RBC Capital downgraded MoonLake Immunotherapeutics (MLTX) to Sector Perform from Outperform with a price target of $10, down from $67. Data from the sonelokimab Phase 3 VELA program in hidradenitis suppurativa look like a “near-miss” from a statistical standpoint, the analyst tells investors in a research note. The firm believes that even if MoonLake can find a way to get the drug approved without additional studies, sonelokimab’s magnitude of effect at 9%-17% looks uncompetitive. It cites the drug’s meaningfully lower market opportunity for the downgrade.
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