Mineralys Therapeutics (NASDAQ:MLYS) Sees Unusually-High Trading Volume – Here’s What Happened

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) saw an uptick in trading volume on Wednesday . 3,282,132 shares traded 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 Ratings Changes

MLYS has been the subject of several research analyst reports. Wall Street Zen downgraded Mineralys Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Bank of America lifted their target price on Mineralys Therapeutics from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, March 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Mineralys Therapeutics in a report on Tuesday, April 21st. HC Wainwright set a $56.00 price target on shares of Mineralys Therapeutics and gave the stock a “buy” rating in a research report on Tuesday, March 10th. Finally, TD Cowen initiated coverage on shares of Mineralys Therapeutics in a report on Monday, April 27th. They set a “buy” rating for the company. Six equities research 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 data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $49.33.

Mineralys Therapeutics Stock Down 1.3%

The stock has a market cap of $2.46 billion, a price-to-earnings ratio of -14.56 and a beta of 0.49. The business has a 50-day moving average of $27.11 and a 200-day moving average of $32.21.

Mineralys Therapeutics (NASDAQ:MLYS) last issued its earnings results on Wednesday, May 6th. The company reported ($0.47) earnings per share for the quarter, topping the consensus estimate of ($0.51) by $0.04. Equities analysts anticipate that Mineralys Therapeutics, Inc. will post -2.3 earnings per share for the current year.

Insider Transactions at Mineralys Therapeutics

In other Mineralys Therapeutics news, Director Ra Capital Management, L.P. purchased 310,700 shares of the company’s stock in a transaction dated Friday, March 27th. The shares were bought at an average price of $23.67 per share, for a total transaction of $7,354,269.00. Following the purchase, the director directly owned 5,767,221 shares in the company, valued at $136,510,121.07. This trade represents a 5.69% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider David Malcom Rodman sold 14,058 shares of the firm’s stock in a transaction on Monday, April 13th. The shares were sold at an average price of $26.54, for a total transaction of $373,099.32. Following the transaction, the insider owned 76,140 shares in the company, valued at $2,020,755.60. This represents a 15.59% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 162,291 shares of company stock worth $4,353,683. Corporate insiders own 18.94% of the company’s stock.

Hedge Funds Weigh In On Mineralys Therapeutics

Several hedge funds have recently bought and sold shares of the business. Navalign LLC acquired a new stake in shares of Mineralys Therapeutics in the fourth quarter worth about $33,000. KBC Group NV acquired a new position in shares of Mineralys Therapeutics during the 1st quarter valued at about $33,000. Smartleaf Asset Management LLC raised its stake 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 valued at $40,000 after acquiring an additional 676 shares in the last quarter. Royal Bank of Canada raised its stake 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 in the last quarter. Finally, Caitong International Asset Management Co. Ltd lifted its holdings in Mineralys Therapeutics by 1,845.4% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,101 shares of the company’s stock worth $76,000 after purchasing an additional 1,993 shares during the last quarter. 84.46% of the stock is owned by institutional investors and hedge funds.

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.