MPM Bioimpact sold 313,571 shares of MoonLake Immunotherapeutics in the third quarter, reducing the position by $14.8 million. The move marked a full exit, with no MLTX shares held at quarter-end, previously accounting for 2.6% of the fund’s AUM. Shares were down 74% from the previous year.

A U.S. SEC filing revealed that MPM Bioimpact fully divested its MoonLake Immunotherapeutics stake, selling 313,571 shares in the third quarter. The move represented a $14.8 million reduction, previously comprising 2.6% of assets under management. Top holdings post-exit included MDGL, CGEM, RNA, TRVI, and EWTX.

MoonLake Immunotherapeutics is a clinical-stage biotech developing Sonelokimab for inflammatory diseases. After a stock crash in September, the company faces uncertainties. MPM Bioimpact’s exit before or after the crash remains unclear, highlighting the volatility. Long-term prospects hinge on regulatory approvals and successful commercialization.

MPM Bioimpact’s sale of MoonLake Immunotherapeutics shares came amid market volatility and after a stock crash. The fund also exited MBX Biosciences and Crinetics Pharmaceuticals, reducing exposure to clinical names. MoonLake continues developing Sonelokimab, with promising data and upcoming FDA meetings key to its future success.

Read more at Yahoo Finance: Biotech Fund Reveals $15 Million MoonLake Exit After Stock’s 90% Crash