Cinctive Capital Management LP Invests $226,000 in Mineralys Therapeutics, Inc. $MLYS

Key Points

• Cinctive Capital Management LP has invested $226,000 in Mineralys Therapeutics, acquiring 14,219 shares of the company's stock.
• Mineralys Therapeutics recently saw several institutional investors increase their holdings, with hedge funds owning approximately 84.46% of the company’s stock.
• Equities analysts have raised price targets for Mineralys Therapeutics, with Bank of America setting a new target at $43.00 and maintaining a "buy" rating.

Cinctive Capital Management LP purchased a new position in Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 14,219 shares of the company's stock, valued at approximately $226,000.

Several other hedge funds also recently made changes to their positions in MLYS. SBI Securities Co. Ltd. raised its stake in shares of Mineralys Therapeutics by 297.5% during the 1st quarter. SBI Securities Co. Ltd. now owns 1,590 shares of the company's stock valued at $25,000 after purchasing an additional 1,190 shares during the period. BNP Paribas Financial Markets purchased a new position in Mineralys Therapeutics during the 4th quarter valued at about $48,000. Quarry LP bought a new stake in shares of Mineralys Therapeutics during the first quarter valued at about $111,000. ProShare Advisors LLC purchased a new stake in shares of Mineralys Therapeutics in the fourth quarter worth about $128,000. Finally, CWM LLC boosted its position in shares of Mineralys Therapeutics by 59.3% in the first quarter. CWM LLC now owns 8,342 shares of the company's stock valued at $132,000 after acquiring an additional 3,105 shares during the period. 84.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on MLYS. Guggenheim set a $48.00 target price on shares of Mineralys Therapeutics and gave the stock a "buy" rating in a report on Wednesday, May 14th. HC Wainwright reissued a "buy" rating and set a $42.00 price objective on shares of Mineralys Therapeutics in a research note on Monday. The Goldman Sachs Group upped their target price on Mineralys Therapeutics from $32.00 to $52.00 and gave the stock a "buy" rating in a research note on Tuesday. Wells Fargo & Company raised their price target on Mineralys Therapeutics from $26.00 to $50.00 and gave the company an "overweight" rating in a report on Thursday. Finally, Wall Street Zen raised Mineralys Therapeutics from a "sell" rating to a "hold" rating in a report on Friday, August 22nd. Five investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $43.50.

Insider Buying and Selling

In other Mineralys Therapeutics news, CEO Jon Congleton sold 15,884 shares of Mineralys Therapeutics stock in a transaction that occurred on Friday, July 11th. The shares were sold at an average price of $14.51, for a total transaction of $230,476.84. Following the transaction, the chief executive officer directly owned 846,405 shares of the company's stock, valued at approximately $12,281,336.55. This trade represents a 1.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider David Malcom Rodman sold 11,365 shares of the company's stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $12.93, for a total transaction of $146,949.45. Following the completion of the sale, the insider directly owned 92,891 shares of the company's stock, valued at $1,201,080.63. This trade represents a 10.90% 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 worth $1,776,262 over the last ninety days. Corporate insiders own 25.56% of the company's stock.

Mineralys Therapeutics Stock Performance

MLYS traded down $1.40 during trading on Thursday, reaching $37.16. The stock had a trading volume of 2,026,070 shares, compared to its average volume of 2,536,629. The stock has a market cap of $2.46 billion, a PE ratio of -10.44 and a beta of -0.29. Mineralys Therapeutics, Inc. has a one year low of $8.24 and a one year high of $39.20. The business has a 50-day moving average of $17.47 and a 200-day moving average of $15.27.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) last issued its quarterly 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. Equities research analysts forecast that Mineralys Therapeutics, Inc. will post -4.23 EPS 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.