MLTX Stock Moves Higher As Traders Position For Late-Stage Trial Catalysts

Moonlake’s lead drug Sonelokimab is being tested across inflammatory conditions, with the biggest near-term focus on hidradenitis suppurativa.

• Full 52-week results from both HS trials are expected in the second quarter.
• Primary data from the company’s trials in psoriatic arthritis is also expected this year. 
• Retail continues to consider Merck as a potential acquirer for MLTX, following reports in 2025 that the bigger pharma giant approached the company with a buyout offer.

Shares of MoonLake Immunotherapeutics (MLTX) garnered retail attention on Wednesday ahead of imminent late-stage data for its lead drug sonelokimab.

Sonelokimab is being tested across inflammatory conditions, with the biggest near-term focus on hidradenitis suppurativa (HS). It’s a painful, chronic skin disease involving abscesses, nodules and tunnels, mainly in areas like the armpits, groin and under the breasts.

The MLTX stock traded 2.5% higher at the time of writing.

MLTX’s Upcoming Data In HS

MoonLake ran two large, identical late-stage trials involving about 838 patients with moderate-to-severe HS. Week 16 topline results from the trials were mixed. While one trial hit the main goal, the other missed it narrowly due to an unusually high placebo response rate.

Full 52-week results from both trials are expected in the second quarter. This will show how well the benefits hold up over a full year.

MoonLake also has a smaller late-stage study in adolescents with HS. Data from this trial, expected this year, is intended to support a label that includes patients as young as 12.

After a positive meeting with the FDA in April 2026, MoonLake now plans to submit the application seeking approval for its drug for adult and adolescent HS at the end of September 2026, with FDA acceptance and a potential Priority Review decision expected by the end of November 2026. A potential U.S. launch is eyed for the second half of 2027 if approved.

Moonlake’s Efforts In Psoriatic Arthritis

In addition, MoonLake is running two late-stage trials in psoriatic arthritis. 

The primary results from the two trials are expected in mid-2026 and in the second half of 2026, respectively.

How Did MLTX Retail Traders React?

On Stocktwits, retail sentiment around MLTX stock jumped from ‘bearish’ to ‘bullish’ over the past 24 hours, while message volume rose from ‘normal’ to ‘high.’

A Stocktwits user said the stock is still at a discounted price.

Another voiced optimism for the 52-week data in HS creating a rally.

Yet another user highlighted the merger and acquisition deals in the pharma sector, and warned pharmaceutical giant Merck that Eli Lilly and Co could always try to buy Moonlake.  

Merck has been the most frequently cited potential acquirer of MoonLake. In June 2025, the Financial Times reported that Merck submitted a non-binding offer to buy the company for more than $3 billion earlier that year. MoonLake rejected the initial proposal, although the report indicated that discussions could potentially resume.

According to data from Koyfin, 11 of the 15 analysts covering MLTX rate it ‘Buy’ or higher, while two rate it ‘Hold’ and two ‘Sell.’ The stock has a 12-month average price target of $27.62, which represents a potential upside of about 46% from the stock’s last close.

MLTX stock has gained 63% this year. 

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