Mineralys Therapeutics (NASDAQ:MLYS) Sees Strong Trading Volume – Time to Buy?

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) saw strong trading volume on Wednesday . 3,282,132 shares changed hands during trading, an increase of 172% from the previous session’s volume of 1,208,386 shares.The stock last traded at $27.7940 and had previously closed at $26.03.

Analyst Upgrades and Downgrades

MLYS has been the subject of a number of research analyst reports. HC Wainwright set a $56.00 target price on Mineralys Therapeutics and gave the company a “buy” rating in a research note on Tuesday, March 10th. Wall Street Zen cut Mineralys Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Bank of America raised their price objective on Mineralys Therapeutics from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, March 13th. Jefferies Financial Group restated a “hold” rating and set a $30.00 target price on shares of Mineralys Therapeutics in a report on Friday, March 13th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Mineralys Therapeutics in a research report on Tuesday, April 21st. Six investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $49.33.

Mineralys Therapeutics Stock Performance

The business has a 50-day moving average price of $27.05 and a 200 day moving average price of $32.37. The stock has a market capitalization of $2.34 billion, a P/E ratio of -13.82 and a beta of 0.49.

Mineralys Therapeutics (NASDAQ:MLYS) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($0.47) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.51) by $0.04. As a group, research analysts forecast that Mineralys Therapeutics, Inc. will post -2.3 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Mineralys Therapeutics news, CEO Jon Congleton sold 75,000 shares of the firm’s stock in a transaction dated Tuesday, March 31st. The shares were sold at an average price of $26.27, for a total transaction of $1,970,250.00. Following the completion of the sale, the chief executive officer directly owned 705,051 shares in the company, valued at approximately $18,521,689.77. This trade represents a 9.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Malcom Rodman sold 14,058 shares of the firm’s stock in a transaction dated Monday, April 13th. The shares were sold at an average price of $26.54, for a total transaction of $373,099.32. Following the sale, the insider owned 76,140 shares of the company’s stock, valued at approximately $2,020,755.60. This represents a 15.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 162,291 shares of company stock worth $4,353,683 in the last 90 days. 18.94% of the stock is owned by company insiders.

Institutional Investors Weigh In On Mineralys Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the company. AQR Capital Management LLC bought a new position in Mineralys Therapeutics in the 1st quarter valued at approximately $550,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Mineralys Therapeutics by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,085 shares of the company’s stock worth $271,000 after purchasing an additional 702 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Mineralys Therapeutics by 166.6% in the first quarter. Goldman Sachs Group Inc. now owns 298,395 shares of the company’s stock worth $4,739,000 after purchasing an additional 186,480 shares during the last quarter. Woodline Partners LP purchased a new position in shares of Mineralys Therapeutics in the first quarter worth $757,000. Finally, Creative Planning bought a new position in shares of Mineralys Therapeutics during the second quarter valued at $336,000. Institutional investors own 84.46% of the company’s stock.

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. The company was formerly known as Catalys SC1, Inc and changed its name to Mineralys Therapeutics, Inc in May 2020. The company was incorporated in 2019 and is headquartered in Radnor, Pennsylvania.