Polar Asset Management Partners Inc. Trims Stock Holdings in Mineralys Therapeutics, Inc. $MLYS

Key Points

• Polar Asset Management Partners Inc. has significantly reduced its stake in Mineralys Therapeutics by 79.7%, selling 78,970 shares during the first quarter and owning only 20,130 shares post-sale.
• Mineralys Therapeutics recently reported earnings of ($0.66) per share, exceeding estimates and has a current market cap of $2.31 billion.
• Several analysts have set new price targets for Mineralys Therapeutics, with HC Wainwright establishing a target of $42.00 and Bank of America raising theirs to $43.00, reflecting a consensus rating of "Moderate Buy".

Polar Asset Management Partners Inc. trimmed its stake in shares of Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Free Report) by 79.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 20,130 shares of the company's stock after selling 78,970 shares during the period. Polar Asset Management Partners Inc.'s holdings in Mineralys Therapeutics were worth $320,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. SBI Securities Co. Ltd. grew its holdings in Mineralys Therapeutics by 297.5% during the first quarter. SBI Securities Co. Ltd. now owns 1,590 shares of the company's stock worth $25,000 after acquiring an additional 1,190 shares during the period. BNP Paribas Financial Markets acquired a new stake in Mineralys Therapeutics during the fourth quarter worth about $48,000. Quarry LP acquired a new stake in Mineralys Therapeutics during the first quarter worth about $111,000. CWM LLC grew its holdings in Mineralys Therapeutics by 59.3% during the first quarter. CWM LLC now owns 8,342 shares of the company's stock worth $132,000 after acquiring an additional 3,105 shares during the period. Finally, GAMMA Investing LLC grew its holdings in Mineralys Therapeutics by 9,602.2% during the first quarter. GAMMA Investing LLC now owns 8,829 shares of the company's stock worth $140,000 after acquiring an additional 8,738 shares during the period. 84.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MLYS has been the topic of several analyst reports. Wells Fargo & Company raised their target price on Mineralys Therapeutics from $26.00 to $50.00 and gave the stock an "overweight" rating in a report on Thursday. Jefferies Financial Group raised their price objective on Mineralys Therapeutics from $15.00 to $26.00 and gave the company a "hold" rating in a report on Wednesday, September 3rd. Bank of America raised their price objective on Mineralys Therapeutics from $38.00 to $43.00 and gave the company a "buy" rating in a report on Thursday, August 28th. The Goldman Sachs Group raised their price objective on Mineralys Therapeutics from $32.00 to $52.00 and gave the company a "buy" rating in a report on Tuesday. Finally, Wall Street Zen raised Mineralys Therapeutics from a "sell" rating to a "hold" rating in a report on Friday, August 22nd. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, Mineralys Therapeutics has a consensus rating of "Moderate Buy" and a consensus target price of $43.50.

Insider Activity

In other Mineralys Therapeutics news, Director Ra Capital Management, L.P. bought 1,176,470 shares of Mineralys Therapeutics stock in a transaction on Thursday, September 4th. The shares were bought at an average price of $25.50 per share, for a total transaction of $29,999,985.00. Following the completion of the transaction, the director directly owned 5,456,521 shares of the company's stock, valued at $139,141,285.50. This trade represents a 27.49% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, insider David Malcom Rodman sold 11,366 shares of the company's stock in a transaction on Monday, July 14th. The shares were sold at an average price of $14.59, for a total value of $165,829.94. Following the completion of the transaction, the insider directly owned 97,907 shares in the company, valued at approximately $1,428,463.13. This trade represents a 10.40% 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 valued at $1,776,262 in the last 90 days. 25.56% of the stock is owned by insiders.

Mineralys Therapeutics Price Performance

Mineralys Therapeutics stock traded down $0.49 during trading on Friday, reaching $36.67. 455,574 shares of the company were exchanged, compared to its average volume of 1,073,847. Mineralys Therapeutics, Inc. has a 52-week low of $8.24 and a 52-week high of $39.20. The company has a market capitalization of $2.43 billion, a P/E ratio of -10.30 and a beta of -0.29. The stock's 50 day simple moving average is $17.47 and its two-hundred day simple moving average is $15.27.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) last announced its quarterly earnings data on Tuesday, August 12th. The company reported ($0.66) EPS for the quarter, topping analysts' consensus estimates of ($0.78) by $0.12. As a group, equities analysts forecast that Mineralys Therapeutics, Inc. will post -4.23 earnings per share for the current year.

Mineralys Therapeutics Company 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.