Mineralys Therapeutics (NASDAQ:MLYS) Given New $26.00 Price Target at Jefferies Financial Group

Key Points

• Jefferies Financial Group has raised the price target for Mineralys Therapeutics from $15.00 to $26.00, indicating a "hold" rating despite a potential downside of 9.91% from the current stock price.
• Bank of America has a "buy" rating on the stock with a target price of $43.00, while Mineralys enjoys a consensus rating of "Moderate Buy" from analysts.
• Recent insider selling includes CFO Adam Scott Levy offloading 59,925 shares, decreasing his ownership by 31.07% amid overall active institutional trading in the stock.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) had its price target lifted by equities researchers at Jefferies Financial Group from $15.00 to $26.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a "hold" rating on the stock. Jefferies Financial Group's target price would suggest a potential downside of 25.29% from the stock's current price.

MLYS has been the topic of several other reports. Bank of America increased their target price 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 target price on shares of Mineralys Therapeutics in a report on Wednesday, August 13th. Wall Street Zen raised Mineralys Therapeutics from a "sell" rating to a "hold" rating in a research note on Friday, August 22nd. Finally, Guggenheim set a $48.00 price objective on Mineralys Therapeutics and gave the company a "buy" rating in a research note on Wednesday, May 14th. Four investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $36.60.

Mineralys Therapeutics Stock Up 5.1%

Shares of MLYS traded up $1.68 during trading hours on Wednesday, hitting $34.80. 3,741,957 shares of the company were exchanged, compared to its average volume of 2,228,714. The company has a market cap of $2.31 billion, a price-to-earnings ratio of -9.78 and a beta of -0.29. Mineralys Therapeutics has a fifty-two week low of $8.24 and a fifty-two week high of $35.09. The firm's fifty day moving average is $15.59 and its 200 day moving average is $14.53.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) last released 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. Analysts anticipate that Mineralys Therapeutics will post -4.23 EPS for the current year.

Insider Activity at Mineralys Therapeutics

In related news, CEO Jon Congleton sold 15,884 shares of the firm's stock in a transaction dated Friday, July 11th. The stock was sold at an average price of $14.51, for a total value of $230,476.84. Following the sale, the chief executive officer directly owned 846,405 shares of the company's stock, valued at $12,281,336.55. This trade represents a 1.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Adam Scott Levy sold 59,925 shares of the 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 completion of the transaction, the chief financial officer owned 132,934 shares of the company's stock, valued at $1,962,105.84. This represents a 31.07% 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 valued at $1,776,262 over the last ninety days. 25.56% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Mineralys Therapeutics

Institutional investors have recently made changes to their positions in the stock. SBI Securities Co. Ltd. raised its position in shares of Mineralys Therapeutics by 297.5% during the first quarter. SBI Securities Co. Ltd. now owns 1,590 shares of the company's stock worth $25,000 after acquiring an additional 1,190 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Mineralys Therapeutics by 51.0% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,518 shares of the company's stock worth $34,000 after acquiring an additional 850 shares during the last quarter. BNP Paribas Financial Markets bought a new position in shares of Mineralys Therapeutics during the fourth quarter worth about $48,000. Ameritas Investment Partners Inc. raised its position in shares of Mineralys Therapeutics by 42.8% during the second quarter. Ameritas Investment Partners Inc. now owns 3,995 shares of the company's stock worth $54,000 after acquiring an additional 1,197 shares during the last quarter. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Mineralys Therapeutics during the second quarter worth about $91,000. Institutional investors own 84.46% of the company's stock.

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.