MoonLake Immunotherapeutics (NASDAQ:MLTX) shares jumped more than 100% intra-day today after the company announced positive top-line results from its global Phase 2 MIRA trial evaluating the efficacy and safety of the Nanobody® sonelokimab in patients with moderate-to-severe hidradenitis suppurativa (HS).
SVB Securities noted that the 120mg SLK arm achieved HiSCR75 placebo-adjusted delta of 29% at week 12, exceeding company expectations of ≥20%, and investor expectations of ≥25%.
Furthermore, the firm highlighted the HiSCR50 placebo-adjusted delta of 38%, which exceeded the response seen from any other late-stage HS trial to date, suggesting an encouraging breadth of benefit. The firm maintained its Outperform rating on the stock.
Cantor Fitzgerald provided its key takeaways from the conference call today, where the company provided more details on the Phase 2 HS data.
The firm noted that SLK showed directionally better responses than Humira at 12 weeks on HiSCR75 and several other endpoints. According to Cantor Fitzgerald, this difference will only improve in a potential longer duration trial as Humira efficacy significantly wanes over time in HS and IL-17 drugs have better durability. “Safety also looks good with candida rate inline with Bimekizumab,” added the firm, reiterating its Overweight rating and $29 price target on the stock.
According to Wedbush, the impressive results supported the company’s best-in-class profile. The firm reiterated its Outperform rating and $33 price target on the stock.