Mineralys Therapeutics, Inc. $MLYS Shares Bought by Jennison Associates LLC

Key Points

• Jennison Associates LLC boosted its holding in Mineralys by 234.4% in Q4 to 1,258,653 shares (about 1.59% of the company), leaving institutional and hedge funds with roughly 84.46% of the stock and a Jennison position valued at ~$45.7M.
• Analysts currently have a Moderate Buy consensus on MLYS with a $49.14 average price target, and several firms (Bank of America, HC Wainwright, TD Cowen) have recently issued or raised buy ratings and targets.
• Insiders have been net sellers recently — CEO Jon Congleton sold 15,730 shares and insiders sold 162,291 shares (~$4.34M) over the past three months, with many transactions executed under pre-arranged Rule 10b5-1 plans.

Jennison Associates LLC grew its holdings in shares of Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Free Report) by 234.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,258,653 shares of the company's stock after buying an additional 882,307 shares during the period. Jennison Associates LLC owned 1.59% of Mineralys Therapeutics worth $45,677,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Smartleaf Asset Management LLC raised its position in shares of Mineralys Therapeutics by 198.2% during the 3rd quarter. Smartleaf Asset Management LLC now owns 1,017 shares of the company's stock worth $40,000 after acquiring an additional 676 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in Mineralys Therapeutics by 14,091.3% in the third quarter. Russell Investments Group Ltd. now owns 3,264 shares of the company's stock valued at $124,000 after purchasing an additional 3,241 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in Mineralys Therapeutics by 50.1% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,846 shares of the company's stock valued at $140,000 after purchasing an additional 1,283 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in Mineralys Therapeutics by 29.8% in the second quarter. The Manufacturers Life Insurance Company now owns 14,775 shares of the company's stock valued at $200,000 after purchasing an additional 3,390 shares during the last quarter. Finally, Victory Capital Management Inc. acquired a new stake in Mineralys Therapeutics during the third quarter worth approximately $216,000. 84.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently weighed in on MLYS. Bank of America boosted their price objective on shares of Mineralys Therapeutics from $46.00 to $51.00 and gave the stock a "buy" rating in a research report on Friday, March 13th. Wall Street Zen upgraded shares of Mineralys Therapeutics from a "sell" rating to a "hold" rating in a research note on Sunday, March 15th. HC Wainwright set a $56.00 price target on shares of Mineralys Therapeutics and gave the company a "buy" rating in a research report on Tuesday, March 10th. TD Cowen started coverage on shares of Mineralys Therapeutics in a research note on Monday. They issued a "buy" rating for the company. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Mineralys Therapeutics in a report on Tuesday, April 21st. Seven analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $49.14.

Insider Buying and Selling

In other Mineralys Therapeutics news, CEO Jon Congleton sold 15,730 shares of the business's stock in a transaction on Monday, April 13th. The shares were sold at an average price of $26.83, for a total value of $422,035.90. Following the transaction, the chief executive officer directly owned 689,321 shares of the company's stock, valued at approximately $18,494,482.43. The trade was a 2.23% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Malcom Rodman sold 6,348 shares of the company's stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $27.66, for a total transaction of $175,585.68. Following the transaction, the insider owned 69,792 shares of the company's stock, valued at approximately $1,930,446.72. The trade was a 8.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 162,291 shares of company stock worth $4,336,414 over the last three months. 18.94% of the stock is owned by company insiders.

Mineralys Therapeutics Stock Performance

Shares of MLYS opened at $26.65 on Friday. The company has a market capitalization of $2.20 billion, a price-to-earnings ratio of -11.24 and a beta of 0.69. Mineralys Therapeutics, Inc. has a fifty-two week low of $12.59 and a fifty-two week high of $47.65. The firm has a 50-day simple moving average of $27.11 and a 200-day simple moving average of $33.56.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) last posted its quarterly earnings data on Thursday, March 12th. The company reported ($0.40) earnings per share for the quarter, topping analysts' consensus estimates of ($0.57) by $0.17. Equities research analysts forecast that Mineralys Therapeutics, Inc. will post -2.23 EPS for the current 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.

Want to see what other hedge funds are holding MLYS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.