10:53 AM EDT, 09/29/2025 (MT Newswires) -- MoonLake Immunotherapeutics ( MLTX ) faces a murky regulatory outlook after late-stage study results for its skin drug sonelokimab disappointed investors, Wedbush said Monday in a note.

The trial data appear to suggest inferiority" compared with the rival bimekizumab for hidradenitis suppurativa, Wedbush said.

Some results in the latest trial also were weaker than those seen in earlier test phases, Wedbush said.

Wedbush plans to review its outperform rating on Moonlake stock and $80 price target, pending further details from the company and regulatory developments. The firm cautioned that the results may reduce acquisition interest and may have implications for psoriatic arthritis studies underway.

MoonLake shares plunged 89% in recent Monday trading after at least three analysts downgraded their rating on the stock.

Intraday volume topped 42.3 million shares, compared with the daily average of almost 583,000.

Price: 6.60, Change: -55.40, Percent Change: -89.36