Goldman launches Moon Lake neutral, citing potential for lead drug (NASDAQ:MLTX)

Goldman Sachs begins coverage of Moonlake Immunotherapy (NASDAQ:MLTX) gave a neutral rating, saying the potential of the company’s drug candidate sonelokimab in treating hidradenitis suppurativa (HS) is high, but the drug’s potential in psoriatic arthritis is low. P.S.

Goldman said the strong Phase 2 data and large Phase 2 sample size for sonelokimab (SLK) “raises the potential for SLK to be successful in Phase 3 and perhaps demonstrate best-in-class efficacy in HS.” I am confident that there is,” he said.

However, the bank added that commercial success will be difficult as payers support Humira and its biosimilars as first-line treatments. It also found no “compelling evidence” of SLK’s differentiation in the increasingly crowded PsA market.

Goldman modeled SLK’s risk-adjusted global peak sales in 2040 at $1.5 billion for HS and $680 million for PsA.

“Additionally, the lack of catalysts for the remainder of this year and MLTX not prioritizing partnerships prior to Phase 3 data leaves little upside for the stock in 2024,” Goldman said. added.

Goldman set a price target of $62.