Mineralys Therapeutics (NASDAQ:MLYS) Reaches New 52-Week High - Here's Why

Key Points

• Mineralys Therapeutics shares hit a new 52-week high of $35.99 in mid-day trading on Monday, indicating strong market performance.
• Wall Street analysts have a consensus price target of $36.60 for the stock, with ratings ranging from "buy" to "hold" from multiple research firms.
• The company reported better-than-expected earnings, with an EPS of ($0.66), surpassing the consensus estimate of ($0.78).

Shares of Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Get Free Report) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $35.99 and last traded at $35.26, with a volume of 486498 shares. The stock had previously closed at $34.80.

Wall Street Analysts Forecast Growth

MLYS has been the subject of a number of research reports. Guggenheim set a $48.00 price target on shares of Mineralys Therapeutics and gave the stock a "buy" rating in a research note on Wednesday, May 14th. Jefferies Financial Group upped their price objective on shares of Mineralys Therapeutics from $15.00 to $26.00 and gave the stock a "hold" rating in a report on Wednesday, September 3rd. HC Wainwright restated a "buy" rating and issued a $42.00 price objective on shares of Mineralys Therapeutics in a report on Monday. Bank of America upped their price objective on shares of Mineralys Therapeutics from $38.00 to $43.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Finally, Wall Street Zen upgraded shares of Mineralys Therapeutics from a "sell" rating to a "hold" rating in a report on Friday, August 22nd. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $36.60.

Mineralys Therapeutics Stock Up 5.1%

The company's fifty day moving average is $15.59 and its 200-day moving average is $14.57. The company has a market cap of $2.42 billion, a PE ratio of -10.27 and a beta of -0.29.

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

Insider Activity

In other news, insider David Malcom Rodman sold 11,365 shares of the firm's stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $12.93, for a total transaction of $146,949.45. Following the sale, the insider directly owned 92,891 shares in the company, valued at $1,201,080.63. This trade represents a 10.90% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jon Congleton sold 15,884 shares of the business's stock in a transaction on Friday, July 11th. The stock was sold at an average price of $14.51, for a total transaction of $230,476.84. Following the completion of the sale, the chief executive officer 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 123,051 shares of company stock worth $1,776,262 in the last three months. Company insiders own 33.24% of the company's stock.

Institutional Trading of Mineralys Therapeutics

Large investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP bought a new position in Mineralys Therapeutics during the 4th quarter valued at about $202,000. Price T Rowe Associates Inc. MD purchased a new stake in Mineralys Therapeutics during the fourth quarter valued at approximately $145,000. Northern Trust Corp raised its stake in Mineralys Therapeutics by 0.7% in the 4th quarter. Northern Trust Corp now owns 246,113 shares of the company's stock worth $3,030,000 after acquiring an additional 1,688 shares during the last quarter. BNP Paribas Financial Markets purchased a new position in Mineralys Therapeutics in the 4th quarter worth $48,000. Finally, Bank of America Corp DE raised its stake in Mineralys Therapeutics by 12.0% in the 4th quarter. Bank of America Corp DE now owns 107,703 shares of the company's stock worth $1,326,000 after acquiring an additional 11,549 shares during the last quarter. 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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