Mineralys Therapeutics (NASDAQ:MLYS) Earns Buy Rating from HC Wainwright

Key Points

• Mineralys Therapeutics has received a "buy" rating from HC Wainwright, with a price target of $42.00, suggesting a potential upside of 210.88% from its current price.
• The company reported earnings of ($0.66) EPS, surpassing analysts' expectations, which indicates a positive outlook on its financial performance.
• Insider selling activity has been noted, with key executives reducing their stakes, while several institutional investors have increased their holdings in the company.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report)'s stock had its "buy" rating reaffirmed by research analysts at HC Wainwright in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $42.00 price objective on the stock. HC Wainwright's target price indicates a potential upside of 210.88% from the company's current price.

A number of other research firms also recently issued reports on MLYS. Wall Street Zen downgraded shares of Mineralys Therapeutics from a "hold" rating to a "sell" rating in a research report on Saturday, June 14th. Jefferies Financial Group started coverage on shares of Mineralys Therapeutics in a research report on Tuesday, June 10th. They set a "hold" rating and a $15.00 price target for the company. Finally, Guggenheim set a $48.00 price target on shares of Mineralys Therapeutics and gave the company a "buy" rating in a research report on Wednesday, May 14th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $32.25.

Mineralys Therapeutics Trading Up 2.4%

Shares of MLYS opened at $13.51 on Wednesday. Mineralys Therapeutics has a twelve month low of $8.24 and a twelve month high of $18.38. The stock's 50 day moving average is $14.15 and its two-hundred day moving average is $13.46. The firm has a market capitalization of $880.51 million, a PE ratio of -3.62 and a beta of -0.29.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) last posted its quarterly earnings results 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, sell-side analysts predict that Mineralys Therapeutics will post -4.23 EPS for the current year.

Insider Buying and Selling at Mineralys Therapeutics

In other Mineralys Therapeutics news, insider David Malcom Rodman sold 11,366 shares of the business's stock in a transaction on Monday, July 14th. The stock was 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. The trade was a 10.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Jon Congleton sold 15,884 shares of the business's stock in a transaction on Friday, July 11th. The shares were sold at an average price of $14.51, for a total value of $230,476.84. Following the completion of the transaction, the chief executive officer owned 846,405 shares of the company's stock, valued at $12,281,336.55. This trade represents a 1.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 111,686 shares of company stock worth $1,629,313. Insiders own 33.24% of the company's stock.

Institutional Trading of Mineralys Therapeutics

Institutional investors have recently made changes to their positions in the stock. SBI Securities Co. Ltd. boosted its position in 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 purchasing an additional 1,190 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in Mineralys Therapeutics by 51.0% in the 2nd 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 last quarter. BNP Paribas Financial Markets purchased a new position in Mineralys Therapeutics in the 4th quarter valued at about $48,000. Ameritas Investment Partners Inc. boosted its position in Mineralys Therapeutics by 42.8% in the 2nd 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 last quarter. Finally, KLP Kapitalforvaltning AS purchased a new position in Mineralys Therapeutics in the 2nd quarter valued at about $91,000. 84.46% of the stock is owned by hedge funds and other institutional investors.

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.

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.