Leerink Partners Reiterated a Buy on MoonLake Immunotherapeutics (MLTX)

MoonLake Immunotherapeutics (NASDAQ:MLTX) is one of the Best Stocks to Buy for the Next 3 Months According to Hedge Funds. On August 21, Leerink Partners analyst Thomas Smith reiterated a Buy rating on MoonLake Immunotherapeutics (NASDAQ:MLTX) with a price target of $73.

Smith highlighted the potential of the company’s Sonelokimab in treating moderate-to-severe hidradenitis suppurativa. He noted that the upcoming Phase 3 VELA trial results to be a key catalyst for the stock and believes that it will show superiority over existing treatments, which could boost the share price significantly.

In addition, Smith’s optimism is supported by the recent completion of patient enrollment in the VELA trial. The baseline characteristics of this trial resemble those from the successful Phase 2 MIRA study. Moreover, the analyst also noted speaking with key dermatology experts who favor the company’s drug. The dermatologists noted that the drug has better efficacy, safety, and dosing convenience compared to competitors. As a result, the analyst expects strong sales growth for the drug by 2035.

MoonLake Immunotherapeutics (NASDAQ:MLTX) is a clinical-stage biopharmaceutical company that develops therapies for inflammatory skin and joint diseases.

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Disclosure: None. This article is originally published at Insider Monkey.