MoonLake Immunotherapeutics falls on planned $150 mln equity raise
BUZZ-MoonLake Immunotherapeutics falls on planned $150 mln equity raise ** Swiss biotech MoonLake Immunotherapeutics' MLTX.O shares down 4.2% in after hours trading to $21.24 after equity raise news
** MLTX announces $150 mln offering consisting of stock and pre-funded warrants
** Intends to use net offering proceeds to fund R&D, pre-commercialization/commercialization activities of sonelokimab, and for general purposes
** Leerink, Guggenheim, Cantor Fitzgerald and LifeSci Capital joint bookrunners
** MLTX shares ended up 15.4% at $22.16 on Mon after co posted week 52 results from late-stage study for sonelokimab in hidradenitis suppurativa, a chronic skin condition causing lesions and scarring
** BTIG said in a note that the results confirm progressive efficacy, boding well for co to submit its BLA application to U.S. FDA for sonelokimab in late Sept 2026
** At Mon close, MLTX shares up 68% YTD
** Co has ~73.6 mln shares outstanding for $1.6 bln market cap
** Avg rating of 16 brokerages is "buy" and their median PT is $30, according to LSEG data
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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