Mineralys Therapeutics (NASDAQ:MLYS) Stock Price Up 5.3% Following Analyst Upgrade

Key Points

• Mineralys Therapeutics stock rose 5.3% after Jefferies Financial Group upgraded its price target from $15.00 to $26.00, currently assigning a hold rating on the stock.
• The company has received a mix of ratings from analysts, with four analysts rating it a Buy and one a Hold, and an average consensus target price of $36.60.
• Insider transactions revealed significant sales by the CFO and CEO, with insiders selling a total of 123,051 shares worth $1,776,262 over the last quarter.

Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Get Free Report) shares rose 5.3% on Thursday after Jefferies Financial Group raised their price target on the stock from $15.00 to $26.00. Jefferies Financial Group currently has a hold rating on the stock. Mineralys Therapeutics traded as high as $31.00 and last traded at $30.79. Approximately 743,522 shares changed hands during mid-day trading, a decline of 27% from the average daily volume of 1,015,571 shares. The stock had previously closed at $29.25.

Other equities research analysts also recently issued research reports about the company. Guggenheim set a $48.00 price objective on Mineralys Therapeutics and gave the company a "buy" rating in a research report on Wednesday, May 14th. Wall Street Zen raised shares of Mineralys Therapeutics from a "sell" rating to a "hold" rating in a research note on Friday, August 22nd. Bank of America lifted their target price on shares of Mineralys Therapeutics from $38.00 to $43.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Finally, HC Wainwright reissued a "buy" rating and set a $42.00 price target on shares of Mineralys Therapeutics in a research report on Wednesday, August 13th. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $36.60.

Insiders Place Their Bets

In other news, CFO Adam Scott Levy sold 59,925 shares of the business's stock in a transaction on 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 in the company, valued at $1,962,105.84. The trade was a 31.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Jon Congleton sold 15,884 shares of the business'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 represents a 1.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 123,051 shares of company stock worth $1,776,262 over the last quarter. Company insiders own 25.56% of the company's stock.

Hedge Funds Weigh In On Mineralys Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP boosted its stake in Mineralys Therapeutics by 32.8% in the first quarter. Wellington Management Group LLP now owns 121,557 shares of the company's stock valued at $1,930,000 after acquiring an additional 30,028 shares during the last quarter. Dimensional Fund Advisors LP bought a new position in Mineralys Therapeutics in the fourth quarter valued at approximately $202,000. GAMMA Investing LLC boosted its stake in Mineralys Therapeutics by 9,602.2% in the first quarter. GAMMA Investing LLC now owns 8,829 shares of the company's stock valued at $140,000 after acquiring an additional 8,738 shares during the last quarter. BNP Paribas Financial Markets bought a new position in Mineralys Therapeutics in the fourth quarter valued at approximately $48,000. Finally, ProShare Advisors LLC bought a new position in Mineralys Therapeutics in the fourth quarter valued at approximately $128,000. 84.46% of the stock is owned by institutional investors.

Mineralys Therapeutics Price Performance

The stock has a market capitalization of $2.31 billion, a P/E ratio of -9.78 and a beta of -0.29. The business's 50 day simple moving average is $15.59 and its 200-day simple moving average is $14.57.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) last announced its quarterly earnings data on Tuesday, August 12th. The company reported ($0.66) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.78) by $0.12. Research analysts anticipate that Mineralys Therapeutics, Inc. will post -4.23 earnings per share for the current fiscal year.

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.