Mineralys Therapeutics (NASDAQ:MLYS) Shares Up 10.5% – Should You Buy?

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) rose 10.5% on Wednesday . The stock traded as high as $30.40 and last traded at $30.20. Approximately 1,395,288 shares were traded during mid-day trading, an increase of 12% from the average daily volume of 1,243,139 shares. The stock had previously closed at $27.32.

Analyst Ratings Changes

Several research firms recently commented on MLYS. HC Wainwright set a $56.00 target price on Mineralys Therapeutics and gave the stock a “buy” rating in a research report on Tuesday, March 10th. Weiss Ratings restated a “sell (d-)” rating on shares of Mineralys Therapeutics in a research report on Thursday, January 22nd. Bank of America boosted their target price on Mineralys Therapeutics from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, March 13th. Stifel Nicolaus lifted their price target on Mineralys Therapeutics from $45.00 to $52.00 and gave the stock a “buy” rating in a research note on Friday, December 19th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and set a $30.00 price target on shares of Mineralys Therapeutics in a research note on Friday, March 13th. Six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Mineralys Therapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $49.14.

Mineralys Therapeutics Stock Performance

The stock has a market cap of $2.46 billion, a PE ratio of -12.68 and a beta of 0.69. The business’s fifty day moving average price is $27.26 and its 200-day moving average price is $34.39.

Mineralys Therapeutics (NASDAQ:MLYS) last posted its quarterly earnings data on Thursday, March 12th. The company reported ($0.40) earnings per share (EPS) 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 fiscal year.

Insider Buying and Selling at Mineralys Therapeutics

In related news, CEO Jon Congleton sold 75,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 31st. The shares were sold at an average price of $26.27, for a total value of $1,970,250.00. Following the transaction, the chief executive officer owned 705,051 shares of the company’s stock, valued at approximately $18,521,689.77. This trade represents a 9.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 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 that occurred on Friday, March 13th. The stock was sold at an average price of $26.26, for a total transaction of $369,163.08. Following the sale, the insider owned 76,140 shares in the company, valued at approximately $1,999,436.40. The trade was a 15.59% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 126,155 shares of company stock worth $3,366,013. 33.24% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

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

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. 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.