Mineralys Therapeutics (NASDAQ:MLYS) Given New $50.00 Price Target at Wells Fargo & Company

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 price objective upped by equities researchers at Wells Fargo & Company from $26.00 to $50.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Wells Fargo & Company's price target suggests a potential upside of 35.15% from the company's current price.

A number of other brokerages have also weighed in on MLYS. Jefferies Financial Group lifted their target price on Mineralys Therapeutics from $15.00 to $26.00 and gave the company a "hold" rating in a research report on Wednesday, September 3rd. HC Wainwright restated a "buy" rating and set a $42.00 target price on shares of Mineralys Therapeutics in a research note on Monday, September 8th. Wall Street Zen upgraded Mineralys Therapeutics from a "sell" rating to a "hold" rating in a research note on Friday, August 22nd. Bank of America upped their target price on Mineralys Therapeutics from $38.00 to $43.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Finally, The Goldman Sachs Group upped their target price on Mineralys Therapeutics from $32.00 to $52.00 and gave the stock a "buy" rating in a research note on Tuesday, September 9th. Five analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $43.50.

Mineralys Therapeutics Price Performance

Shares of NASDAQ:MLYS traded up $0.79 during trading on Thursday, hitting $37.00. 413,150 shares of the company's stock were exchanged, compared to its average volume of 1,078,331. The business's 50-day simple moving average is $18.38 and its 200 day simple moving average is $15.74. Mineralys Therapeutics has a 52-week low of $8.24 and a 52-week high of $39.20. The company has a market cap of $2.45 billion, a price-to-earnings ratio of -10.40 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) EPS for the quarter, beating analysts' consensus estimates of ($0.78) by $0.12. On average, sell-side analysts anticipate that Mineralys Therapeutics will post -4.23 EPS for the current fiscal year.

Insider Buying and Selling

In other Mineralys Therapeutics news, Director Srinivas Akkaraju purchased 588,235 shares of the business's stock in a transaction on Thursday, September 4th. The shares were bought at an average cost of $25.50 per share, for a total transaction of $14,999,992.50. Following the completion of the purchase, the director directly owned 588,235 shares of the company's stock, valued at approximately $14,999,992.50. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ra Capital Management, L.P. acquired 1,176,470 shares of the company's stock in a transaction that occurred on Thursday, September 4th. The stock was acquired at an average price of $25.50 per share, with a total value of $29,999,985.00. Following the acquisition, the director directly owned 5,456,521 shares of the company's stock, valued at approximately $139,141,285.50. This represents a 27.49% increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 123,051 shares of company stock valued at $1,776,262 in the last ninety days. Company insiders own 25.56% of the company's stock.

Institutional Investors Weigh In On Mineralys Therapeutics

Several large investors have recently added to or reduced their stakes in MLYS. China Universal Asset Management Co. Ltd. increased its position in shares of Mineralys Therapeutics by 31.0% in 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 during the last quarter. Rafferty Asset Management LLC purchased a new stake in shares of Mineralys Therapeutics in the 2nd quarter valued at approximately $776,000. Man Group plc increased its position in shares of Mineralys Therapeutics by 50.1% in 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 during the last quarter. Balyasny Asset Management L.P. increased its position in shares of Mineralys Therapeutics by 37.8% in 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 during the last quarter. Finally, Bank of America Corp DE increased its position in shares of Mineralys Therapeutics by 78.9% in 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 during the last quarter. 84.46% of the stock is owned by hedge funds and other institutional investors.

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.