Mineralys Therapeutics (NASDAQ:MLYS) Hits New 1-Year High - What's Next?

Key Points

• Mineralys Therapeutics shares hit a new 52-week high of $24.63, significantly up from a previous close of $15.48, with 742,016 shares traded.
• Analysts have mixed ratings, with four giving a buy rating and one a hold rating, alongside an average price target of $34.40.
• Insider transactions indicate a 31.07% decrease in the CFO's stock position, highlighting potential concerns among company executives.

Shares of Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $24.63 and last traded at $24.52, with a volume of 742016 shares traded. The stock had previously closed at $15.48.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on MLYS. Jefferies Financial Group began coverage on shares of Mineralys Therapeutics in a research report on Tuesday, June 10th. They set a "hold" rating and a $15.00 price objective for the company. Wall Street Zen raised shares of Mineralys Therapeutics from a "sell" rating to a "hold" rating in a research report on Friday, August 22nd. HC Wainwright reaffirmed a "buy" rating and issued a $42.00 target price on shares of Mineralys Therapeutics in a research report on Wednesday, August 13th. Guggenheim set a $48.00 target price on shares of Mineralys Therapeutics and gave the company a "buy" rating in a research report on Wednesday, May 14th. Finally, Bank of America raised their target price on shares of Mineralys Therapeutics from $38.00 to $43.00 and gave the company a "buy" rating in a research report on Thursday, August 28th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $34.40.

Mineralys Therapeutics Trading Up 82.3%

The business's 50 day moving average price is $14.19 and its 200-day moving average price is $13.96. The company has a market cap of $1.87 billion, a price-to-earnings ratio of -8.03 and a beta of -0.29.

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

Insiders Place Their Bets

In other Mineralys Therapeutics news, CFO Adam Scott Levy sold 59,925 shares of the firm's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $14.76, for a total value of $884,493.00. Following the transaction, the chief financial officer directly owned 132,934 shares of the company's stock, valued at $1,962,105.84. This trade represents a 31.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider David Malcom Rodman sold 11,365 shares of the firm's stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $12.93, for a total transaction of $146,949.45. Following the completion of the transaction, the insider directly owned 92,891 shares in the company, valued at approximately $1,201,080.63. This represents a 10.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 123,051 shares of company stock worth $1,776,262 in the last quarter. 33.24% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Mineralys Therapeutics

Hedge funds have recently bought and sold shares of the company. Wells Fargo & Company MN grew its holdings in shares of Mineralys Therapeutics by 19.1% during the 4th quarter. Wells Fargo & Company MN now owns 23,714 shares of the company's stock valued at $292,000 after purchasing an additional 3,802 shares during the last quarter. Barclays PLC grew its holdings in shares of Mineralys Therapeutics by 21.4% during the 4th quarter. Barclays PLC now owns 46,396 shares of the company's stock valued at $571,000 after purchasing an additional 8,178 shares during the last quarter. Dimensional Fund Advisors LP bought a new stake in shares of Mineralys Therapeutics during the 4th quarter valued at approximately $202,000. Price T Rowe Associates Inc. MD bought a new stake in shares of Mineralys Therapeutics during the 4th quarter valued at approximately $145,000. Finally, Northern Trust Corp grew its holdings in shares of Mineralys Therapeutics by 0.7% during the 4th quarter. Northern Trust Corp now owns 246,113 shares of the company's stock valued at $3,030,000 after purchasing an additional 1,688 shares during the last quarter. 84.46% of the stock is owned by 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.

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