MoonLake Immunotherapeutics' (MLTX) three new studies of the company's nanobody sonelokimab in three new indications are "positive progress" in its efforts to expand the market opportunity for the candidate drug, Wedbush said Wednesday in a note to clients.
MoonLake said Wednesday that sonelokimab's clinical program now includes people with adolescent hidradenitis suppurativa, palmoplantar pustulosis and axial spondyloarthritis, in addition to adults with hidradenitis suppurativa and active psoriatic arthritis.
The company's "strong balance sheet" with end of Q3 cash of $493.9 million and an estimated runway to year end 2026 should also give the company "solid support for continued clinical development activities," said Wedbush analyst Yun Zhong.
The trials for palmoplantar pustulosis and axial spondyloarthritis may "provide meaningful upside" for MoonLake, Wedbush said.
The investment firm said that, according to its calculations, palmoplantar pustulosis affects about 100,000 people in the US, for whom there are no approved treatment options, while axial spondyloarthritis affects up to 1.4% of the population in the US.
Wedbush has an outperform rating on MoonLake and a $73 price target.
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