Mineralys Therapeutics (NASDAQ:MLYS) Hits New 52-Week High - Should You Buy?

Key Points

• Mineralys Therapeutics hit a new 52-week high of $39.50, with an increase in share price of 7.8% and a market capitalization of $2.67 billion.
• Several analysts have upgraded their ratings, with Goldman Sachs raising the target price from $32.00 to $52.00 and reaffirming a "buy" rating.
• Insiders sold significant shares, including the CFO and CEO, indicating a decrease in ownership by 31.07% and 1.84% respectively.

Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $39.50 and last traded at $39.49, with a volume of 337173 shares. The stock had previously closed at $37.29.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. The Goldman Sachs Group boosted their price target on shares of Mineralys Therapeutics from $32.00 to $52.00 and gave the company a "buy" rating in a report on Tuesday, September 9th. HC Wainwright reissued a "buy" rating and issued a $42.00 price objective on shares of Mineralys Therapeutics in a research note on Monday, September 8th. Wall Street Zen upgraded Mineralys Therapeutics from a "sell" rating to a "hold" rating in a report on Friday, August 22nd. Wells Fargo & Company lifted their price target on Mineralys Therapeutics from $26.00 to $50.00 and gave the company an "overweight" rating in a report on Thursday, September 11th. Finally, Bank of America boosted their price target on Mineralys Therapeutics from $38.00 to $43.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Five equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $43.50.

Mineralys Therapeutics Trading Down 1.2%

The business's 50-day simple moving average is $20.30 and its 200-day simple moving average is $16.54. The company has a market capitalization of $2.57 billion, a PE ratio of -10.89 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) EPS for the quarter, beating the consensus estimate of ($0.78) by $0.12. Sell-side analysts forecast that Mineralys Therapeutics, Inc. will post -4.23 EPS for the current fiscal year.

Insider Activity at Mineralys Therapeutics

In related news, Director Ra Capital Management, L.P. bought 1,176,470 shares of the company's stock in a transaction that occurred on Thursday, September 4th. The shares were purchased at an average cost of $25.50 per share, with a total value of $29,999,985.00. Following the completion of the acquisition, the director directly owned 5,456,521 shares in the company, valued at approximately $139,141,285.50. The trade was a 27.49% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Srinivas Akkaraju purchased 588,235 shares of Mineralys Therapeutics stock in a transaction that occurred on Thursday, September 4th. The shares were bought at an average price of $25.50 per share, with a total value of $14,999,992.50. Following the completion of the transaction, the director owned 588,235 shares of the company's stock, valued at $14,999,992.50. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders sold 134,418 shares of company stock worth $2,185,474 in the last three months. Company insiders own 25.56% of the company's stock.

Hedge Funds Weigh In On Mineralys Therapeutics

Several institutional investors have recently made changes to their positions in the company. RA Capital Management L.P. boosted its holdings in Mineralys Therapeutics by 26.7% during the first quarter. RA Capital Management L.P. now owns 6,147,280 shares of the company's stock worth $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% in the first quarter. SR One Capital Management LP now owns 3,127,933 shares of the company's stock worth $49,672,000 after acquiring an additional 1,111,111 shares during the period. Vanguard Group Inc. raised its position in shares of Mineralys Therapeutics by 42.1% in the first quarter. Vanguard Group Inc. now owns 2,035,506 shares of the company's stock worth $32,324,000 after acquiring an additional 603,464 shares during the period. Jennison Associates LLC boosted its stake 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 worth $31,427,000 after acquiring an additional 897,027 shares in the last quarter. Finally, Franklin Resources Inc. grew its position in shares of Mineralys Therapeutics by 1.3% during the 2nd quarter. Franklin Resources Inc. now owns 1,803,597 shares of the company's stock valued at $24,403,000 after acquiring an additional 23,556 shares during the period. 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.