Algert Global LLC Purchases 388,763 Shares of Mineralys Therapeutics, Inc. $MLYS

Key Points

• Algert Global increased its Mineralys Therapeutics stake by 149.4% in the second quarter, purchasing 388,763 additional shares and bringing its holdings to 649,027 shares valued at approximately $17.5 million. Institutional investors collectively own 84.46% of MLYS.
• Analyst sentiment is mixed, with six Buy, one Hold, and two Sell ratings; the consensus rating is Hold with an average price target of $49.33. The stock opened at $25.27, well below its 12-month high of $47.65.
• Mineralys reported a quarterly loss of $2.85 per share, missing estimates by $2.30. Meanwhile, insiders sold 216,896 shares worth about $5.6 million over the past three months, including sales by the CEO and another insider under pre-arranged trading plans.

Algert Global LLC grew its holdings in shares of Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Free Report) by 149.4% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 649,027 shares of the company's stock after purchasing an additional 388,763 shares during the quarter. Algert Global LLC owned approximately 0.73% of Mineralys Therapeutics worth $17,511,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in MLYS. Timothy G. Youngquist 2020 Irrevocable Trust purchased a new stake in Mineralys Therapeutics in the 2nd quarter worth $2,721,000. Jennison Associates LLC boosted its stake in shares of Mineralys Therapeutics by 234.4% in the fourth quarter. Jennison Associates LLC now owns 1,258,653 shares of the company's stock worth $45,677,000 after acquiring an additional 882,307 shares during the period. TimesSquare Capital Management LLC purchased a new stake in shares of Mineralys Therapeutics during the fourth quarter worth about $13,794,000. Bank of America Corp DE grew its position in shares of Mineralys Therapeutics by 11.5% during the first quarter. Bank of America Corp DE now owns 1,100,372 shares of the company's stock worth $29,809,000 after purchasing an additional 113,092 shares in the last quarter. Finally, Artia Global Partners LP raised its stake in Mineralys Therapeutics by 143.5% during the 4th quarter. Artia Global Partners LP now owns 137,800 shares of the company's stock valued at $5,001,000 after purchasing an additional 81,200 shares during the period. Hedge funds and other institutional investors own 84.46% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently commented on MLYS. Jefferies Financial Group reissued a "hold" rating on shares of Mineralys Therapeutics in a report on Monday, June 1st. Wall Street Zen cut shares of Mineralys Therapeutics from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 15th. Weiss Ratings reissued a "sell (d-)" rating on shares of Mineralys Therapeutics in a report on Friday, July 17th. TD Cowen started coverage on shares of Mineralys Therapeutics in a research report on Monday, April 27th. They set a "buy" rating for the company. Finally, HC Wainwright restated a "buy" rating on shares of Mineralys Therapeutics in a research report on Monday, June 1st. Six research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $49.33.

Insider Buying and Selling at Mineralys Therapeutics

In other news, insider Eric Warren sold 104,124 shares of the business's stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $25.90, for a total value of $2,696,811.60. Following the sale, the insider directly owned 38,400 shares in the company, valued at $994,560. The trade was a 73.06% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Jon Congleton sold 75,000 shares of the business's stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $26.14, for a total transaction of $1,960,500.00. Following the completion of the sale, the chief executive officer owned 614,321 shares in the company, valued at approximately $16,058,350.94. This trade represents a 10.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 216,896 shares of company stock worth $5,613,000 over the last three months. 18.94% of the stock is owned by company insiders.

Mineralys Therapeutics Price Performance

NASDAQ:MLYS opened at $25.27 on Tuesday. The business's 50-day moving average is $26.77 and its 200 day moving average is $27.26. Mineralys Therapeutics, Inc. has a 12 month low of $14.53 and a 12 month high of $47.65. The company has a market capitalization of $2.23 billion, a P/E ratio of -5.96 and a beta of 0.68. The company has a current ratio of 34.46, a quick ratio of 34.46 and a debt-to-equity ratio of 0.18.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) last posted its earnings results on Wednesday, August 12th. The company reported ($2.85) EPS for the quarter, missing analysts' consensus estimates of ($0.55) by ($2.30). On average, equities research analysts forecast that Mineralys Therapeutics, Inc. will post -4.45 earnings per share for the current fiscal year.

Mineralys Therapeutics 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.

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