The Goldman Sachs Group Increases Mineralys Therapeutics (NASDAQ:MLYS) Price Target to $52.00

Key Points

• The Goldman Sachs Group has increased its price target for Mineralys Therapeutics from $32.00 to $52.00, indicating a potential upside of 39.90% from the current price.
• Various analysts have also raised their price targets on Mineralys, with Bank of America setting a target of $43.00 and four analysts rating the stock as a "Buy."
• Mineralys Therapeutics shares are currently trading around $37.17, representing a 3.5% increase on the day, and have a market capitalization of $2.46 billion.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) had its price objective upped by stock analysts at The Goldman Sachs Group from $32.00 to $52.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the stock. The Goldman Sachs Group's price objective would suggest a potential upside of 39.90% from the company's current price.

A number of other analysts have also commented on the stock. Bank of America boosted their price target on shares of Mineralys Therapeutics from $38.00 to $43.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Wall Street Zen upgraded shares of Mineralys Therapeutics from a "sell" rating to a "hold" rating in a research report on Friday, August 22nd. HC Wainwright restated a "buy" rating and set a $42.00 target price on shares of Mineralys Therapeutics in a report on Monday. Jefferies Financial Group boosted their target price on shares of Mineralys Therapeutics from $15.00 to $26.00 and gave the company a "hold" rating in a report on Wednesday, September 3rd. Finally, Guggenheim set a $48.00 price target on Mineralys Therapeutics and gave the company a "buy" rating in a report on Wednesday, May 14th. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $42.20.

Mineralys Therapeutics Trading Up 3.5%

Shares of MLYS traded up $1.24 during mid-day trading on Tuesday, hitting $37.17. 1,066,570 shares of the company traded hands, compared to its average volume of 1,060,548. The stock has a market capitalization of $2.46 billion, a price-to-earnings ratio of -10.44 and a beta of -0.29. The business has a 50-day moving average of $16.04 and a 200 day moving average of $14.75. Mineralys Therapeutics has a one year low of $8.24 and a one year high of $37.42.

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 analysts' consensus estimates of ($0.78) by $0.12. As a group, analysts anticipate that Mineralys Therapeutics will post -4.23 earnings per share for the current year.

Insiders Place Their Bets

In other 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 transaction of $146,949.45. Following the completion of the transaction, the insider owned 92,891 shares of the company's stock, valued at approximately $1,201,080.63. This represents a 10.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Adam Scott Levy sold 59,925 shares of the stock in a transaction dated 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 transaction, the chief financial officer directly owned 132,934 shares of the company's stock, valued at $1,962,105.84. This trade represents a 31.07% 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. 33.24% of the stock is owned by insiders.

Hedge Funds Weigh In On Mineralys Therapeutics

Several large investors have recently bought and sold shares of the business. SBI Securities Co. Ltd. grew its position in Mineralys Therapeutics by 297.5% in the first quarter. SBI Securities Co. Ltd. now owns 1,590 shares of the company's stock valued at $25,000 after purchasing an additional 1,190 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Mineralys Therapeutics by 51.0% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,518 shares of the company's stock valued at $34,000 after purchasing an additional 850 shares during the last quarter. BNP Paribas Financial Markets bought a new stake in shares of Mineralys Therapeutics in the 4th quarter valued at $48,000. Ameritas Investment Partners Inc. boosted its stake in shares of Mineralys Therapeutics by 42.8% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,995 shares of the company's stock valued at $54,000 after purchasing an additional 1,197 shares during the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new position in shares of Mineralys Therapeutics during the 2nd quarter valued at $91,000. 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.

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