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• H.C. Wainwright reiterated its 'Buy' rating and a $45 price target on MLTX, implying a 150% upside from current levels.
• Data presented at the EULAR conference in London showed that Sonelokimab delivered symptom improvements in patients with axial spondyloarthritis.
• MoonLake recently completed its final FDA pre-BLA meeting for Sonelokimab in hidradenitis suppurativa.

Shares of MoonLake Immunotherapeutics (MLTX) climbed up to 1% in extended trading on Monday after fresh Sonelokimab data boosted the bull case for the company's lead drug as investors look ahead to a catalyst-packed second half this year. 

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MLTX stock rose 1% on Monday to end the regular session at $18. 

Analyst Sees 150% Upside In MLTX

H.C. Wainwright reiterated its 'Buy' rating and $45 price target on MoonLake, implying a 150% upside from current levels. The brokerage reviewed new data for Sonelokimab, which was presented at the EULAR conference in London over the weekend. 

In an open-label study of patients with axial spondyloarthritis, 77% of the patients saw an improvement in symptoms within four weeks after just two doses of Sonelokimab, while more than half hit partial remission by Week 12. The brokerage also said that the drug delivered strong clinical benefits and showed positive effects on disease activity seen in imaging scans. H.C. Wainwright noted that Sonelokimab stood out for both the speed and depth of its response.

MoonLake Clears Key FDA Hurdle

The analyst update comes after MoonLake reported a positive outcome from its final pre-Biologics License Application (BLA) meeting with the U.S. Food and Drug Administration (FDA) for Sonelokimab in hidradenitis suppurativa last month.

The company said it aligned with the FDA on submission plans, label strategy, inclusion of adolescent patients and safety data requirements. MoonLake plans to submit its BLA for hidradenitis suppurativa by the end of September, with acceptance and a decision on Priority Review designation expected by the end of November.

The proposed label is expected to include data from the Mira trial, where 43% of patients treated with Sonelokimab achieved a high level of disease improvement by Week 12. The drug also outperformed placebo by about 29 percentage points. According to MoonLake, these are the strongest results reported to date in a large, well-controlled clinical trial for hidradenitis suppurativa. The company also said that no remaining gaps were identified during the pre-BLA process, including those related to Chemistry, Manufacturing and Controls requirements.

Investors Eye MLTX 2026 Catalysts

Investors are currently focused on a packed schedule of clinical milestones expected throughout the rest of the year. MoonLake is expecting 52-week data from the Phase 3 Vela-1 and Vela-2 hidradenitis suppurativa studies in the second quarter. The company is also awaiting primary endpoint readouts from the Phase 3 Izar-1 and Izar-2 trials in psoriatic arthritis, as well as results from the Phase 3 Vela-Teen study in adolescent hidradenitis suppurativa patients.

Traders are also looking for updates on Sonelokimab at the Goldman Sachs Global Healthcare Conference, taking place from June 8 to June 10, particularly around the upcoming readouts.

How Do Retail Traders Feel About MLTX?

On Stocktwits, retail sentiment for MLTX was ‘extremely bullish’ amid a 356% jump in 24-hour message volumes. Notably, the ticker’s watcher base has surged nearly 800% over the past year. 

One investor said that an imminent data release could overshadow rival AbbVie at the Goldman conference and put Merck on the spot over possible acquisition interest.

Another user said, “I believe there is a 80% chance Vela 52 will drop the night before or the morning of the seminar in advance of this [Goldman Sachs] show down.”

MLTX stock has declined 62% over the past year. 

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