MoonLake Immunotherapeutics initiated with an Equal Weight at Barclays

Barclays initiated coverage of MoonLake Immunotherapeutics with an Equal Weight rating and $28 price target. MoonLake’s value hinges on the extent sonelokimab can differentiate from bimekizumab, the size of the underlying hidradenitis suppurativa opportunity with downstream read-through to other in clinic indications, and while sonelokimab should demonstrate clear separation vs. placebo in MIRA, the higher bar of clearly differentiating vs. bimekizumab, combined with the recent share price appreciation, sets up a balanced risk/reward into data, the analyst tells investors in a research note.