BTIG downgraded MoonLake Immunotherapeutics (MLTX) to Neutral from Buy and removed the stock as a second half Top Pick after sonelokimab failed to differentiate in the week 16 results of the Phase 3 VELA-1 and VELA-2 trials of its registrational global program in patients with moderate-to-severe hidradenitis suppurativa. The placebo-adjusted HiSCR75 results from both VELA-1 and VELA-2 are “well into our worst case scenario and do not demonstrate a clear efficacy advantage vs. Bimzelx,” notes the analyst, who argues that the results from the VELA trials do not leave a clear opportunity for sonelokimab to differentiate.
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