Wells Fargo & Company Increases Mineralys Therapeutics (NASDAQ:MLYS) Price Target to $50.00

Key Points

• Wells Fargo & Company has raised the price target for Mineralys Therapeutics (NASDAQ:MLYS) from $26.00 to $50.00, indicating a potential upside of 29.67% from its previous close.
• Other analysts, including Bank of America and Goldman Sachs, have also increased their price targets for Mineralys, with ratings generally leaning towards "buy."
• The stock is currently experiencing trading activity with a market cap of $2.56 billion and a recent opening price of $38.56.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) had its target price boosted by equities researchers at Wells Fargo & Company from $26.00 to $50.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Wells Fargo & Company's price objective suggests a potential upside of 29.67% from the stock's previous close.

A number of other equities analysts also recently commented on the company. Bank of America boosted their price objective on Mineralys Therapeutics from $38.00 to $43.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Guggenheim set a $48.00 price objective on Mineralys Therapeutics and gave the stock a "buy" rating in a research report on Wednesday, May 14th. The Goldman Sachs Group boosted their price objective on Mineralys Therapeutics from $32.00 to $52.00 and gave the stock a "buy" rating in a research report on Tuesday. HC Wainwright reissued a "buy" rating and set a $42.00 price objective on shares of Mineralys Therapeutics in a research report on Monday. Finally, Wall Street Zen raised Mineralys Therapeutics from a "sell" rating to a "hold" rating in a research report on Friday, August 22nd. Five analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Mineralys Therapeutics currently has a consensus rating of "Moderate Buy" and an average target price of $43.50.

Mineralys Therapeutics Trading Up 0.2%

MLYS opened at $38.56 on Thursday. The stock's 50-day moving average price is $17.02 and its 200 day moving average price is $15.08. Mineralys Therapeutics has a 12-month low of $8.24 and a 12-month high of $38.62. The firm has a market cap of $2.56 billion, a price-to-earnings ratio of -10.83 and a beta of -0.29.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) last posted its earnings results on Tuesday, August 12th. The company reported ($0.66) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.78) by $0.12. On average, research analysts forecast that Mineralys Therapeutics will post -4.23 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Srinivas Akkaraju acquired 588,235 shares of the firm's 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 $14,999,992.50. Following the completion of the acquisition, the director owned 588,235 shares of the company's stock, valued at $14,999,992.50. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jon Congleton sold 15,884 shares of the stock in a transaction that occurred on Friday, July 11th. The shares were sold at an average price of $14.51, for a total value of $230,476.84. Following the completion of the sale, the chief executive officer directly owned 846,405 shares of the company's stock, valued at $12,281,336.55. The trade was a 1.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 123,051 shares of company stock valued at $1,776,262 in the last 90 days. Company insiders own 25.56% of the company's stock.

Institutional Investors Weigh In On Mineralys Therapeutics

Several large investors have recently modified their holdings of MLYS. Dimensional Fund Advisors LP purchased a new position in shares of Mineralys Therapeutics in the 4th quarter valued at approximately $202,000. Price T Rowe Associates Inc. MD purchased a new position in shares of Mineralys Therapeutics in the 4th quarter valued at approximately $145,000. Northern Trust Corp grew its stake in shares of Mineralys Therapeutics by 0.7% in the 4th quarter. Northern Trust Corp now owns 246,113 shares of the company's stock valued at $3,030,000 after purchasing an additional 1,688 shares during the last quarter. BNP Paribas Financial Markets purchased a new position in shares of Mineralys Therapeutics in the 4th quarter valued at approximately $48,000. Finally, Bank of America Corp DE grew its stake in shares of Mineralys Therapeutics by 12.0% in the 4th quarter. Bank of America Corp DE now owns 107,703 shares of the company's stock valued at $1,326,000 after purchasing an additional 11,549 shares during the last quarter. 84.46% of the stock is 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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