Citi analyst Samantha Semenkow downgraded MoonLake Immunotherapeutics (MLTX) to Neutral from Buy with a price target of $5, down from $72. The firm cites the “disappointing” Phase 3 VELA program data for sonelokimab in hidradenitis suppurativa for the downgrade. Citi now sees “significant” regulatory risk for the drug and points out Moonlake is now facing financing challenges.
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