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

Key Points

• Mineralys Therapeutics (MLYS) shares reached a new 52-week high of $40.80 during trading, highlighting significant investor interest with a volume of 114,764 shares traded.
• Equities analysts have set optimistic price targets, with Goldman Sachs and Wells Fargo raising their targets to $52.00 and $50.00 respectively, reflecting a general sentiment of "buy" ratings among five analysts.
• Insider selling has been noted, with CEO Jon Congleton and CFO Adam Scott Levy offloading shares, potentially signaling changes in insider confidence despite Mineralys having a moderate buy average rating.

Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Get Free Report) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $40.80 and last traded at $40.01, with a volume of 114764 shares traded. The stock had previously closed at $39.99.

Analysts Set New Price Targets

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

Mineralys Therapeutics Stock Up 1.2%

The firm's 50-day moving average price is $22.73 and its two-hundred day moving average price is $17.43. The firm has a market capitalization of $2.68 billion, a PE ratio of -11.41 and a beta of -0.29.

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

Insiders Place Their Bets

In related news, CEO Jon Congleton sold 15,884 shares of the business's stock in a transaction that occurred on Friday, July 11th. The shares were sold at an average price of $14.51, for a total transaction of $230,476.84. Following the transaction, the chief executive officer directly owned 846,405 shares of the company's stock, valued at approximately $12,281,336.55. The trade was a 1.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Adam Scott Levy sold 59,925 shares of the business's stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $14.76, for a total transaction of $884,493.00. Following the transaction, the chief financial officer directly owned 132,934 shares in the company, valued at $1,962,105.84. The trade was a 31.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 134,418 shares of company stock valued at $2,185,474 over the last 90 days. 33.24% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wellington Management Group LLP grew its position in Mineralys Therapeutics by 32.8% during the first quarter. Wellington Management Group LLP now owns 121,557 shares of the company's stock valued at $1,930,000 after purchasing an additional 30,028 shares in the last quarter. GAMMA Investing LLC lifted its stake in Mineralys Therapeutics by 9,602.2% in the first quarter. GAMMA Investing LLC now owns 8,829 shares of the company's stock valued at $140,000 after acquiring an additional 8,738 shares during the last quarter. BNP Paribas Financial Markets acquired a new stake in Mineralys Therapeutics in the fourth quarter valued at approximately $48,000. Strs Ohio acquired a new stake in Mineralys Therapeutics in the first quarter valued at approximately $359,000. Finally, Bank of America Corp DE lifted its stake in Mineralys Therapeutics by 12.0% in the fourth quarter. Bank of America Corp DE now owns 107,703 shares of the company's stock valued at $1,326,000 after acquiring an additional 11,549 shares during the last quarter. 84.46% of the stock is owned by hedge funds and other 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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