Mineralys Therapeutics (NASDAQ:MLYS) Shares Up 9% – Should You Buy?

Shares of Mineralys Therapeutics, Inc. (NASDAQ:MLYS) were up 9% during trading on Monday . The stock traded as high as $44.36 and last traded at $44.5090. Approximately 476,960 shares changed hands during trading, a decline of 59% from the average daily volume of 1,161,155 shares. The stock had previously closed at $40.85.

Analysts Set New Price Targets

Several brokerages have issued reports on MLYS. Wall Street Zen upgraded shares of Mineralys Therapeutics from a “sell” rating to a “hold” rating in a research report on Friday, August 22nd. Jefferies Financial Group increased their price objective on Mineralys Therapeutics from $15.00 to $26.00 and gave the stock a “hold” rating in a research report on Wednesday, September 3rd. Bank of America raised their price target on shares of Mineralys Therapeutics from $38.00 to $43.00 and gave the stock a “buy” rating in a research report on Thursday, August 28th. HC Wainwright boosted their price target on Mineralys Therapeutics from $52.00 to $56.00 and gave the company a “buy” rating in a research note on Wednesday, November 12th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Mineralys Therapeutics in a report on Wednesday, October 8th. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $46.67.

Mineralys Therapeutics Stock Performance

The stock has a market cap of $3.44 billion, a P/E ratio of -14.70 and a beta of 0.40. The business has a 50 day simple moving average of $40.17 and a 200-day simple moving average of $24.10.

Mineralys Therapeutics (NASDAQ:MLYS) last released its quarterly earnings data on Monday, November 10th. The company reported ($0.52) EPS for the quarter, topping the consensus estimate of ($0.66) by $0.14. On average, sell-side analysts predict that Mineralys Therapeutics, Inc. will post -4.23 earnings per share for the current fiscal year.

Insider Transactions at Mineralys Therapeutics

In other news, Director Srinivas Akkaraju acquired 588,235 shares of the firm’s stock in a transaction on Thursday, September 4th. The shares were purchased at an average price of $25.50 per share, for a total transaction of $14,999,992.50. Following the completion of the transaction, the director owned 588,235 shares of the company’s stock, valued at $14,999,992.50. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Adam Scott Levy sold 119,524 shares of the firm’s stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $44.88, for a total value of $5,364,237.12. Following the completion of the sale, the chief financial officer directly owned 19,396 shares in the company, valued at $870,492.48. The trade was a 86.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 416,793 shares of company stock valued at $18,669,643. 33.24% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. RA Capital Management L.P. lifted its position in shares of Mineralys Therapeutics by 26.7% in the 1st quarter. RA Capital Management L.P. now owns 6,147,280 shares of the company’s stock worth $97,619,000 after purchasing an additional 1,296,296 shares during the period. SR One Capital Management LP raised its stake in Mineralys Therapeutics by 55.1% in the first quarter. SR One Capital Management LP now owns 3,127,933 shares of the company’s stock worth $49,672,000 after buying an additional 1,111,111 shares in the last quarter. Vanguard Group Inc. raised its stake in Mineralys Therapeutics by 29.8% in the third quarter. Vanguard Group Inc. now owns 3,018,999 shares of the company’s stock worth $114,480,000 after buying an additional 692,550 shares in the last quarter. Caligan Partners LP lifted its holdings in Mineralys Therapeutics by 37.4% in the third quarter. Caligan Partners LP now owns 2,772,654 shares of the company’s stock worth $105,139,000 after buying an additional 755,302 shares during the period. Finally, Suvretta Capital Management LLC boosted its position in Mineralys Therapeutics by 22.2% during the 3rd quarter. Suvretta Capital Management LLC now owns 2,132,133 shares of the company’s stock valued at $80,850,000 after acquiring an additional 387,641 shares in the last quarter. 84.46% of the stock is owned by hedge funds and other institutional investors.

About Mineralys Therapeutics

Mineralys Therapeutics, Inc, a clinical-stage biopharmaceutical company that develops therapies for the treatment of hypertension and chronic kidney diseases. It clinical-stage product candidate is lorundrostat, a proprietary, orally administered, highly selective aldosterone synthase inhibitor for the treatment of cardiorenal conditions affected by abnormally elevated aldosterone.