Mineralys Therapeutics (NASDAQ:MLYS) Trading 4.1% Higher - Here's What Happened

Key Points

• Mineralys Therapeutics shares rose by 4.1% during mid-day trading, reaching a high of $13.77 before closing at $14.11, despite a significant decrease in trading volume.
• Wall Street analysts have mixed ratings on the stock, with one "sell," one "hold," and three "buy" ratings, leading to an average rating of "hold" and a price target of $32.25.
• Insiders, including the CFO and CEO, have sold a combined total of 111,686 shares recently, indicating potential concerns about the company's future performance.

Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Get Free Report) shares traded up 4.1% during mid-day trading on Thursday . The stock traded as high as $13.77 and last traded at $14.11. 262,451 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 868,811 shares. The stock had previously closed at $13.56.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Wall Street Zen lowered Mineralys Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday, June 14th. HC Wainwright reissued a "buy" rating and set a $42.00 price objective on shares of Mineralys Therapeutics in a report on Wednesday. Guggenheim set a $48.00 price objective on Mineralys Therapeutics and gave the company a "buy" rating in a report on Wednesday, May 14th. Finally, Jefferies Financial Group initiated coverage on Mineralys Therapeutics in a report on Tuesday, June 10th. They set a "hold" rating and a $15.00 price objective on the stock. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $32.25.

Mineralys Therapeutics Stock Performance

The stock has a market capitalization of $901.37 million, a price-to-earnings ratio of -3.88 and a beta of -0.29. The company has a fifty day simple moving average of $14.11 and a 200 day simple moving average of $13.46.

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

Insiders Place Their Bets

In other Mineralys Therapeutics news, CFO Adam Scott Levy sold 59,925 shares of Mineralys Therapeutics stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $14.76, for a total transaction of $884,493.00. Following the completion of the sale, the chief financial officer owned 132,934 shares of the company's stock, valued at $1,962,105.84. The trade was a 31.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Jon Congleton sold 15,884 shares of the business's stock in a transaction dated Friday, July 11th. The shares were sold at an average price of $14.51, for a total value of $230,476.84. Following the completion of the sale, the chief executive officer directly owned 846,405 shares of the company's stock, valued at approximately $12,281,336.55. This trade represents a 1.84% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 111,686 shares of company stock worth $1,629,313 over the last 90 days. Corporate insiders own 25.56% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. RA Capital Management L.P. increased its position in Mineralys Therapeutics by 26.7% during the 1st quarter. RA Capital Management L.P. now owns 6,147,280 shares of the company's stock valued at $97,619,000 after buying an additional 1,296,296 shares in the last quarter. SR One Capital Management LP increased its holdings in shares of Mineralys Therapeutics by 55.1% in the 1st quarter. SR One Capital Management LP now owns 3,127,933 shares of the company's stock worth $49,672,000 after purchasing an additional 1,111,111 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Mineralys Therapeutics by 1,015.8% in the 4th quarter. Millennium Management LLC now owns 1,101,674 shares of the company's stock worth $13,562,000 after purchasing an additional 1,002,941 shares in the last quarter. Jennison Associates LLC increased its holdings in shares of Mineralys Therapeutics by 82.9% in the 1st quarter. Jennison Associates LLC now owns 1,979,033 shares of the company's stock worth $31,427,000 after purchasing an additional 897,027 shares in the last quarter. Finally, Stempoint Capital LP increased its holdings in shares of Mineralys Therapeutics by 605.3% in the 2nd quarter. Stempoint Capital LP now owns 631,586 shares of the company's stock worth $8,551,000 after purchasing an additional 756,586 shares in the last quarter. 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.

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