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

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

Analyst Upgrades and Downgrades

MLYS has been the topic of a number of recent analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Mineralys Therapeutics in a research report on Wednesday, October 8th. Wall Street Zen upgraded Mineralys Therapeutics from a “sell” rating to a “hold” rating in a report on Friday, August 22nd. Bank of America increased their price objective 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. Jefferies Financial Group boosted their price target on Mineralys Therapeutics from $15.00 to $26.00 and gave the company a “hold” rating in a report on Wednesday, September 3rd. Finally, HC Wainwright lifted their target price on Mineralys Therapeutics from $52.00 to $56.00 and gave the company a “buy” rating in a research report on Wednesday, November 12th. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.67.

Mineralys Therapeutics Trading Up 0.3%

The business has a 50 day moving average of $40.43 and a two-hundred day moving average of $24.51. The firm has a market cap of $3.44 billion, a P/E ratio of -14.79 and a beta of 0.40.

Mineralys Therapeutics (NASDAQ:MLYS) last announced its quarterly earnings data on Monday, November 10th. The company reported ($0.52) earnings per share 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 EPS for the current year.

Insider Activity

In other news, CFO Adam Scott Levy sold 119,524 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief financial officer directly owned 19,396 shares of the company’s stock, valued at $870,492.48. The trade was a 86.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Srinivas Akkaraju purchased 588,235 shares of the company’s stock in a transaction that occurred on Thursday, September 4th. The shares were acquired at an average cost of $25.50 per share, with a total value of $14,999,992.50. Following the completion of the acquisition, the director directly owned 588,235 shares in the company, valued at approximately $14,999,992.50. This represents a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have sold 416,793 shares of company stock worth $18,669,643 in the last 90 days. 33.24% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in MLYS. Armistice Capital LLC lifted its position in shares of Mineralys Therapeutics by 185.2% during the third quarter. Armistice Capital LLC now owns 507,650 shares of the company’s stock worth $19,250,000 after purchasing an additional 329,650 shares in the last quarter. XTX Topco Ltd bought a new position in Mineralys Therapeutics in the 3rd quarter worth approximately $714,000. Velan Capital Investment Management LP lifted its holdings in Mineralys Therapeutics by 0.6% during the 3rd quarter. Velan Capital Investment Management LP now owns 175,600 shares of the company’s stock worth $6,659,000 after buying an additional 1,000 shares in the last quarter. Verition Fund Management LLC bought a new position in Mineralys Therapeutics in the 3rd quarter valued at $700,000. Finally, Scientech Research LLC bought a new position in Mineralys Therapeutics in the 3rd quarter valued at $302,000. Institutional investors and hedge funds own 84.46% of the company’s stock.

Mineralys Therapeutics Company Profile

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.