Atika Capital Management LLC Buys New Shares in Mineralys Therapeutics, Inc. $MLYS

Key Points

• Hedge fund Atika Capital Management LLC bought a new stake of 174,000 shares of Mineralys Therapeutics (NASDAQ:MLYS) in Q3, valued at about $6.6 million, representing roughly 0.22% ownership.
• Company insiders sold a large amount of stock last quarter — 342,919 shares worth about $11.76 million — though insiders still own 25.56% and institutional investors hold 84.46% of the shares.
• Analyst coverage is mixed but broadly positive: the consensus is a “Moderate Buy” with an average price target of $47.43 (six Buys, one Hold, one Sell).

Atika Capital Management LLC purchased a new stake in shares of Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 174,000 shares of the company's stock, valued at approximately $6,598,000. Atika Capital Management LLC owned approximately 0.22% of Mineralys Therapeutics as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC lifted its position in Mineralys Therapeutics by 198.2% in the 3rd quarter. Smartleaf Asset Management LLC now owns 1,017 shares of the company's stock worth $40,000 after buying an additional 676 shares during the last quarter. Ameritas Investment Partners Inc. grew its position in Mineralys Therapeutics by 42.8% during the second quarter. Ameritas Investment Partners Inc. now owns 3,995 shares of the company's stock valued at $54,000 after acquiring an additional 1,197 shares during the last quarter. Russell Investments Group Ltd. raised its stake in shares of Mineralys Therapeutics by 14,091.3% during the third quarter. Russell Investments Group Ltd. now owns 3,264 shares of the company's stock worth $124,000 after acquiring an additional 3,241 shares in the last quarter. Police & Firemen s Retirement System of New Jersey raised its stake in shares of Mineralys Therapeutics by 29.4% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 9,234 shares of the company's stock worth $125,000 after acquiring an additional 2,098 shares in the last quarter. Finally, ProShare Advisors LLC bought a new stake in shares of Mineralys Therapeutics in the 2nd quarter worth approximately $141,000. Institutional investors own 84.46% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on MLYS shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Mineralys Therapeutics in a research note on Thursday, January 22nd. Stifel Nicolaus boosted their price target on shares of Mineralys Therapeutics from $45.00 to $52.00 and gave the stock a "buy" rating in a research note on Friday, December 19th. Wall Street Zen lowered shares of Mineralys Therapeutics from a "hold" rating to a "sell" rating in a research report on Saturday, March 7th. Finally, HC Wainwright set a $56.00 price objective on Mineralys Therapeutics and gave the company a "buy" rating in a research note on Tuesday. Six equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $47.43.

Insiders Place Their Bets

In other Mineralys Therapeutics news, insider David Malcom Rodman sold 2,171 shares of the firm's stock in a transaction on Monday, March 9th. The shares were sold at an average price of $26.84, for a total value of $58,269.64. Following the sale, the insider owned 82,489 shares of the company's stock, valued at $2,214,004.76. This trade represents a 2.56% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Adam Scott Levy sold 10,758 shares of the business's stock in a transaction dated Monday, January 12th. The shares were sold at an average price of $32.14, for a total transaction of $345,762.12. Following the completion of the transaction, the chief financial officer owned 8,638 shares in the company, valued at $277,625.32. The trade was a 55.47% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 342,919 shares of company stock valued at $11,755,439 in the last quarter. Insiders own 25.56% of the company's stock.

Mineralys Therapeutics Stock Performance

NASDAQ:MLYS opened at $27.97 on Thursday. The firm has a market cap of $2.21 billion, a PE ratio of -9.48 and a beta of 0.57. Mineralys Therapeutics, Inc. has a fifty-two week low of $10.44 and a fifty-two week high of $47.65. The business has a 50 day moving average price of $30.83 and a 200-day moving average price of $35.35.

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. 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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