Mineralys Therapeutics (NASDAQ:MLYS) Sees Unusually-High Trading Volume Following 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 unusually-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. Approximately 792,595 shares changed hands during mid-day 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.

Several other research analysts also recently commented on MLYS. The Goldman Sachs Group lifted their price target on Mineralys Therapeutics from $32.00 to $52.00 and gave the stock a "buy" rating in a research report on Tuesday. Wall Street Zen raised Mineralys Therapeutics from a "sell" rating to a "hold" rating in a report on Friday, August 22nd. Bank of America lifted their price objective on Mineralys Therapeutics from $38.00 to $43.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. HC Wainwright reissued a "buy" rating and set a $42.00 price objective on shares of Mineralys Therapeutics in a report on Monday. Finally, Guggenheim set a $48.00 price objective on Mineralys Therapeutics and gave the stock a "buy" rating in a report on Wednesday, May 14th. Five research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $43.50.

Insider Transactions at Mineralys Therapeutics

In other Mineralys Therapeutics news, CEO Jon Congleton sold 15,884 shares of Mineralys Therapeutics stock in a transaction on Friday, July 11th. The stock was sold at an average price of $14.51, for a total value of $230,476.84. Following the completion of the transaction, 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Adam Scott Levy sold 59,925 shares of Mineralys Therapeutics stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $14.76, for a total value of $884,493.00. Following the completion of the transaction, the chief financial officer owned 132,934 shares of the company's stock, valued at approximately $1,962,105.84. The trade was a 31.07% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 123,051 shares of company stock worth $1,776,262. 25.56% of the stock is owned by company insiders.

Institutional Investors Weigh In On Mineralys Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the company. RA Capital Management L.P. raised its position in shares of 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 acquiring an additional 1,296,296 shares during the last quarter. SR One Capital Management LP raised its position in shares of Mineralys Therapeutics by 55.1% during 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 last quarter. Vanguard Group Inc. raised its position in shares of Mineralys Therapeutics by 42.1% during 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 last quarter. Jennison Associates LLC raised its position in shares of Mineralys Therapeutics by 82.9% during the first 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 during the last quarter. Finally, Franklin Resources Inc. raised its position in shares of Mineralys Therapeutics by 1.3% during the second quarter. Franklin Resources Inc. now owns 1,803,597 shares of the company's stock worth $24,403,000 after acquiring an additional 23,556 shares during the last quarter. Institutional investors own 84.46% of the company's stock.

Mineralys Therapeutics Stock Up 0.5%

The company has a market cap of $2.57 billion, a P/E ratio of -10.85 and a beta of -0.29. The business has a 50-day moving average price of $17.02 and a two-hundred day moving average price of $15.08.

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 analysts' consensus estimates of ($0.78) by $0.12. As a group, sell-side analysts expect that Mineralys Therapeutics, Inc. will post -4.23 EPS for the current fiscal year.

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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