Mineralys Therapeutics (NASDAQ:MLYS) Director Purchases $14,999,992.50 in Stock

Key Points

• Mineralys Therapeutics Director Srinivas Akkaraju purchased 588,235 shares of the company's stock for approximately $15 million at an average price of $25.50 per share.
• The company's stock saw significant performance, trading up to $35.93, reflecting movement from a twelve-month low of $8.24 to a high of $36.73.
• Mineralys Therapeutics reported earnings of ($0.66) EPS, beating expectations, and has received multiple analyst upgrades, maintaining a consensus rating of "Moderate Buy" with a price target of $36.60.

Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Get Free Report) Director Srinivas Akkaraju acquired 588,235 shares of the stock in a transaction that occurred on Thursday, September 4th. The stock was acquired 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 owned 588,235 shares in the company, valued at $14,999,992.50. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Mineralys Therapeutics Stock Performance

NASDAQ MLYS traded down $0.06 during trading hours on Friday, reaching $37.10. The company's stock had a trading volume of 1,268,269 shares, compared to its average volume of 2,575,815. The stock has a market cap of $2.46 billion, a PE ratio of -10.42 and a beta of -0.29. Mineralys Therapeutics, Inc. has a fifty-two week low of $8.24 and a fifty-two week high of $39.20. The company's 50-day moving average is $17.92 and its two-hundred day moving average is $15.51.

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of MLYS. SBI Securities Co. Ltd. lifted its holdings in shares of Mineralys Therapeutics by 297.5% during the 1st 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. Mirae Asset Global Investments Co. Ltd. raised its holdings in Mineralys Therapeutics by 51.0% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,518 shares of the company's stock valued at $34,000 after buying an additional 850 shares during the period. BNP Paribas Financial Markets purchased a new position in Mineralys Therapeutics in the fourth quarter valued at approximately $48,000. Ameritas Investment Partners Inc. raised its holdings in Mineralys Therapeutics by 42.8% in the second quarter. Ameritas Investment Partners Inc. now owns 3,995 shares of the company's stock valued at $54,000 after buying an additional 1,197 shares during the period. Finally, KLP Kapitalforvaltning AS purchased a new position in Mineralys Therapeutics in the second quarter valued at approximately $91,000. 84.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on MLYS shares. Jefferies Financial Group raised their price target on shares of Mineralys Therapeutics from $15.00 to $26.00 and gave the stock a "hold" rating in a research note on Wednesday, September 3rd. Bank of America raised their price target on shares of Mineralys Therapeutics from $38.00 to $43.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. The Goldman Sachs Group raised their price target on shares of Mineralys Therapeutics from $32.00 to $52.00 and gave the stock a "buy" rating in a research note on Tuesday. Wall Street Zen raised shares of Mineralys Therapeutics from a "sell" rating to a "hold" rating in a research note on Friday, August 22nd. Finally, 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 report on Thursday. Five research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $43.50.

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.