Mineralys Therapeutics (NASDAQ:MLYS) Trading 8.8% Higher - Here's Why

Key Points

• Mineralys Therapeutics stock increased by 8.8%, trading at $15.10, with a notable decline in trading volume compared to its average.
• Analysts have mixed opinions on the stock, with ratings ranging from "buy" to "sell" and a consensus price target of $32.25.
• Insiders have recently sold shares, including significant transactions by the CFO and another insider, with insiders owning 33.24% of the company’s stock.

Shares of Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Get Free Report) shot up 8.8% during mid-day trading on Wednesday . The company traded as high as $15.13 and last traded at $15.10. 295,782 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 875,508 shares. The stock had previously closed at $13.88.

Analysts Set New Price Targets

A number of research firms have recently issued reports on MLYS. Wall Street Zen lowered Mineralys Therapeutics from a "hold" rating to a "sell" rating in a research report on Saturday, June 14th. HC Wainwright restated a "buy" rating and issued a $42.00 price target on shares of Mineralys Therapeutics in a research report on Tuesday, June 17th. Jefferies Financial Group began coverage on Mineralys Therapeutics in a research report on Tuesday, June 10th. They issued a "hold" rating and a $15.00 price target for the company. Finally, Guggenheim set a $48.00 price target on Mineralys Therapeutics and gave the company a "buy" rating in a research report on Wednesday, May 14th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $32.25.

Mineralys Therapeutics Stock Down 3.5%

The company has a market cap of $890.36 million, a PE ratio of -3.66 and a beta of -0.29. The stock has a 50-day simple moving average of $14.52 and a 200 day simple moving average of $13.27.

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

Insider Buying and Selling at Mineralys Therapeutics

In related news, CFO Adam Scott Levy sold 59,925 shares of the 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 completion of the transaction, the chief financial officer owned 132,934 shares of the company's stock, valued at approximately $1,962,105.84. This trade represents a 31.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider David Malcom Rodman sold 11,366 shares of the stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $14.59, for a total transaction of $165,829.94. Following the transaction, the insider directly owned 97,907 shares of the company's stock, valued at $1,428,463.13. The trade was a 10.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 123,052 shares of company stock worth $1,803,099 over the last quarter. 25.56% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Mineralys Therapeutics

Hedge funds have recently made changes to their positions in the stock. Wellington Management Group LLP boosted its position in shares of Mineralys Therapeutics by 43.0% during the 4th quarter. Wellington Management Group LLP now owns 91,529 shares of the company's stock worth $1,127,000 after purchasing an additional 27,531 shares during the period. Dimensional Fund Advisors LP purchased a new position in shares of Mineralys Therapeutics during the 4th quarter worth approximately $202,000. GAMMA Investing LLC increased its stake in Mineralys Therapeutics by 9,602.2% during the 1st quarter. GAMMA Investing LLC now owns 8,829 shares of the company's stock worth $140,000 after buying an additional 8,738 shares during the period. BNP Paribas Financial Markets purchased a new stake in Mineralys Therapeutics during the 4th quarter worth approximately $48,000. Finally, JPMorgan Chase & Co. increased its stake in Mineralys Therapeutics by 2,251.5% during the 4th quarter. JPMorgan Chase & Co. now owns 503,590 shares of the company's stock worth $6,199,000 after buying an additional 482,174 shares during the period. Hedge funds and other institutional investors 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.