Mineralys Therapeutics (NASDAQ:MLYS) Upgraded to "Hold" at Wall Street Zen

Key Points

• Mineralys Therapeutics has been upgraded from a "sell" to a "hold" rating by Wall Street Zen, indicating a shift in outlook for the stock.
• Brokerages such as HC Wainwright and Guggenheim affirmed a "buy" rating for the stock, with target prices of $42.00 and $48.00 respectively, while the average price target currently stands at $32.25.
• Despite recent upgrades, recent insider sales include CEO Jon Congleton offloading shares, reflecting a 1.84% decrease in their holdings, with insiders collectively selling over $1.7 million in shares recently.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) was upgraded by Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued to clients and investors on Friday.

Several other brokerages also recently commented on MLYS. HC Wainwright reiterated a "buy" rating and issued a $42.00 target price on shares of Mineralys Therapeutics in a report on Wednesday, August 13th. Guggenheim set a $48.00 target price on shares of Mineralys Therapeutics and gave the stock a "buy" rating in a report on Wednesday, May 14th. Finally, Jefferies Financial Group started coverage on shares of Mineralys Therapeutics in a report on Tuesday, June 10th. They issued a "hold" rating and a $15.00 target price on the stock. Three equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $32.25.

Mineralys Therapeutics Trading Up 1.9%

MLYS stock opened at $14.89 on Friday. Mineralys Therapeutics has a 1 year low of $8.24 and a 1 year high of $18.38. The company has a fifty day simple moving average of $14.00 and a 200 day simple moving average of $13.69. The firm has a market cap of $987.06 million, a PE ratio of -4.18 and a beta of -0.29.

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

Insider Activity at Mineralys Therapeutics

In related news, insider David Malcom Rodman sold 11,365 shares of the company's stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $12.93, for a total value of $146,949.45. Following the sale, the insider owned 92,891 shares of the company's stock, valued at $1,201,080.63. The trade was a 10.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Jon Congleton sold 15,884 shares of the company's stock in a transaction dated Friday, July 11th. The shares were sold at an average price of $14.51, for a total transaction of $230,476.84. Following the completion of the sale, the chief executive officer directly owned 846,405 shares in the company, valued at approximately $12,281,336.55. The trade was a 1.84% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 123,051 shares of company stock valued at $1,776,262 over the last quarter. 25.56% of the stock is owned by company insiders.

Hedge Funds Weigh In On Mineralys Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP acquired a new position in Mineralys Therapeutics in the fourth quarter valued at about $202,000. GAMMA Investing LLC boosted its position 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 buying an additional 8,738 shares in the last quarter. BNP Paribas Financial Markets acquired a new position in Mineralys Therapeutics in the fourth quarter valued at about $48,000. ProShare Advisors LLC acquired a new position in Mineralys Therapeutics in the fourth quarter valued at about $128,000. Finally, Bank of America Corp DE boosted its position in Mineralys Therapeutics by 12.0% in the fourth quarter. Bank of America Corp DE now owns 107,703 shares of the company's stock valued at $1,326,000 after buying an additional 11,549 shares in the last quarter. 84.46% of the stock is currently owned by institutional investors and hedge funds.

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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