Goldman Sachs initiated coverage of MoonLake Immunotherapeutics with a Neutral rating and $62 price target. The company is developing sonelokimab, a small novel nanobody targeting both IL-17A and F inflammatory cytokines, for treating hidradenitis suppurativa and psoriatic arthritis, the analyst tells investors in a research note. The firm says the lack of catalysts for rest of the year and MoonLake not prioritizing a partnership prior to Phase 3 data means little upside for the stock in 2024.
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