Insider Buying: Mineralys Therapeutics (NASDAQ:MLYS) Director Purchases 1,176,470 Shares of Stock

Key Points

• Ra Capital Management, L.P. acquired 1,176,470 shares of Mineralys Therapeutics stock for approximately $30 million, increasing their ownership in the company by 27.49%.
• Mineralys Therapeutics' stock price has increased by 3.2%, reaching $35.93, with analysts giving it a consensus rating of "Moderate Buy" and a target price averaging around $36.60.
• The company recently reported earnings of ($0.66) per share, beating estimates, and is predicted to post -4.23 EPS for the current year, showcasing a focus on treatments for hypertension and chronic kidney diseases.

Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Get Free Report) Director Ra Capital Management, L.P. purchased 1,176,470 shares of the stock in a transaction dated Thursday, September 4th. The stock was acquired at an average cost of $25.50 per share, with a total value of $29,999,985.00. Following the transaction, the director directly owned 5,456,521 shares in the company, valued at approximately $139,141,285.50. This trade represents a 27.49% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink.

Mineralys Therapeutics Trading Down 0.2%

Shares of MLYS traded down $0.06 during mid-day trading on Friday, hitting $37.10. The company's stock had a trading volume of 1,268,269 shares, compared to its average volume of 2,575,815. The company's 50-day moving average is $17.92 and its 200-day moving average is $15.51. Mineralys Therapeutics, Inc. has a 52-week low of $8.24 and a 52-week high of $39.20. The firm has a market capitalization of $2.46 billion, a price-to-earnings ratio of -10.42 and a beta of -0.29.

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

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. China Universal Asset Management Co. Ltd. increased its stake in Mineralys Therapeutics by 31.0% during the 2nd quarter. China Universal Asset Management Co. Ltd. now owns 13,090 shares of the company's stock valued at $177,000 after purchasing an additional 3,094 shares in the last quarter. Rafferty Asset Management LLC acquired a new position in Mineralys Therapeutics during the 2nd quarter valued at approximately $776,000. Man Group plc increased its stake in Mineralys Therapeutics by 50.1% during the 2nd quarter. Man Group plc now owns 21,852 shares of the company's stock valued at $296,000 after purchasing an additional 7,293 shares in the last quarter. Balyasny Asset Management L.P. increased its stake in Mineralys Therapeutics by 37.8% during the 2nd quarter. Balyasny Asset Management L.P. now owns 205,723 shares of the company's stock valued at $2,783,000 after purchasing an additional 56,450 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in Mineralys Therapeutics by 78.9% during the 2nd quarter. Bank of America Corp DE now owns 263,356 shares of the company's stock valued at $3,563,000 after purchasing an additional 116,134 shares in the last quarter. Institutional investors and hedge funds own 84.46% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on MLYS shares. Wells Fargo & Company upped their price target on shares of Mineralys Therapeutics from $26.00 to $50.00 and gave the stock an "overweight" rating in a research report on Thursday. HC Wainwright reiterated a "buy" rating and set a $42.00 price objective on shares of Mineralys Therapeutics in a research note on Monday, September 8th. Wall Street Zen upgraded shares of Mineralys Therapeutics from a "sell" rating to a "hold" rating in a research note on Friday, August 22nd. Jefferies Financial Group boosted their price objective on shares of Mineralys Therapeutics from $15.00 to $26.00 and gave the stock a "hold" rating in a research note on Wednesday, September 3rd. Finally, Bank of America boosted their price objective on shares of Mineralys Therapeutics from $38.00 to $43.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, Mineralys Therapeutics currently has an average rating of "Moderate Buy" and a consensus price target of $43.50.

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.