Why MoonLake Immunotherapeutics (MLTX) Shares Are Trading Higher Today - MoonLake (NASDAQ:MLTX)

HC Wainwright initiated coverage on MoonLake Immunotherapeutics MLTX with a Buy rating and a price target of $28, citing a potentially best-in-class agent for multiple inflammatory disorders.
As per the analysts, MoonLake possesses a possibly best-in-class agent in the IL-17- blocking category with sonelokimab (SLK), a novel nanobody targeting both IL-17A and IL-17F that drive inflammation.
SLK's small size would enable effective penetration of deep-lying tissues, providing a key advantage over its competitors.
In a Phase 2 trial published in The Lancet, up to 57% of patients with moderate to severe psoriasis who took SLK achieved clear skin (PASI 100) at week 24 and sustained responses over 52 weeks.
There was also a numerical benefit over Novartis AG's NVS Cosentyx (secukinumab) control arm and a favorable safety profile.
"We believe that SLK could be favorably positioned in both psoriasis and psoriatic arthritis vs. existing antibody drugs, which do not address blockade of all pathological forms of IL-17 and that have various off-target side effects," said HC Wainwright.
In addition, MoonLake is pursuing the development of SLK in hidradenitis suppurativa (HS), a debilitating inflammatory skin disease for which there are currently no approved therapies.
Price Action: MLTX shares are up 36.7% at $7.56 during the market session on the last check Thursday.

HC Wainwright Starts Coverage On This 'Best-In-Class Agent For Inflammatory Disorders