Mineralys Therapeutics (NASDAQ:MLYS) Reaches New 1-Year High – Should You Buy?

Shares of Mineralys Therapeutics, Inc. (NASDAQ:MLYS) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $15.90 and last traded at $16.46, with a volume of 5671679 shares traded. The stock had previously closed at $10.52.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Guggenheim reiterated a “buy” rating on shares of Mineralys Therapeutics in a report on Monday, February 24th. The Goldman Sachs Group dropped their price target on shares of Mineralys Therapeutics from $28.00 to $24.00 and set a “buy” rating for the company in a research report on Thursday, February 13th. Finally, HC Wainwright reissued a “buy” rating and issued a $30.00 price target on shares of Mineralys Therapeutics in a research note on Thursday, February 13th.

Mineralys Therapeutics Price Performance

The firm has a market capitalization of $882.10 million, a price-to-earnings ratio of -4.83 and a beta of 1.50. The stock has a 50 day moving average price of $10.26 and a two-hundred day moving average price of $11.86.

Mineralys Therapeutics (NASDAQ:MLYS) last issued its quarterly earnings results on Wednesday, February 12th. The company reported ($0.98) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.00) by $0.02. As a group, research analysts expect that Mineralys Therapeutics, Inc. will post -4.23 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Jon Congleton sold 18,333 shares of the business’s stock in a transaction on Monday, January 13th. The stock was sold at an average price of $9.06, for a total transaction of $166,096.98. Following the completion of the transaction, the chief executive officer now directly owns 877,608 shares of the company’s stock, valued at $7,951,128.48. The trade was a 2.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Adam Scott Levy sold 10,757 shares of the firm’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $9.10, for a total transaction of $97,888.70. Following the completion of the sale, the chief financial officer now directly owns 226,097 shares in the company, valued at approximately $2,057,482.70. This trade represents a 4.54 % decrease in their position. The disclosure for this sale can be found here. 33.24% of the stock is owned by insiders.

Institutional Trading of Mineralys Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of MLYS. Polar Asset Management Partners Inc. increased its holdings in shares of Mineralys Therapeutics by 144.7% in the 4th quarter. Polar Asset Management Partners Inc. now owns 99,100 shares of the company’s stock valued at $1,220,000 after acquiring an additional 58,600 shares during the last quarter. Tema Etfs LLC acquired a new position in Mineralys Therapeutics in the fourth quarter valued at approximately $1,102,000. Stempoint Capital LP purchased a new position in Mineralys Therapeutics in the fourth quarter valued at approximately $4,925,000. ProShare Advisors LLC purchased a new position in Mineralys Therapeutics in the fourth quarter valued at approximately $128,000. Finally, Millennium Management LLC raised its holdings in Mineralys Therapeutics by 1,015.8% during the fourth quarter. Millennium Management LLC now owns 1,101,674 shares of the company’s stock worth $13,562,000 after purchasing an additional 1,002,941 shares in the last quarter. 84.46% of the stock is currently owned by institutional investors and hedge funds.

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.