Mineralys Therapeutics (NASDAQ:MLYS) Trading 7.9% Higher – Here’s Why

Mineralys Therapeutics, Inc. (NASDAQ:MLYS)’s share price shot up 7.9% during trading on Wednesday . The stock traded as high as $16.30 and last traded at $16.65. 128,137 shares were traded during trading, a decline of 59% from the average session volume of 310,552 shares. The stock had previously closed at $15.43.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on MLYS shares. HC Wainwright reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Mineralys Therapeutics in a research note on Monday, March 10th. The Goldman Sachs Group lowered their price objective on shares of Mineralys Therapeutics from $28.00 to $24.00 and set a “buy” rating on the stock in a research note on Thursday, February 13th. Finally, Guggenheim reaffirmed a “buy” rating on shares of Mineralys Therapeutics in a research note on Monday, February 24th.

Mineralys Therapeutics Price Performance

The firm’s fifty day simple moving average is $10.50 and its 200 day simple moving average is $11.97. The company has a market capitalization of $1.06 billion, a price-to-earnings ratio of -4.66 and a beta of 1.50.

Mineralys Therapeutics (NASDAQ:MLYS) last announced its earnings results on Wednesday, February 12th. The company reported ($0.98) EPS for the quarter, topping the consensus estimate of ($1.00) by $0.02. Equities research analysts forecast that Mineralys Therapeutics, Inc. will post -4.23 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Adam Scott Levy sold 10,757 shares of the firm’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $9.10, for a total transaction of $97,888.70. Following the completion of the sale, the chief financial officer now directly owns 226,097 shares in the company, valued at approximately $2,057,482.70. This trade represents a 4.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Jon Congleton sold 18,333 shares of the firm’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $9.06, for a total transaction of $166,096.98. Following the sale, the chief executive officer now owns 877,608 shares of the company’s stock, valued at approximately $7,951,128.48. This represents a 2.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 33.24% of the company’s stock.

Institutional Trading of Mineralys Therapeutics

Several institutional investors have recently made changes to their positions in MLYS. Jennison Associates LLC boosted its holdings in shares of Mineralys Therapeutics by 1.9% during the third quarter. Jennison Associates LLC now owns 696,280 shares of the company’s stock worth $8,432,000 after purchasing an additional 13,023 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Mineralys Therapeutics by 4.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 213,599 shares of the company’s stock valued at $2,587,000 after acquiring an additional 9,664 shares during the last quarter. FMR LLC lifted its stake in Mineralys Therapeutics by 12.0% in the third quarter. FMR LLC now owns 303,758 shares of the company’s stock valued at $3,679,000 after acquiring an additional 32,663 shares during the last quarter. Martingale Asset Management L P acquired a new stake in Mineralys Therapeutics in the third quarter valued at approximately $181,000. Finally, Verition Fund Management LLC lifted its stake in Mineralys Therapeutics by 30.6% in the third quarter. Verition Fund Management LLC now owns 27,361 shares of the company’s stock valued at $331,000 after acquiring an additional 6,408 shares during the last quarter. 84.46% of the stock is currently 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.