Mineralys Therapeutics, Inc. $MLYS Shares Purchased by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management increased its stake in Mineralys Therapeutics by 21.3% in the first quarter, bringing its holdings to 1,034,438 shares worth about $28.0 million.
• Mineralys reported a narrower-than-expected quarterly loss, posting EPS of -$0.47 versus analyst estimates of -$0.51. Analysts currently rate the stock a Moderate Buy with a consensus price target of $49.33.
• Company insiders have been selling shares recently, including CEO Jon Congleton and insider Eric Warren, while insiders collectively sold 266,831 shares last quarter.

Pictet Asset Management Holding SA boosted its holdings in Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Free Report) by 21.3% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,034,438 shares of the company's stock after acquiring an additional 181,555 shares during the period. Pictet Asset Management Holding SA owned about 1.25% of Mineralys Therapeutics worth $28,023,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Navalign LLC bought a new stake in Mineralys Therapeutics in the fourth quarter valued at $33,000. Royal Bank of Canada boosted its holdings in shares of Mineralys Therapeutics by 262.3% during the fourth quarter. Royal Bank of Canada now owns 1,529 shares of the company's stock valued at $56,000 after acquiring an additional 1,107 shares during the period. Caitong International Asset Management Co. Ltd grew its position in shares of Mineralys Therapeutics by 1,845.4% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,101 shares of the company's stock worth $76,000 after acquiring an additional 1,993 shares during the last quarter. Russell Investments Group Ltd. grew its position 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 during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Mineralys Therapeutics by 50.1% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,846 shares of the company's stock worth $140,000 after acquiring an additional 1,283 shares during the period. 84.46% of the stock is currently owned by institutional investors and hedge funds.

Mineralys Therapeutics Stock Performance

Shares of NASDAQ:MLYS opened at $26.89 on Thursday. The company has a market capitalization of $2.22 billion, a PE ratio of -13.12 and a beta of 0.66. The stock has a fifty day moving average of $27.12 and a 200-day moving average of $29.24. Mineralys Therapeutics, Inc. has a one year low of $12.59 and a one year high of $47.65.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) last issued its earnings results on Wednesday, May 6th. The company reported ($0.47) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.51) by $0.04. As a group, research analysts forecast that Mineralys Therapeutics, Inc. will post -2.3 EPS for the current fiscal year.

Analysts Set New Price Targets

MLYS has been the topic of several recent research reports. Wall Street Zen downgraded shares of Mineralys Therapeutics from a "hold" rating to a "sell" rating in a research report on Saturday, May 9th. TD Cowen assumed coverage on shares of Mineralys Therapeutics in a research report on Monday, April 27th. They issued a "buy" rating for the company. Jefferies Financial Group reaffirmed a "hold" rating on shares of Mineralys Therapeutics in a report on Monday, June 1st. HC Wainwright reiterated a "buy" rating on shares of Mineralys Therapeutics in a research report on Monday, June 1st. Finally, Bank of America boosted their price objective on Mineralys Therapeutics from $46.00 to $51.00 and gave the stock a "buy" rating in a research report on Friday, March 13th. Six analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Mineralys Therapeutics has a consensus rating of "Moderate Buy" and a consensus price target of $49.33.

Insider Activity at Mineralys Therapeutics

In related news, CEO Jon Congleton sold 75,000 shares of Mineralys Therapeutics stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $26.14, for a total value of $1,960,500.00. Following the transaction, the chief executive officer owned 614,321 shares of the company's stock, valued at approximately $16,058,350.94. This trade represents a 10.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Warren sold 104,124 shares of the business's stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $25.90, for a total value of $2,696,811.60. Following the sale, the insider owned 38,400 shares in the company, valued at approximately $994,560. The trade was a 73.06% 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 sold 266,831 shares of company stock worth $6,995,829 in the last quarter. 18.94% of the stock is owned by company insiders.

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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