MoonLake Immunotherapeutics (MLTX) reported 40-week data from its phase 3 VELA-1 and VELA-2 studies of sonelokimab to treat hidradenitis suppurativa that continue to support efficacy comparable to bimekizumab, Wedbush Securities said in a Monday note.

Wedbush said updated results presented at the American Academy of Dermatology Annual Meeting showed continued efficacy improvement beyond week 16, with response levels broadly comparable to bimekizumab from UCB's phase 3 trials at 48 weeks.

According to the report, the new VELA-2 data showed patients switching from placebo to sonelokimab improved rapidly within four weeks, helping explain earlier HiSCR75 variability and reinforcing the drug's underlying efficacy.

The analysts said improvements in patient-reported outcomes and pain reduction aligned with lower lesion counts and limited placebo effects, supporting the therapeutic benefit of sonelokimab in hidradenitis suppurativa.

The company plans to submit a biologics license application for sonelokimab in hidradenitis suppurativa by late Q3 2026 and may seek priority review after a pre-BLA meeting with regulators, Wedbush added.

The firm maintained its outperform rating on the stock with a $34 price target.

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