One of MoonLake Immunotherapeutics’ (NASDAQ:MLTX) more than 10% owners, Bihua Chen, continues to grow her stake in the company. Interestingly, MLTX stock has already gained about 3% since Chen’s last purchase of the company’s shares on October 2.
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The clinical-stage biopharmaceutical company leverages Nanobody technology to develop treatments for diseases, including inflammatory skin and joint diseases.
According to the latest SEC filing, Chen bought 58,839 shares of the company at a weighted average price of $59.90 per share on October 5, 2023. The transaction’s total consideration stands at about $3.52 million. Prior to this, she purchased 293,212 shares worth $16.8 million. Following the latest purchase, the total value of MLTX shares in her portfolio now stands at $493.4 million.
It is worth highlighting that Chen’s purchases follow MoonLake’s announcement that they might soon release the 24-week Phase 2 MIRA trial data for Nanobody sonelokimab in hidradenitis suppurativa (HS). HS is a medical condition in which small, painful lumps develop under the skin.
As per the data collected by TipRanks, Chen has had a 50% success rate over the past year, with an average return of 11.6% per transaction.
TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Is MLTX a Good Buy?
On October 9, BTIG analyst Julian Harrison assigned a Buy rating on MLTX stock with a price target of $68. The analyst anticipates that the 24-week MIRA trial data will show an increase in efficacy, which could lead to a 10-20% increase in MLTX’s share price from current levels.
Overall, the Street is optimistic about MoonLake. It has a Strong Buy consensus rating based on eight Buys and two Holds. The average price target of $70.50 signals that the stock may surge about 10.4% from current levels. Shares of the company have soared an impressive 435.8% so far in 2023.
