Mineralys Therapeutics (NASDAQ:MLYS) Stock Price Up 5.6% - Time to Buy?

Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Get Free Report)'s share price traded up 5.6% during mid-day trading on Tuesday . The stock traded as high as $14.15 and last traded at $14.21. 730,506 shares changed hands during trading, an increase of 42% from the average session volume of 513,387 shares. The stock had previously closed at $13.45.

Analysts Set New Price Targets

A number of equities analysts have recently commented on MLYS shares. HC Wainwright reissued a "buy" rating and issued a $42.00 price target on shares of Mineralys Therapeutics in a report on Tuesday. Guggenheim set a $48.00 target price on shares of Mineralys Therapeutics and gave the stock a "buy" rating in a research report on Wednesday, May 14th. Wall Street Zen cut Mineralys Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday, June 14th. Finally, Jefferies Financial Group initiated coverage on Mineralys Therapeutics in a research note on Tuesday, June 10th. They set a "hold" rating and a $15.00 price target for the company. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $32.25.

Mineralys Therapeutics Price Performance

The stock has a market capitalization of $878.63 million, a PE ratio of -3.61 and a beta of -0.17. The firm's 50 day simple moving average is $14.84 and its 200 day simple moving average is $12.87.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) last issued its earnings results on Monday, May 12th. The company reported ($0.79) EPS for the quarter, topping analysts' consensus estimates of ($1.02) by $0.23. Analysts expect that Mineralys Therapeutics, Inc. will post -4.23 earnings per share for the current fiscal year.

Insider Transactions at Mineralys Therapeutics

In related news, CEO Jon Congleton sold 15,319 shares of the company's stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $12.19, for a total transaction of $186,738.61. Following the completion of the transaction, the chief executive officer now owns 862,289 shares in the company, valued at $10,511,302.91. This represents a 1.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider David Malcom Rodman sold 55,771 shares of Mineralys Therapeutics stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $15.76, for a total transaction of $878,950.96. Following the completion of the sale, the insider now owns 116,704 shares in the company, valued at approximately $1,839,255.04. This trade represents a 32.34% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 104,579 shares of company stock worth $1,534,353. Company insiders own 25.56% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP increased its position in shares of Mineralys Therapeutics by 43.0% during the fourth quarter. Wellington Management Group LLP now owns 91,529 shares of the company's stock valued at $1,127,000 after buying an additional 27,531 shares during the period. Dimensional Fund Advisors LP bought a new stake in Mineralys Therapeutics during the 4th quarter valued at approximately $202,000. Proficio Capital Partners LLC purchased a new position in shares of Mineralys Therapeutics during the 4th quarter worth approximately $285,000. BNP Paribas Financial Markets bought a new position in shares of Mineralys Therapeutics in the 4th quarter worth approximately $48,000. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Mineralys Therapeutics by 0.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 214,906 shares of the company's stock worth $2,645,000 after acquiring an additional 1,307 shares in the last quarter. 84.46% of the stock is currently owned by 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.