Mineralys Therapeutics (NASDAQ:MLYS) Sees Unusually-High Trading Volume on Analyst Upgrade

Key Points

• Mineralys Therapeutics experienced a surge in trading volume after Wells Fargo upgraded the stock's price target from $26.00 to $50.00, reinforcing an overweight rating.
• Other analysts, including Goldman Sachs and Bank of America, have also raised their price targets, indicating a strong consensus of buy ratings on the stock.
• Insider trading activity showed significant share sales by both the CEO and CFO, suggesting caution, as insiders sold over $1.7 million worth of stock recently.

Shares of Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Get Free Report) saw strong trading volume on Thursday after Wells Fargo & Company raised their price target on the stock from $26.00 to $50.00. Wells Fargo & Company currently has an overweight rating on the stock. 792,595 shares traded hands during trading, a decline of 26% from the previous session's volume of 1,070,172 shares.The stock last traded at $38.11 and had previously closed at $38.56.

MLYS has been the subject of a number of other reports. Guggenheim set a $48.00 target price on shares of Mineralys Therapeutics and gave the stock a "buy" rating in a report on Wednesday, May 14th. HC Wainwright restated a "buy" rating and issued a $42.00 target price on shares of Mineralys Therapeutics in a report on Monday, September 8th. Wall Street Zen raised Mineralys Therapeutics from a "sell" rating to a "hold" rating in a research report on Friday, August 22nd. Bank of America increased their price target on Mineralys Therapeutics from $38.00 to $43.00 and gave the company a "buy" rating in a research report on Thursday, August 28th. Finally, The Goldman Sachs Group boosted their price objective on Mineralys Therapeutics from $32.00 to $52.00 and gave the stock a "buy" rating in a report on Tuesday, September 9th. Five investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Mineralys Therapeutics presently has a consensus rating of "Moderate Buy" and an average target price of $43.50.

Insider Buying and Selling

In other news, insider David Malcom Rodman sold 11,366 shares of the stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $14.59, for a total value of $165,829.94. Following the completion of the sale, the insider directly owned 97,907 shares of the company's stock, valued at $1,428,463.13. This represents a 10.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jon Congleton sold 15,884 shares of the firm's stock in a transaction that occurred 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 sale, the chief executive officer owned 846,405 shares of the company's stock, valued at approximately $12,281,336.55. This represents a 1.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 123,051 shares of company stock worth $1,776,262 over the last ninety days. 25.56% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Mineralys Therapeutics

A number of hedge funds have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Mineralys Therapeutics by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,085 shares of the company's stock valued at $271,000 after purchasing an additional 702 shares in the last quarter. AlphaQuest LLC lifted its holdings in shares of Mineralys Therapeutics by 4.6% during the 1st quarter. AlphaQuest LLC now owns 15,925 shares of the company's stock valued at $253,000 after buying an additional 703 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of 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 in the last quarter. SBI Securities Co. Ltd. grew its stake in shares of Mineralys Therapeutics by 297.5% in the 1st quarter. SBI Securities Co. Ltd. now owns 1,590 shares of the company's stock valued at $25,000 after buying an additional 1,190 shares in the last quarter. Finally, Ameritas Investment Partners Inc. increased its holdings in Mineralys Therapeutics by 42.8% in the second quarter. Ameritas Investment Partners Inc. now owns 3,995 shares of the company's stock worth $54,000 after buying an additional 1,197 shares during the last quarter. 84.46% of the stock is owned by institutional investors and hedge funds.

Mineralys Therapeutics Stock Up 2.2%

The stock has a market cap of $2.45 billion, a P/E ratio of -10.40 and a beta of -0.29. The firm's 50-day moving average is $18.38 and its two-hundred day moving average is $15.74.

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

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.