Bank of America Forecasts Strong Price Appreciation for Mineralys Therapeutics (NASDAQ:MLYS) Stock

Key Points

• Bank of America has raised its price target for Mineralys Therapeutics stock from $38 to $43, suggesting a potential upside of 178.86% from its current price.
• The stock has a consensus rating of "Moderate Buy" with an average target price of $34.40, as reported from various brokerages.
• Mineralys Therapeutics reported a loss of ($0.66) EPS for the last quarter, exceeding analysts' expectations of ($0.78) EPS.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) had its price target increased by equities researchers at Bank of America from $38.00 to $43.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a "buy" rating on the stock. Bank of America's target price suggests a potential upside of 178.86% from the company's current price.

A number of other brokerages have also issued reports on MLYS. HC Wainwright reissued a "buy" rating and issued a $42.00 price objective on shares of Mineralys Therapeutics in a report on Wednesday, August 13th. Wall Street Zen raised shares of Mineralys Therapeutics from a "sell" rating to a "hold" rating in a research report on Friday, August 22nd. Jefferies Financial Group began coverage on shares of Mineralys Therapeutics in a report on Tuesday, June 10th. They issued a "hold" rating and a $15.00 price objective for the company. Finally, Guggenheim set a $48.00 price objective on shares of Mineralys Therapeutics and gave the company a "buy" rating in a research note on Wednesday, May 14th. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, Mineralys Therapeutics has a consensus rating of "Moderate Buy" and an average target price of $34.40.

Mineralys Therapeutics Stock Performance

Mineralys Therapeutics stock traded up $0.21 during mid-day trading on Thursday, reaching $15.42. The company's stock had a trading volume of 247,915 shares, compared to its average volume of 880,339. Mineralys Therapeutics has a 12-month low of $8.24 and a 12-month high of $18.38. The company has a market capitalization of $1.02 billion, a P/E ratio of -4.32 and a beta of -0.29. The firm's fifty day moving average price is $14.09 and its two-hundred day moving average price is $13.79.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) last issued its earnings results on Tuesday, August 12th. The company reported ($0.66) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.78) by $0.12. On average, research analysts predict that Mineralys Therapeutics will post -4.23 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider David Malcom Rodman sold 11,365 shares of the firm's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $12.93, for a total value of $146,949.45. Following the transaction, the insider owned 92,891 shares in the company, valued at $1,201,080.63. This trade represents a 10.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jon Congleton sold 15,884 shares of the stock in a transaction dated Friday, July 11th. The shares were sold at an average price of $14.51, for a total value of $230,476.84. Following the completion of the transaction, the chief executive officer directly owned 846,405 shares in the company, valued at $12,281,336.55. The trade was a 1.84% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 123,051 shares of company stock valued at $1,776,262 in the last 90 days. 25.56% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. SBI Securities Co. Ltd. raised its holdings in Mineralys Therapeutics by 297.5% in the 1st quarter. SBI Securities Co. Ltd. now owns 1,590 shares of the company's stock valued at $25,000 after acquiring an additional 1,190 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Mineralys Therapeutics by 51.0% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,518 shares of the company's stock valued at $34,000 after purchasing an additional 850 shares during the period. BNP Paribas Financial Markets acquired a new position in Mineralys Therapeutics during the 4th quarter worth approximately $48,000. Ameritas Investment Partners Inc. raised its stake in shares of Mineralys Therapeutics by 42.8% in the second quarter. Ameritas Investment Partners Inc. now owns 3,995 shares of the company's stock worth $54,000 after purchasing an additional 1,197 shares during the last quarter. Finally, KLP Kapitalforvaltning AS bought a new position in Mineralys Therapeutics during the second quarter valued at $91,000. 84.46% of the stock is currently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.