Mineralys Therapeutics (NASDAQ:MLYS) Trading 9.9% Higher - What's Next?

Key Points

• Mineralys Therapeutics shares rose 9.9% to about $31, with approximately 816,000 shares traded. The company has a $2.74 billion market capitalization and its stock remains above its 50-day and 200-day moving averages.
• Analyst sentiment is mixed: six analysts rate the stock Buy, one rates it Hold and two rate it Sell, resulting in a consensus Hold rating and an average price target of $49.33.
• The company reported a quarterly loss of $2.85 per share, missing the consensus estimate by $2.30, while analysts expect a full-year loss of $4.45 per share. Insiders have sold about $5.8 million of stock over the past 90 days, although institutions own 84.46% of shares.

Shares of Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Get Free Report) rose 9.9% during trading on Tuesday . The company traded as high as $30.98 and last traded at $31.0070. Approximately 816,402 shares changed hands during trading, a decline of 35% from the average session volume of 1,248,751 shares. The stock had previously closed at $28.21.

Wall Street Analyst Weigh In

MLYS has been the topic of several analyst reports. HC Wainwright reissued a "buy" rating on shares of Mineralys Therapeutics in a research report on Monday, June 1st. Wall Street Zen downgraded shares of Mineralys Therapeutics from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 15th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Mineralys Therapeutics in a research note on Friday, July 17th. Jefferies Financial Group reiterated a "hold" rating on shares of Mineralys Therapeutics in a research report on Monday, June 1st. Finally, Zacks Research downgraded shares of Mineralys Therapeutics from a "hold" rating to a "strong sell" rating in a research note on Thursday, August 13th. Six analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $49.33.

Mineralys Therapeutics Trading Up 9.9%

The company has a debt-to-equity ratio of 0.18, a quick ratio of 34.46 and a current ratio of 34.46. The company has a 50 day simple moving average of $27.04 and a two-hundred day simple moving average of $27.09. The company has a market cap of $2.74 billion, a PE ratio of -7.31 and a beta of 0.68.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) last posted its quarterly earnings results on Wednesday, August 12th. The company reported ($2.85) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.55) by ($2.30). Sell-side analysts forecast that Mineralys Therapeutics, Inc. will post -4.45 EPS for the current year.

Insider Activity at Mineralys Therapeutics

In related news, insider Eric Warren sold 7,437 shares of the stock in a transaction on Friday, August 21st. The stock was sold at an average price of $25.98, for a total transaction of $193,213.26. Following the completion of the sale, the insider directly owned 38,400 shares in the company, valued at approximately $997,632. This trade represents a 16.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Jon Congleton sold 75,000 shares of the business's stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $26.14, for a total value of $1,960,500.00. Following the completion of the transaction, the chief executive officer owned 614,321 shares in the company, valued at $16,058,350.94. This trade represents a 10.88% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 224,333 shares of company stock worth $5,806,213. Corporate insiders own 18.94% of the company's stock.

Institutional Investors Weigh In On Mineralys Therapeutics

Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. bought a new stake in Mineralys Therapeutics in the second quarter worth approximately $158,832,000. State Street Corp raised its holdings in shares of Mineralys Therapeutics by 144.4% during the 4th quarter. State Street Corp now owns 3,184,999 shares of the company's stock valued at $115,584,000 after purchasing an additional 1,881,976 shares in the last quarter. California State Teachers Retirement System lifted its stake in shares of Mineralys Therapeutics by 2,860.2% in the 2nd quarter. California State Teachers Retirement System now owns 1,813,623 shares of the company's stock valued at $48,932,000 after purchasing an additional 1,752,357 shares during the last quarter. Bank of America Corp DE acquired a new stake in shares of Mineralys Therapeutics in the 2nd quarter valued at $40,620,000. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Mineralys Therapeutics by 6,097.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,325,120 shares of the company's stock worth $48,089,000 after purchasing an additional 1,303,737 shares in the last quarter. 84.46% of the stock is currently owned by institutional investors and hedge funds.

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.

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