MoonLake price target doubled to $56 from $28 at SVB Securities

SVB Securities analyst Thomas Smith raised the firm’s price target on MoonLake Immunotherapeutics to $56 from $28 and keeps an Outperform rating on the shares following the report of “positive” topline data from the Phase 2 MIRA trial of sonelokimab in hidradenitis suppurativa, or HS. The trial met the primary and multiple secondary endpoints at week 12, with efficacy that exceeded both the company’s and investors’ expectations, says the analyst, who believes the topline data suggest superior efficacy and “a potential best-in-class profile.”