利空突袭，深夜这一公司暴跌89%

Core Viewpoint - MoonLake, a biotechnology company with a market value of nearly $4 billion, experienced a significant stock drop of 89% following disappointing Phase III clinical trial results for its experimental skin disease drug, sonelokimab [1][3]. Company Summary - MoonLake's sonelokimab showed a response rate 17 percentage points higher than the placebo group in the VELA-1 trial and a 9 percentage point difference in the VELA-2 trial, with treatment response rates of 35% and 36% compared to 18% and 26% for the placebo [4]. - Analysts expressed disappointment with the trial results, leading to significant downgrades in investment ratings and target prices from major banks, including Stifel and RBC [4][5]. - Following the trial data release, MoonLake's market capitalization dropped over $3.5 billion, from $3.98 billion to under $500 million [5]. Industry Context - The market for hidradenitis suppurativa (HS), the condition targeted by sonelokimab, is projected to grow from $2 billion to $15 billion by 2035 due to a large number of untreated patients [7]. - UCB SA, a competitor, saw its stock rise significantly after the trial results, with its drug Bimzelx showing a higher adjusted efficacy compared to sonelokimab [5][6]. - UCB's Bimzelx has been a key growth area, with 21% of its global net sales coming from HS treatment [6].