Mineralys Therapeutics (NASDAQ:MLYS) Given Sell (D-) Rating at Weiss Ratings

Key Points

• Mineralys Therapeutics has been given a "sell (D-)" rating by Weiss Ratings, indicating significant concerns about the stock's performance.
• Despite the negative rating, several other analysts have upgraded their price targets, with estimates ranging from $26.00 to $52.00 and a consensus rating of "Moderate Buy."
• Insider trading activity includes Director Srinivas Akkaraju purchasing 588,235 shares for nearly $15 million, reflecting insider confidence in the company's potential.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report)'s stock had its "sell (d-)" rating reissued by research analysts at Weiss Ratings in a research note issued on Wednesday,Weiss Ratings reports.

A number of other equities research analysts have also recently weighed in on the company. Jefferies Financial Group lifted their price target 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 upped their target price on Mineralys Therapeutics from $38.00 to $43.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Wells Fargo & Company increased their price target on shares of Mineralys Therapeutics from $26.00 to $50.00 and gave the stock an "overweight" rating in a research note on Thursday, September 11th. Wall Street Zen upgraded Mineralys Therapeutics from a "sell" rating to a "hold" rating in a research note on Friday, August 22nd. Finally, The Goldman Sachs Group raised their target price on shares of Mineralys Therapeutics from $32.00 to $52.00 and gave the company a "buy" rating in a research note on Tuesday, September 9th. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $43.50.

Mineralys Therapeutics Stock Down 0.5%

Shares of MLYS opened at $37.49 on Wednesday. Mineralys Therapeutics has a 52-week low of $8.24 and a 52-week high of $41.09. The firm has a market cap of $2.49 billion, a price-to-earnings ratio of -10.53 and a beta of 0.40. The business's 50 day moving average is $26.69 and its two-hundred day moving average is $18.67.

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

Insiders Place Their Bets

In other news, Director Srinivas Akkaraju acquired 588,235 shares of the firm's stock in a transaction that occurred on Thursday, September 4th. The stock was purchased at an average price of $25.50 per share, for a total transaction of $14,999,992.50. Following the completion of the acquisition, the director owned 588,235 shares in the company, valued at $14,999,992.50. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Jon Congleton sold 15,884 shares of Mineralys Therapeutics 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 transaction, the chief executive officer directly owned 846,405 shares in the company, valued at approximately $12,281,336.55. The trade was a 1.84% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 134,418 shares of company stock valued at $2,185,474 in the last ninety days. 25.56% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of MLYS. China Universal Asset Management Co. Ltd. boosted its holdings in shares of Mineralys Therapeutics by 31.0% in the 2nd quarter. China Universal Asset Management Co. Ltd. now owns 13,090 shares of the company's stock valued at $177,000 after buying an additional 3,094 shares during the last quarter. Rafferty Asset Management LLC bought a new stake in Mineralys Therapeutics during the second quarter worth $776,000. Man Group plc grew its position in shares of Mineralys Therapeutics by 50.1% in the 2nd quarter. Man Group plc now owns 21,852 shares of the company's stock valued at $296,000 after acquiring an additional 7,293 shares during the period. Balyasny Asset Management L.P. increased its stake in shares of Mineralys Therapeutics by 37.8% during the 2nd quarter. Balyasny Asset Management L.P. now owns 205,723 shares of the company's stock worth $2,783,000 after purchasing an additional 56,450 shares during the last quarter. Finally, Bank of America Corp DE grew its holdings in Mineralys Therapeutics by 78.9% during the second quarter. Bank of America Corp DE now owns 263,356 shares of the company's stock worth $3,563,000 after purchasing an additional 116,134 shares during the period. 84.46% of the stock is currently owned by institutional investors.

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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