MoonLake price target raised to $65 from $29 at Cantor Fitzgerald

Cantor Fitzgerald raised the firm’s price target on MoonLake Immunotherapeutics to $65 from $29 and keeps an Overweight rating on the shares. The company reported positive Phase 2 data for sonelokimab in hidradenitis suppurativa, the analyst tells investors in a research note. The firm believes sonelokimab has “clearly shown differentiated efficacy in HS that will be tough to beat.” The data are a strong validation of sonelokimab’s IL-17F and smaller-size approach, and should have positive read-throughs to MoonLake’s other inflammation indications, such as psoriatic arthritis, says Cantor. As such, it increased estimates and probabilities for sonelokimab across multiple indications, forecasting the drug could be a $3B-plus in sales at peak.