggests
improved safety and efficacy compared to other drugs in same
category - Cowen 
    ** MLTX in May also started mid-stage trial of sonelokimab
in patients with hidradenitis suppurativa, a chronic skin
condition resulting in irreversible tissue destruction
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    ** "We expect MLTX to create shareholder value as SLK
(sonelokimab) advances," says Cowen
    ** Adds that if approved, even with a minority market share,
it could garner billions of dollars in peak sales for autoimmune
disease treatments
    ** MLTX shares up nearly 5% at $5.85 in light volumes
    ** Co went public in early April through merger with SPAC
Helix Acquisition Corp; stock down 56% since listing
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 (Reporting by Leroy Leo in Bengaluru)
 ((Leroy.Dsouza@thomsonreuters.com ; Twitter: https://twitter.com/LeroyLeo7;))