MoonLake tumbles after psoriatic arthritis trial data

MoonLake Immunotherapeutics

06/11/2023 17:07

** Shares of drug developer MoonLake Immunotherapeutics
 MLTX.O  fall 24.6% to $38.67
    ** Co said on Sunday its treatment for psoriatic arthritis
(PsA) met the main goal in a mid-stage trial
    ** Brokerage Jeffe ries saysstock weakness this morning is
likely attributable to higher-than-expected ACR50 (50 indicates
percentage of improvement) placebo response at 12 weeks
    ** ACR response is scored as a percentage improvement,
comparing disease activity at two discrete time points
    ** The ACR50 placebo response for MLTX's treatment was 20%
compared to 7% to 13% placebo response rate from similar PsA
treatment trials - Jefferies
    ** Brokerage says unusually high ACR50 placebo response was
probably an isolated result and that the early selloff of MLTX
stock looks overdone
    ** PsA is a chronic inflammatory arthritis associated with
psoriasis - a common skin condition
    ** Including session's move, shares have more than doubled
YTD
    


 (Reporting by Christy Santhosh)
 ((Christy.Santhosh@thomsonreuters.com))