MoonLake Immunotherapeutics price target raised to $61 from $33 at Wedbush

Wedbush raised the firm’s price target on MoonLake Immunotherapeutics to $61 from $33 and keeps an Outperform rating on the shares after the company hosted a R&D call to discuss the positive topline Phase 2 MIRA results. Overall, the firm left the call even more confident in sonelokimab’s best-in-class profile in hidradenitis suppurativa, or HS, given its rapid and robust impact on key clinically relevant measures and favorable safety profile with Q4W dosing. In HS alone, Wedbush finds SLK has blockbuster potential and project net sales of $2.8B in 2030, assuming a U.S. launch in Oct. 2027. With these positive data in hand, the firm thinks the upcoming readouts from the Phase 2 MIRA trial and Phase 2 ARGO trial in PsA have now become even more de-risked and as such sees these events serving as additional opportunities for value creation over the next 12 months.