Mineralys Therapeutics (NASDAQ:MLYS) Trading 8.2% Higher - Should You Buy?

Key Points

• Stock move: Shares rose about 8.2% intraday to $28.84 (high $29.47) on Friday with volume of 432,145 shares, roughly 64% below the average session volume, and the stock trades below its 200-day moving average ($33.56).
• Analyst sentiment: The consensus rating is a Moderate Buy (7 Buys, 1 Hold, 1 Sell) with a consensus price target of $49.14 and individual targets up to $56.
• Financials and ownership: Mineralys has a market cap of ~$2.42B and negative EPS (last quarter -$0.40, beating -$0.57 estimate), with heavy institutional ownership (~84.5%) while insiders sold ~162,291 shares (~$4.34M) in the past 90 days and hold ~18.9%.

Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Get Free Report) traded up 8.2% during trading on Friday . The company traded as high as $29.47 and last traded at $28.8360. 432,145 shares were traded during mid-day trading, a decline of 64% from the average session volume of 1,207,956 shares. The stock had previously closed at $26.65.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Jefferies Financial Group restated a "hold" rating and issued a $30.00 price target on shares of Mineralys Therapeutics in a report on Friday, March 13th. Wall Street Zen upgraded shares of Mineralys Therapeutics from a "sell" rating to a "hold" rating in a report on Sunday, March 15th. Weiss Ratings restated a "sell (d-)" rating on shares of Mineralys Therapeutics in a report on Tuesday, April 21st. HC Wainwright set a $56.00 price objective on shares of Mineralys Therapeutics and gave the stock a "buy" rating in a research note on Tuesday, March 10th. Finally, TD Cowen began coverage on shares of Mineralys Therapeutics in a research note on Monday. They issued a "buy" rating for the company. Seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $49.14.

Mineralys Therapeutics Stock Up 10.3%

The stock's 50 day moving average is $27.11 and its two-hundred day moving average is $33.56. The company has a market capitalization of $2.42 billion, a PE ratio of -12.43 and a beta of 0.69.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) last released its quarterly earnings results on Thursday, March 12th. The company reported ($0.40) EPS for the quarter, beating the consensus estimate of ($0.57) by $0.17. On average, sell-side analysts predict that Mineralys Therapeutics, Inc. will post -2.23 EPS for the current fiscal year.

Insider Activity

In other Mineralys Therapeutics news, Director Daphne Karydas sold 3,000 shares of the stock in a transaction dated Tuesday, March 31st. The shares were sold at an average price of $25.00, for a total transaction of $75,000.00. Following the completion of the sale, the director directly owned 6,200 shares of the company's stock, valued at approximately $155,000. This represents a 32.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Malcom Rodman sold 6,348 shares of the stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $27.66, for a total transaction of $175,585.68. Following the sale, the insider directly owned 69,792 shares of the company's stock, valued at approximately $1,930,446.72. The trade was a 8.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 162,291 shares of company stock valued at $4,336,414. Corporate insiders own 18.94% of the company's stock.

Institutional Trading of Mineralys Therapeutics

Several hedge funds have recently modified their holdings of MLYS. State Street Corp lifted its position in shares of Mineralys Therapeutics by 144.4% during the fourth quarter. State Street Corp now owns 3,184,999 shares of the company's stock valued at $115,584,000 after buying an additional 1,881,976 shares during the last quarter. Farallon Capital Management LLC purchased a new position in shares of Mineralys Therapeutics in the 3rd quarter valued at approximately $63,442,000. Price T Rowe Associates Inc. MD raised its position in shares of Mineralys Therapeutics by 6,097.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,325,120 shares of the company's stock valued at $48,089,000 after purchasing an additional 1,303,737 shares during the last quarter. Holocene Advisors LP purchased a new position in shares of Mineralys Therapeutics in the 3rd quarter valued at approximately $45,708,000. Finally, Janus Henderson Group PLC raised its position in shares of Mineralys Therapeutics by 6,012.8% in the 4th quarter. Janus Henderson Group PLC now owns 1,213,265 shares of the company's stock valued at $44,005,000 after purchasing an additional 1,193,417 shares during the last quarter. 84.46% of the stock is owned by hedge funds and other 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. The company was formerly known as Catalys SC1, Inc and changed its name to Mineralys Therapeutics, Inc in May 2020. The company was incorporated in 2019 and is headquartered in Radnor, Pennsylvania.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.