MoonLake Immunotherapeutics price target raised to $86 from $61 at Wedbush

Wedbush raised the firm’s price target on MoonLake Immunotherapeutics to $86 from $61 and keeps an Outperform rating on the shares. MoonLake Immunotherapeutics is also on Wedbush’s Best Ideas List. Ahead of the upcoming key data readouts expected in Q4 for sonelokimab, or SLK, in hidradenitis suppuritiva, or HS, and psoriatic arthritis, or PsA, the firm revisited its valuation and probability of success for both programs. Given Wedbush’s view of a high likelihood of positive Phase 2 readouts for SLK/HS and SLK/PsA based on the 12 weeks Phase 2 MIRA results for SLK/HS and positive Phase 2 and Phase 3 results from other drugs targeting IL-17 for the treatment of HS and PsA, the firm is increasing the multiple for SLK/HS in the U.S. and EU to 6-times from 5-times and increasing the multiple for SLK/PsA in the U.S. and EU to 5-times from 4-times.