Mineralys Therapeutics (NASDAQ:MLYS) Sees Strong Trading Volume on Insider Buying Activity

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) saw strong trading volume on Tuesday following insider buying activity. 576,397 shares were traded during trading, an increase of 89% from the previous session’s volume of 305,686 shares.The stock last traded at $14.87 and had previously closed at $14.22.

Specifically, Director Ra Capital Management, L.P. acquired 1,296,296 shares of the stock in a transaction dated Thursday, March 13th. The shares were purchased at an average cost of $13.50 per share, with a total value of $17,499,996.00. Following the transaction, the director now directly owns 4,280,051 shares in the company, valued at approximately $57,780,688.50. This represents a 43.45 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Samsara Biocapital Gp, Llc acquired 600,000 shares of the stock in a transaction dated Thursday, March 13th. The shares were bought at an average cost of $13.50 per share, for a total transaction of $8,100,000.00. Following the completion of the transaction, the insider now owns 5,674,916 shares in the company, valued at approximately $76,611,366. This represents a 11.82 % increase in their ownership of the stock. The disclosure for this purchase can be found here.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. The Goldman Sachs Group lowered their price objective on Mineralys Therapeutics from $28.00 to $24.00 and set a “buy” rating on the stock in a research report on Thursday, February 13th. HC Wainwright reissued a “buy” rating and issued a $30.00 price target on shares of Mineralys Therapeutics in a report on Monday, March 10th. Finally, Guggenheim reissued a “buy” rating on shares of Mineralys Therapeutics in a report on Monday, February 24th.

Mineralys Therapeutics Stock Performance

The stock has a fifty day moving average of $10.45 and a 200 day moving average of $11.94. The company has a market capitalization of $743.05 million, a PE ratio of -4.08 and a beta of 1.50.

Mineralys Therapeutics (NASDAQ:MLYS) last posted its quarterly earnings results on Wednesday, February 12th. The company reported ($0.98) EPS for the quarter, topping analysts’ consensus estimates of ($1.00) by $0.02. As a group, equities analysts predict that Mineralys Therapeutics, Inc. will post -4.23 EPS for the current year.

Institutional Trading of Mineralys Therapeutics

A number of large investors have recently added to or reduced their stakes in MLYS. Millennium Management LLC increased its stake in Mineralys Therapeutics by 1,015.8% in the 4th quarter. Millennium Management LLC now owns 1,101,674 shares of the company’s stock worth $13,562,000 after acquiring an additional 1,002,941 shares during the last quarter. Integral Health Asset Management LLC increased its position in shares of Mineralys Therapeutics by 145.8% during the 4th quarter. Integral Health Asset Management LLC now owns 875,000 shares of the company’s stock valued at $10,771,000 after purchasing an additional 519,000 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Mineralys Therapeutics by 2,251.5% during the 4th quarter. JPMorgan Chase & Co. now owns 503,590 shares of the company’s stock valued at $6,199,000 after purchasing an additional 482,174 shares during the last quarter. Stempoint Capital LP bought a new position in shares of Mineralys Therapeutics during the 4th quarter valued at approximately $4,925,000. Finally, Jennison Associates LLC increased its position in shares of Mineralys Therapeutics by 55.4% during the 4th quarter. Jennison Associates LLC now owns 1,082,006 shares of the company’s stock valued at $13,319,000 after purchasing an additional 385,726 shares during the last quarter. Institutional investors own 84.46% of the company’s stock.

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.