Shares of the clinical-stage biotechnology company MoonLake Immunotherapeutics (NASDAQ: MLTX) skyrocketed in morning trading on Monday morning after the company announced positive top-line results from its Phase 2 MIRA trial. This trial evaluated the efficacy and safety of the nanobody sonelokimab in patients with moderate-to-severe hidradenitis suppurativa (HS) – a painful skin condition categorized by skin lumps in places such as arm pits and groin.
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The MIRA trial was a randomized, double-blind, placebo-controlled trial that enrolled 234 patients to use sonelokimab and this trial met its primary endpoint as a significantly greater proportion of patients treated with both sonelokimab 120mg and 240mg achieved Hidradenitis Suppurativa Clinical Response (HiSCR75) compared to those on placebo at week 12.
Jorge Santos da Silva, PhD, Founder and Chief Executive Officer at MoonLake, commented, “As part of our efforts to elevate outcomes for patients, we set an ambitious goal for our nanobody sonelokimab to ‘meet or beat’ the best results shown in pivotal-like trials of competitors. We have achieved our ‘beat’ goal with the positive outcome of the Phase 2 MIRA trial.”
Analysts are bullish about MLTX stock with a Strong Buy consensus rating based on seven Buys and one Hold.
