As previously reported, Jefferies analyst Clara Dong downgraded MoonLake Immunotherapeutics (MLTX) to Hold from Buy with a price target of $8, down from $65, after the company announced the week 16 results of the Phase 3 VELA-1 and VELA-2 trials of its program in patients with moderate-to-severe hidradenitis suppurativa. While stating that sonelokimab may still get approved, the approval is now less likely than it was, the commercial opportunity is smaller and MoonLake’s M&A value is also lower, the analyst tells investors.
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