2025-06-05-Jefferies-MoonLake_Immunotherapeutics,Monte_Rosa_Therapeutics（MLTX）_JEF全球医疗会议第一天_MLTX_GLUE_8页_113kb

Summary of Equity Research Report

MoonLake Immunotherapeutics (MLTX)

• Rating: Buy
• Target Price: $65.00
• Key Points: CEO expresses confidence in replicating Phase 2 efficacy (pbo-adj HiSCR75 >20%) in the upcoming Phase 3 trial for HS treatment in September 2025. Markets for HS are rapidly expanding, potentially reaching $10–15B by 2035. SLK could become the gold standard if it achieves the target, with possible differentiation through dosing convenience and focus on long-term efficacy, quality of life improvement. Competitor analysis includes Bimzelx and Cosentyx, but growth is expected from bio-naive patients. Plans for independent commercial launch and Phase 3 trial in PsA using an IL-23 mAb comparator.

Monte Rosa Therapeutics (GLUE)

• Rating: Buy
• Target Price: $4.61
• Key Points: Focuses on protein degradation platform QuEEN; VAV1 degrader MRT-6160 shows potential for treating TH17-driven diseases like ulcerative colitis and rheumatoid arthritis, with positive IL-17 and IFN-γ inhibition in studies. Plans for multiple Phase 2 trials in various indications, with options for parallel advancement. NEK7 degrader MRT-8102 is expected to differentiate from NLRP3 inhibitors by preventing complex formation, and IND status may be cleared soon. Risks include clinical, regulatory, commercial, competitive, and financing aspects. Valuation based on DCF model.