12 Most Oversold Healthcare Stocks to Buy Now

6. MoonLake Immunotherapeutics (NASDAQ:MLTX)

Year Perf: -31.74%

Analyst Upside: 84.36%

Number of Hedge Fund Holders: 27

Formerly known as Helix Acquisition Corp, MoonLake Immunotherapeutics (NASDAQ:MLTX) is a Switzerland-based clinical-stage biopharmaceutical company that develops medicines for immunologic diseases, including inflammatory skin and joint diseases. It develops tri-specific nanobody Sonelokimab (SLK), a molecule with enhanced enrichment in deep skin and joints and binding of targets that targets and penetrates difficult-to-reach inflamed tissues.

The company ended fiscal Q3 2024 with $493.9 million in cash, cash equivalents, and short-term marketable debt securities. Management expects it to support a roadmap rich in potential catalysts and a cash runway to the end of 2026. Analysts are bullish on the company’s potential due to Sonelokimab, a pipeline-in-a-product across multiple significant indications that holds the potential to be worth over $8bn in sales by 2035 across the company’s targeted indications.

MoonLake Immunotherapeutics (NASDAQ:MLTX) is investing in this growth opportunity and large clinical development programs while preparing for regulatory filings and other pre-commercial activities. Its current price target of $42.83 implies an upside of 84.36% from current levels. On January 17, analyst Richard Law, CFA, from Goldman Sachs, upgraded the rating on MoonLake Immunotherapeutics (NASDAQ:MLTX) to a Buy and gave it an $82.00 price target.