MoonLake Shares Plummet 90% After VELA-2 Trial Failure, Law Firm Probes Potential Misconduct
MoonLake Immunotherapeutics' shares plummeted following the release of VELA-2 trial results for its drug candidate, sonelokimab. The stock price dropped by $55.75, a staggering 90%, leaving investors reeling. Law firm Hagens Berman has since launched an investigation into potential investor misconduct.
The VELA-2 trial, aimed at testing sonelokimab's efficacy in treating hidradenitis suppurativa, failed to meet its primary endpoint. This was due to intercurrent events in the placebo arm, which prevented the study from achieving statistical significance. MoonLake had previously expressed confidence in the trial's design and its potential to become a 'gold standard' treatment.
Hagens Berman is now probing whether MoonLake misled investors about the trial's design and the likelihood of achieving the HiSCR75 primary endpoint. Specifically, the investigation focuses on MoonLake's disclosures regarding planning for possible intercurrent events. Notably, the name of the research and development leader responsible for sonelokimab's development remains unknown.
MoonLake's stock price freefall, following the VELA-2 trial results, has raised serious questions about the company's disclosures. As Hagens Berman investigates potential investor misconduct, MoonLake faces a challenging road to rebuilding investor confidence.
