MoonLake Immunotherapeutics shares swooned Monday after the company reported ambiguous results for its psoriatic arthritis treatment.
While patients who received MoonLake's drug, sonelokimab, did show statistically significant improvements, patients receiving a placebo saw better-than-expected results. Nearly half of patients who received sonelokimab showed at least a 50% improvement in symptoms, while 20% of placebo recipients met the same bar, according to reports.
Shares of MoonLake tumbled roughly 25% Monday morning to $38.29.
Meanwhile, analysts at Jefferies maintained a Buy rating for the company but lowered their price target to $66 from $79.
One bullish note, 29% of patients who received a 60 milligram dose and 26% of those who received a 120 milligram dose saw a 70% improvement in symptoms.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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