Pictet Asset Management Holding SA Sells 76,286 Shares of Mineralys Therapeutics, Inc. $MLYS

Key Points

• Pictet Asset Management trimmed its stake in Mineralys by 8.2%, selling 76,286 shares and leaving it with 852,883 shares (about 1.08% of the company) valued at roughly $30.95 million at quarter-end.
• Company insiders sold a total of 162,291 shares worth about $4.34 million over the last quarter (including David Rodman's 14,058-share sale and Daphne Karydas's 3,000-share sale), with insiders now owning 18.94% of the stock.
• Wall Street sentiment is broadly positive with a consensus rating of "Moderate Buy" (seven Buys, one Hold, one Sell) and an average price target of $49.14, while the stock trades near $25.56 and the company has a market cap of about $2.11 billion.

Pictet Asset Management Holding SA trimmed its stake in shares of Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Free Report) by 8.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 852,883 shares of the company's stock after selling 76,286 shares during the period. Pictet Asset Management Holding SA owned approximately 1.08% of Mineralys Therapeutics worth $30,951,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of MLYS. Smartleaf Asset Management LLC lifted its holdings in 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 buying an additional 676 shares in the last quarter. Russell Investments Group Ltd. raised 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. Mirae Asset Global Investments Co. Ltd. raised 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 acquiring an additional 1,283 shares during the last quarter. Victory Capital Management Inc. acquired a new position in shares of Mineralys Therapeutics during the third quarter valued at $216,000. Finally, FORA Capital LLC bought a new position in Mineralys Therapeutics in the third quarter valued at about $240,000. Institutional investors and hedge funds own 84.46% of the company's stock.

Insider Activity

In related news, insider David Malcom Rodman sold 14,058 shares of the business's stock in a transaction that occurred on Monday, April 13th. The shares were sold at an average price of $26.54, for a total transaction of $373,099.32. Following the completion of the transaction, the insider owned 76,140 shares in the company, valued at approximately $2,020,755.60. The trade was a 15.59% decrease in their ownership of the stock. The sale 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 Daphne Karydas sold 3,000 shares of the company's stock in a transaction that occurred on Tuesday, March 31st. The shares were sold at an average price of $25.00, for a total transaction of $75,000.00. Following the completion of the sale, the director directly owned 6,200 shares of the company's stock, valued at $155,000. The trade was a 32.61% 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 162,291 shares of company stock worth $4,336,414 over the last quarter. 18.94% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

MLYS has been the subject of a number of research reports. Wall Street Zen upgraded Mineralys Therapeutics from a "sell" rating to a "hold" rating in a research report on Sunday, March 15th. Bank of America raised their target price on shares of Mineralys Therapeutics from $46.00 to $51.00 and gave the company a "buy" rating in a research note on Friday, March 13th. TD Cowen initiated coverage on shares of Mineralys Therapeutics in a research report on Monday. They set a "buy" rating for the company. Jefferies Financial Group restated a "hold" rating and issued a $30.00 price objective on shares of Mineralys Therapeutics in a report on Friday, March 13th. Finally, HC Wainwright set a $56.00 price objective on shares of Mineralys Therapeutics and gave the company a "buy" rating in a research note on Tuesday, March 10th. Seven research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $49.14.

Mineralys Therapeutics Trading Down 1.3%

NASDAQ:MLYS opened at $25.56 on Thursday. Mineralys Therapeutics, Inc. has a 1-year low of $12.59 and a 1-year high of $47.65. The business's 50-day moving average price is $27.14 and its two-hundred day moving average price is $33.61. The firm has a market capitalization of $2.11 billion, a price-to-earnings ratio of -10.78 and a beta of 0.69.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) last issued its earnings results on Thursday, March 12th. The company reported ($0.40) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.57) by $0.17. Sell-side analysts predict that Mineralys Therapeutics, Inc. will post -2.28 earnings per share 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.

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