It's not too late for investors to ride along with MoonLake Immunotherapeutics despite the Swiss biotech having more than quadrupled in price this year, according to Stifel.
Shares of MoonLake have soared 354% in 2023, but Stifel believes more gains lay ahead.
MLTX YTD mountain MLTX YTD chart Analyst Alex Thompson believes MoonLake's sonelokimab drug, which targets diseases in dermatology and rheumatology, could eventually achieve $4.2 billion in U.S. revenue.
The next trial readout for the drug is in psoriatic arthritis, with data expected in early November.
"We view recent acquisitions in the TYK2 and TL1A space ($4-11B) as supportive of Strategics' interest/willingness to pay premiums in these markets," Stifel noted.
Persons:
It's, MoonLake Immunotherapeutics, Stifel, Alex Thompson, we've, Thompson, MoonLake, — CNBC's Michael Bloom