Mineralys Therapeutics, Inc. $MLYS Shares Sold by Simplify Asset Management Inc.

Key Points

• Simplify Asset Management reduced its stake in Mineralys Therapeutics by 47.8% in the fourth quarter, selling 104,544 shares and leaving it with 114,182 shares valued at about $4.14 million.
• Recent insider activity was mixed: insider David Malcom Rodman sold 14,056 shares, while Ra Capital Management bought 310,700 shares in March under a previously disclosed transaction.
• Analysts remain generally constructive on MLYS, with six Buy ratings, one Hold, and one Sell; the stock’s consensus target price is $49.33, above its recent trading price of $29.85.

Simplify Asset Management Inc. cut its holdings in shares of Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Free Report) by 47.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 114,182 shares of the company's stock after selling 104,544 shares during the period. Simplify Asset Management Inc. owned 0.14% of Mineralys Therapeutics worth $4,144,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Navalign LLC acquired a new position in shares of Mineralys Therapeutics during the fourth quarter worth $33,000. Smartleaf Asset Management LLC increased its position in shares of Mineralys Therapeutics by 198.2% during the third quarter. Smartleaf Asset Management LLC now owns 1,017 shares of the company's stock worth $40,000 after purchasing an additional 676 shares in the last quarter. Russell Investments Group Ltd. increased 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 purchasing an additional 3,241 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Mineralys Therapeutics by 50.1% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,846 shares of the company's stock worth $140,000 after purchasing an additional 1,283 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of Mineralys Therapeutics by 29.8% during the second quarter. The Manufacturers Life Insurance Company now owns 14,775 shares of the company's stock worth $200,000 after purchasing an additional 3,390 shares in the last quarter. 84.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Mineralys Therapeutics

In other Mineralys Therapeutics news, insider David Malcom Rodman sold 14,056 shares of the company's stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $28.58, for a total value of $401,720.48. Following the sale, the insider directly owned 63,443 shares of the company's stock, valued at approximately $1,813,200.94. This represents a 18.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ra Capital Management, L.P. purchased 310,700 shares of the stock in a transaction on Friday, March 27th. The stock was acquired at an average cost of $23.67 per share, for a total transaction of $7,354,269.00. Following the completion of the acquisition, the director owned 5,767,221 shares of the company's stock, valued at $136,510,121.07. The trade was a 5.69% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold a total of 162,291 shares of company stock valued at $4,353,683 in the last three months. Company insiders own 18.94% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on MLYS shares. TD Cowen started coverage on Mineralys Therapeutics in a research report on Monday, April 27th. They set a "buy" rating on the stock. HC Wainwright set a $56.00 price target on Mineralys Therapeutics and gave the stock a "buy" rating in a research report on Tuesday, March 10th. Wall Street Zen downgraded Mineralys Therapeutics from a "hold" rating to a "sell" rating in a research report on Saturday, May 9th. Jefferies Financial Group reissued a "hold" rating and set a $30.00 price objective on shares of Mineralys Therapeutics in a report on Friday, March 13th. Finally, Bank of America boosted their price objective on shares of Mineralys Therapeutics from $46.00 to $51.00 and gave the company a "buy" rating in a report on Friday, March 13th. Six research 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.com, the company has an average rating of "Moderate Buy" and an average target price of $49.33.

Mineralys Therapeutics Price Performance

Shares of MLYS opened at $29.85 on Monday. The firm has a market capitalization of $2.46 billion, a PE ratio of -14.56 and a beta of 0.49. Mineralys Therapeutics, Inc. has a 1-year low of $12.59 and a 1-year high of $47.65. The company's fifty day moving average price is $27.15 and its 200-day moving average price is $32.14.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($0.47) earnings per share for the quarter, beating analysts' consensus estimates of ($0.51) by $0.04. As a group, research analysts anticipate that Mineralys Therapeutics, Inc. will post -2.3 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. 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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