Clear Street reaffirms MLTX’s Buy rating, citing strong potential in hidradenitis suppurativa and upcoming regulatory milestones.
Analysts at Clear Street reiterated a Buy rating on MoonLake Immunotherapeutics (NASDAQ:MLTX) with a $70 price target, emphasizing the company’s competitive edge in hidradenitis suppurativa (HS). The firm highlighted SLK’s robust profile in HS, which could drive a significant commercial opportunity following an investor event outlining its development and commercialization strategy.
MoonLake also announced a public offering of 9 million Class A ordinary shares at $20.00 per share and pre-funded warrants for 1 million shares at $19.9999 each, expected to raise $200 million in gross proceeds. The company plans to use the funds for research, development, and pre-commercialization activities. Underwriters were granted a 30-day option to purchase an additional 1.5 million shares.
The Biologics License Application submission for SLK remains on track for September 30, with management still assessing the potential for priority review.