HC Wainwright Reiterates Buy Rating for Mineralys Therapeutics (NASDAQ:MLYS)

Key Points

• HC Wainwright has reiterated a "buy" rating for Mineralys Therapeutics (NASDAQ:MLYS) with a target price of $42.00, indicating a potential upside of 20.69%.
• Various analysts have rated the stock with a consensus rating of "Moderate Buy" and an average target price of $36.60, with four analysts
• Insider activity includes notable stock sales by CFO Adam Scott Levy and CEO Jon Congleton, with insiders selling a total of 123,051 shares valued at $1.78 million over the last quarter.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report)'s stock had its "buy" rating reiterated by research analysts at HC Wainwright in a research note issued on Monday,Benzinga reports. They currently have a $42.00 target price on the stock. HC Wainwright's price target suggests a potential upside of 20.69% from the company's current price.

MLYS has been the subject of several other reports. Guggenheim set a $48.00 price objective on Mineralys Therapeutics and gave the stock a "buy" rating in a research note on Wednesday, May 14th. Wall Street Zen upgraded shares of Mineralys Therapeutics from a "sell" rating to a "hold" rating in a research note on Friday, August 22nd. Jefferies Financial Group lifted their target price on shares of Mineralys Therapeutics from $15.00 to $26.00 and gave the company a "hold" rating in a research note on Wednesday, September 3rd. Finally, Bank of America lifted their target price on shares of Mineralys Therapeutics from $38.00 to $43.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $36.60.

Mineralys Therapeutics Stock Performance

NASDAQ MLYS opened at $34.80 on Monday. The firm has a 50-day simple moving average of $15.59 and a 200 day simple moving average of $14.57. The stock has a market cap of $2.31 billion, a PE ratio of -9.78 and a beta of -0.29. Mineralys Therapeutics has a twelve month low of $8.24 and a twelve month high of $35.09.

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 for the quarter, beating analysts' consensus estimates of ($0.78) by $0.12. Research analysts forecast that Mineralys Therapeutics will post -4.23 earnings per share for the current fiscal year.

Insider Activity at Mineralys Therapeutics

In related news, CFO Adam Scott Levy sold 59,925 shares of the firm's stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $14.76, for a total value of $884,493.00. Following the completion of the sale, the chief financial officer owned 132,934 shares of the company's stock, valued at $1,962,105.84. This trade represents a 31.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Jon Congleton sold 15,884 shares of the firm's stock in a transaction that occurred on Friday, July 11th. The shares were sold at an average price of $14.51, for a total transaction of $230,476.84. Following the completion of the sale, the chief executive officer directly owned 846,405 shares of the company's stock, valued at approximately $12,281,336.55. This represents a 1.84% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 123,051 shares of company stock valued at $1,776,262 over the last quarter. Corporate insiders own 33.24% of the company's stock.

Institutional Trading of Mineralys Therapeutics

A number of institutional investors have recently bought and sold shares of the business. RA Capital Management L.P. grew its holdings in shares of Mineralys Therapeutics by 26.7% in 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 during the period. SR One Capital Management LP grew its holdings in shares of Mineralys Therapeutics by 55.1% in 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 during the period. Millennium Management LLC grew its holdings in shares of Mineralys Therapeutics by 1,015.8% in the 4th quarter. Millennium Management LLC now owns 1,101,674 shares of the company's stock valued at $13,562,000 after buying an additional 1,002,941 shares during the period. Jennison Associates LLC lifted its position in Mineralys Therapeutics by 82.9% in the 1st quarter. Jennison Associates LLC now owns 1,979,033 shares of the company's stock valued at $31,427,000 after acquiring an additional 897,027 shares in the last quarter. Finally, Orbimed Advisors LLC acquired a new position in Mineralys Therapeutics in the 2nd quarter worth $10,288,000. Institutional investors and hedge funds own 84.46% of the company's stock.

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.

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