MoonLake faces less competition after Acelyrin failure, says Guggenheim

After having attended MoonLake Immunotherapeutics’ (MLTX) Capital Market’s Day yesterday,Guggenheim notes two important sonelokimab readouts are upcoming, including 24-week data in hidradenitis suppurativa, or HS, in October and primary psoriatic arthritis, or PsA, data in early November. In HS, the firm thinks MoonLake is well positioned with 24 week data that is likely to show a deepening of response versus “already impressive” 12 week data and now less competition given competitor Acelyrin’s (SLRN) recent failure, the analyst tells investors. The firm, which views MoonLake as “the premier player in the IL-17 space” and sonelokimab as “one of the most valuable assets in immunology,” has a Buy rating on the shares, which are up $6.77, or 13%, to $59.39 in Tuesday morning trading.