MoonLake Immunotherapeutics slides after $200 mln share sale
BUZZ-MoonLake Immunotherapeutics slides after $200 mln share sale ** Swiss biotech MoonLake Immunotherapeutics' MLTX.O shares down 9.9% to $19.12 early Weds after $200 mln follow-on priced
** MLTX late Tues sold 10 mln shares, including 1 mln pre-funded warrants, at $20, a 5.7% discount to last sale
** MLTX shares jumped >15% to close 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
** Co subsequently announced $150 mln offering after the bell Mon
** MLTX intends to use net equity offering proceeds to fund research, development, pre-commercialization/commercialization activities of sonelokimab, and for general purposes
** Leerink, Guggenheim, Cantor Fitzgerald and LifeSci Capital joint bookrunners
** With the move on Weds, stock up ~45% YTD
** 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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