Mineralys Therapeutics (NASDAQ:MLYS) Trading Up 12.4% – What’s Next?

Mineralys Therapeutics, Inc. (NASDAQ:MLYS)’s stock price shot up 12.4% on Tuesday . The company traded as high as $25.19 and last traded at $26.4270. 97,902 shares traded hands during trading, a decline of 92% from the average session volume of 1,213,969 shares. The stock had previously closed at $23.51.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on MLYS. Weiss Ratings reissued a “sell (d-)” rating on shares of Mineralys Therapeutics in a research note on Thursday, January 22nd. HC Wainwright set a $56.00 target price on Mineralys Therapeutics and gave the company a “buy” rating in a report on Tuesday, March 10th. Stifel Nicolaus boosted their price target on Mineralys Therapeutics from $45.00 to $52.00 and gave the company a “buy” rating in a research report on Friday, December 19th. Bank of America upped their price target on Mineralys Therapeutics from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, March 13th. Finally, Wall Street Zen raised Mineralys Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday, March 15th. Six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $49.14.

Mineralys Therapeutics Trading Up 16.6%

The firm has a market cap of $2.26 billion, a PE ratio of -11.58 and a beta of 0.57. The stock’s 50 day moving average price is $28.34 and its 200 day moving average price is $35.24.

Mineralys Therapeutics (NASDAQ:MLYS) last announced its quarterly earnings results on Thursday, March 12th. The company reported ($0.40) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.57) by $0.17. Analysts forecast that Mineralys Therapeutics, Inc. will post -4.23 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Adam Scott Levy sold 10,758 shares of the company’s stock in a transaction dated Monday, January 12th. The stock was sold at an average price of $32.14, for a total value of $345,762.12. Following the completion of the sale, the chief financial officer owned 8,638 shares of the company’s stock, valued at $277,625.32. This represents a 55.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider David Malcom Rodman sold 192,715 shares of the stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $35.02, for a total value of $6,748,879.30. Following the completion of the sale, the insider owned 61,804 shares of the company’s stock, valued at approximately $2,164,376.08. This trade represents a 75.72% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 363,325 shares of company stock worth $12,298,347 over the last quarter. 33.24% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. State Street Corp boosted its stake in shares of Mineralys Therapeutics by 144.4% in the fourth quarter. State Street Corp now owns 3,184,999 shares of the company’s stock valued at $115,584,000 after purchasing an additional 1,881,976 shares during the period. Farallon Capital Management LLC purchased a new stake in Mineralys Therapeutics during the 3rd quarter worth approximately $63,442,000. Price T Rowe Associates Inc. MD raised its position in shares of Mineralys Therapeutics by 6,097.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,325,120 shares of the company’s stock valued at $48,089,000 after purchasing an additional 1,303,737 shares in the last quarter. Holocene Advisors LP purchased a new position in shares of Mineralys Therapeutics during the 3rd quarter valued at approximately $45,708,000. Finally, Janus Henderson Group PLC boosted its stake in shares of Mineralys Therapeutics by 6,012.8% during the 4th quarter. Janus Henderson Group PLC now owns 1,213,265 shares of the company’s stock valued at $44,005,000 after buying an additional 1,193,417 shares during the last quarter. 84.46% of the stock is owned by institutional investors and hedge funds.

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.