MoonLake Immunotherapeutics jumps on rival Acelyrin's setback

MoonLake Immunotherapeutics

12/09/2023 14:06

** Shares of drug developer MoonLake Immunotherapeutics
 MLTX.O  jump 19.7% to $63 premarket 
    ** Rival Acelyrin's skin disorder treatment fails to meet
main goal of mid-to-late-stage trial, prompting multiple
analysts to raise their PTs on MLTX 
    ** The study tested Acelyrin's izokibep in patients with
Hidradenitis Suppurativa (HS), a chronic inflammatory skin
condition that causes painful lumps under the skin.
    ** "Believe SLRN's setback creates additional opportunity
for MLTX in HS," say Leerink analysts, while increasing their PT
on stock to $70 from $60
    ** One of 12 analysts covering stock rates it "hold", while
the rest rate it "buy" or higher; median PT is $70  
    ** MLTX's shares have doubled since Reuters reported in July
the company was exploring a sale 
    

 (Reporting by Manas Mishra in Bengaluru)
 ((Manas.Mishra@thomsonreuters.com;
www.twitter.com/Manaswrites15;))