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

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

Wall Street Analysts Forecast Growth

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

Mineralys Therapeutics Trading Down 2.5%

The stock has a 50-day simple moving average of $28.15 and a 200-day simple moving average of $35.11. The company has a market capitalization of $2.18 billion, a price-to-earnings ratio of -11.14 and a beta of 0.57.

Mineralys Therapeutics (NASDAQ:MLYS) last released 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. On average, research analysts forecast that Mineralys Therapeutics, Inc. will post -4.23 EPS for the current year.

Insider Buying and Selling at Mineralys Therapeutics

In other news, CEO Jon Congleton sold 16,236 shares of the company’s stock in a transaction dated Monday, January 12th. The shares were sold at an average price of $32.62, for a total value of $529,618.32. Following the sale, the chief executive officer owned 639,151 shares in the company, valued at approximately $20,849,105.62. This represents a 2.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider David Malcom Rodman sold 192,715 shares of the stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $35.02, for a total transaction of $6,748,879.30. Following the transaction, the insider directly owned 61,804 shares in the company, valued at $2,164,376.08. The trade was a 75.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 363,325 shares of company stock worth $12,298,347 in the last ninety days. 25.56% of the stock is owned by insiders.

Institutional Trading of Mineralys Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the company. Navalign LLC acquired a new stake in Mineralys Therapeutics during the fourth quarter valued at approximately $33,000. Smartleaf Asset Management LLC grew its position in shares of Mineralys Therapeutics by 198.2% in the 3rd quarter. Smartleaf Asset Management LLC now owns 1,017 shares of the company’s stock worth $40,000 after acquiring an additional 676 shares in the last quarter. Ameritas Investment Partners Inc. increased its holdings in shares of Mineralys Therapeutics by 42.8% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,995 shares of the company’s stock valued at $54,000 after acquiring an additional 1,197 shares during the last quarter. Royal Bank of Canada increased its holdings in shares of Mineralys Therapeutics by 262.3% in the 4th quarter. Royal Bank of Canada now owns 1,529 shares of the company’s stock valued at $56,000 after acquiring an additional 1,107 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd raised its position in shares of Mineralys Therapeutics by 1,845.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,101 shares of the company’s stock valued at $76,000 after acquiring an additional 1,993 shares in the last quarter. 84.46% of the stock is owned by 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. 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.