Oppenheimer’s Favorite Stocks For Next 12 Months: Top 32 Stock Picks

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5. MoonLake Immunotherapeutics (NASDAQ:MLTX)

Share Price Upside: 46%

Number of Hedge Fund Investors In Q2 2024: 32

Average Analyst Share Price Target: $72.87

MoonLake Immunotherapeutics (NASDAQ:MLTX) is a small pre commercial stage biotechnology company that is developing a treatment for arthritis, psoriasis, and other associated ailments. This makes the firm’s hypothesis relatively simple since investors will react to the performance of MoonLake Immunotherapeutics (NASDAQ:MLTX)’s sonelokimab drug called SLK. SLK entered phase three trials in May this year, which removes some of the risk surrounding MoonLake Immunotherapeutics (NASDAQ:MLTX)’s shares due to the drug being in the later stages of development. An IL-17 inhibitor, the drug class is believed to hold the potential for becoming the primary line of treatment for the skin disease called hidradenitis suppurativa (HS). However, MoonLake Immunotherapeutics (NASDAQ:MLTX) might find it difficult to commercialize the product given the entrenched nature of the incumbents. Oppenheimer is bullish about the firm’s acquisition prospects as it considers “MLTX among the top likely acquisition targets in biotech today.”

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