Shares of MoonLake Immunotherapeutics fell more than 85% in pre-market trading on September 29 after the company disclosed disappointing Phase 3 VELA results. One trial failed to meet its primary endpoint, and the other showed only modest gains versus placebo. MoonLake previously touted the results of its Phase 2 MIRA trial. Analysts now contend the Phase 3 data falls short of that benchmark and is lagging competing drugs, raising doubts about the drug’s commercial viability. Block & Leviton is investigating MoonLake's public statements about its drug trials.
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