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

Key Points

• Mineralys Therapeutics reached a new 52-week high of $41.28 during trading, closing at $40.59 with a trading volume of 352,651 shares.
• Equities research analysts have predominantly rated the stock as a "Moderate Buy," with a consensus price target of $43.50 and multiple analysts upgrading their ratings recently.
• Insider activity includes CFO Adam Scott Levy selling nearly 60,000 shares, while Director Srinivas Akkaraju bought over 588,000 shares, indicating varying confidence among insiders.

Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Get Free Report)'s stock price reached a new 52-week high during trading on Friday . The stock traded as high as $41.28 and last traded at $40.59, with a volume of 352651 shares. The stock had previously closed at $39.39.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on MLYS shares. Wall Street Zen upgraded 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. 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. Wells Fargo & Company raised their target price on shares of Mineralys Therapeutics from $26.00 to $50.00 and gave the stock an "overweight" rating in a report on Thursday, September 11th. Finally, HC Wainwright reissued a "buy" rating and set a $42.00 target price on shares of Mineralys Therapeutics in a report on Monday, September 8th. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $43.50.

Mineralys Therapeutics Price Performance

The business's fifty day simple moving average is $27.19 and its two-hundred day simple moving average is $18.83. The company has a market cap of $2.79 billion, a PE ratio of -11.83 and a beta of 0.40.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) last released its quarterly earnings data on Tuesday, August 12th. The company reported ($0.66) earnings per share for the quarter, beating analysts' consensus estimates of ($0.78) by $0.12. As a group, analysts predict that Mineralys Therapeutics, Inc. will post -4.23 EPS for the current year.

Insider Activity at Mineralys Therapeutics

In other news, CFO Adam Scott Levy sold 59,925 shares of Mineralys Therapeutics 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 sale, the chief financial officer owned 132,934 shares in the company, valued at $1,962,105.84. This trade represents a 31.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Srinivas Akkaraju bought 588,235 shares of the company's stock in a transaction dated Thursday, September 4th. The stock was bought at an average price of $25.50 per share, for a total transaction of $14,999,992.50. Following the transaction, the director owned 588,235 shares of the company's stock, valued at approximately $14,999,992.50. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 107,776 shares of company stock worth $1,799,544 in the last ninety days. 25.56% of the stock is owned by company insiders.

Institutional Trading of Mineralys Therapeutics

Institutional investors have recently modified their holdings of the stock. SBI Securities Co. Ltd. grew its position in shares of Mineralys Therapeutics by 297.5% in the first quarter. SBI Securities Co. Ltd. now owns 1,590 shares of the company's stock valued at $25,000 after purchasing an additional 1,190 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its stake in Mineralys Therapeutics by 51.0% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,518 shares of the company's stock valued at $34,000 after acquiring an additional 850 shares in the last quarter. Ameritas Investment Partners Inc. grew its stake in Mineralys Therapeutics by 42.8% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,995 shares of the company's stock valued at $54,000 after acquiring an additional 1,197 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new stake in Mineralys Therapeutics during the 2nd quarter valued at about $91,000. Finally, Quarry LP purchased a new stake in Mineralys Therapeutics during the 1st quarter valued at about $111,000. Institutional investors and hedge funds own 84.46% of the company's stock.

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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