Voya Investment Management LLC Acquires Shares of 16,058 Mineralys Therapeutics, Inc. $MLYS

Key Points

• Voya Investment Management LLC has acquired 16,058 shares of Mineralys Therapeutics, valued at approximately $255,000, as part of their first-quarter investment strategies.
• Bank of America has raised its target price for Mineralys Therapeutics from $38.00 to $43.00 while maintaining a "buy" rating, indicating positive sentiment among analysts regarding the company's growth potential.
• Insider activity reveals that Director Srinivas Akkaraju made a substantial purchase of 588,235 shares, showcasing confidence in the company's future performance.

Voya Investment Management LLC acquired a new stake in shares of Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 16,058 shares of the company's stock, valued at approximately $255,000.

Several other hedge funds have also recently made changes to their positions in MLYS. RA Capital Management L.P. raised its position in shares of Mineralys Therapeutics by 26.7% during the 1st quarter. RA Capital Management L.P. now owns 6,147,280 shares of the company's stock valued at $97,619,000 after buying an additional 1,296,296 shares in the last quarter. SR One Capital Management LP raised its position in shares of Mineralys Therapeutics by 55.1% during the 1st quarter. SR One Capital Management LP now owns 3,127,933 shares of the company's stock valued at $49,672,000 after buying an additional 1,111,111 shares in the last quarter. Jennison Associates LLC raised its position in shares of Mineralys Therapeutics by 82.9% during the 1st quarter. Jennison Associates LLC now owns 1,979,033 shares of the company's stock valued at $31,427,000 after buying an additional 897,027 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Mineralys Therapeutics by 42.1% during the 1st quarter. Vanguard Group Inc. now owns 2,035,506 shares of the company's stock valued at $32,324,000 after buying an additional 603,464 shares in the last quarter. Finally, Candriam S.C.A. raised its position in shares of Mineralys Therapeutics by 189.2% during the 1st quarter. Candriam S.C.A. now owns 882,833 shares of the company's stock valued at $14,019,000 after buying an additional 577,561 shares in the last quarter. 84.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MLYS has been the topic of several recent research reports. Bank of America upped their target price on shares of Mineralys Therapeutics from $38.00 to $43.00 and gave the company a "buy" rating in a research report on Thursday, August 28th. Wall Street Zen upgraded shares of Mineralys Therapeutics from a "sell" rating to a "hold" rating in a research report on Friday, August 22nd. Jefferies Financial Group increased their price objective on shares of Mineralys Therapeutics from $15.00 to $26.00 and gave the stock a "hold" rating in a research report on Wednesday, September 3rd. Wells Fargo & Company increased their price objective on shares of Mineralys Therapeutics from $26.00 to $50.00 and gave the stock an "overweight" rating in a research report on Thursday, September 11th. Finally, HC Wainwright reissued a "buy" rating and issued a $42.00 price objective on shares of Mineralys Therapeutics in a research report on Monday, September 8th. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, Mineralys Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus price target of $43.50.

Insider Activity

In other news, Director Srinivas Akkaraju bought 588,235 shares of the stock in a transaction on Thursday, September 4th. The stock was bought at an average cost of $25.50 per share, for a total transaction of $14,999,992.50. Following the completion of the purchase, the director directly owned 588,235 shares in the company, valued at approximately $14,999,992.50. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider David Malcom Rodman sold 11,367 shares of the firm's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $36.00, for a total transaction of $409,212.00. Following the completion of the sale, the insider owned 81,524 shares of the company's stock, valued at approximately $2,934,864. This trade represents a 12.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 134,418 shares of company stock valued at $2,185,474. 33.24% of the stock is currently owned by corporate insiders.

Mineralys Therapeutics Stock Performance

NASDAQ MLYS opened at $39.35 on Tuesday. The firm's 50 day moving average price is $23.24 and its 200-day moving average price is $17.60. Mineralys Therapeutics, Inc. has a 52-week low of $8.24 and a 52-week high of $41.09. The company has a market cap of $2.61 billion, a PE ratio of -11.05 and a beta of -0.29.

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

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 and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.