Mineralys Therapeutics (NASDAQ:MLYS) Shares Up 7.9% – Here’s What Happened

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) shares were up 7.9% during mid-day trading on Wednesday . The stock traded as high as $16.30 and last traded at $16.65. Approximately 128,137 shares traded hands during trading, a decline of 59% from the average daily volume of 310,552 shares. The stock had previously closed at $15.43.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Guggenheim restated a “buy” rating on shares of Mineralys Therapeutics in a research note on Monday, February 24th. HC Wainwright reissued a “buy” rating and issued a $30.00 target price on shares of Mineralys Therapeutics in a research note on Monday, March 10th. Finally, The Goldman Sachs Group lowered their target price on shares of Mineralys Therapeutics from $28.00 to $24.00 and set a “buy” rating on the stock in a report on Thursday, February 13th.

Mineralys Therapeutics Price Performance

The business has a 50-day simple moving average of $10.72 and a two-hundred day simple moving average of $12.03. The stock has a market cap of $1.05 billion, a price-to-earnings ratio of -4.60 and a beta of 1.50.

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

Insider Activity

In other news, CEO Jon Congleton sold 18,333 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now owns 877,608 shares in the company, valued at approximately $7,951,128.48. This trade represents a 2.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Adam Scott Levy sold 10,757 shares of Mineralys Therapeutics stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $9.10, for a total value of $97,888.70. Following the sale, the chief financial officer now directly owns 226,097 shares of the company’s stock, valued at approximately $2,057,482.70. The trade was a 4.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 33.24% of the company’s stock.

Hedge Funds Weigh In On Mineralys Therapeutics

A number of hedge funds have recently bought and sold shares of the business. Franklin Resources Inc. grew its position in shares of Mineralys Therapeutics by 17.7% during the 3rd quarter. Franklin Resources Inc. now owns 1,745,513 shares of the company’s stock worth $21,138,000 after purchasing an additional 262,922 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Mineralys Therapeutics by 5.0% in the fourth quarter. Vanguard Group Inc. now owns 1,432,042 shares of the company’s stock valued at $17,628,000 after buying an additional 68,811 shares during the period. Millennium Management LLC grew its position 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 buying an additional 1,002,941 shares in the last quarter. Jennison Associates LLC increased its stake in Mineralys Therapeutics by 55.4% during the 4th quarter. Jennison Associates LLC now owns 1,082,006 shares of the company’s stock worth $13,319,000 after acquiring an additional 385,726 shares during the period. Finally, Caligan Partners LP raised its holdings in Mineralys Therapeutics by 3.1% in the 4th quarter. Caligan Partners LP now owns 1,011,155 shares of the company’s stock valued at $12,447,000 after acquiring an additional 30,000 shares in the last quarter. 84.46% of the stock is owned by 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.