Stifel analyst Alex Thompson downgraded MoonLake Immunotherapeutics (MLTX) to Hold from Buy with a price target of $13, down from $77. The firm says the data from the sonelokimab Phase 3 VELA program in hidradenitis suppurativa are significantly worse than it expected. Stifel’s prior base case of a clear path to approval in this large market is now off the table in the near term, the analyst tells investors in a research note. It downgraded MoonLake after lowering its probability of sucess to 33% from 75% in hidradenitis suppurativa.
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