Mineralys Therapeutics (NASDAQ:MLYS) Sees Strong Trading Volume on Insider Buying Activity

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) saw unusually-high trading volume on Tuesday after an insider bought additional shares in the company. Approximately 576,397 shares changed hands during mid-day trading, an increase of 89% from the previous session’s volume of 305,686 shares.The stock last traded at $14.87 and had previously closed at $14.22.

Specifically, Director Ra Capital Management, L.P. bought 1,296,296 shares of the stock in a transaction on Thursday, March 13th. The stock was acquired at an average cost of $13.50 per share, for a total transaction of $17,499,996.00. Following the acquisition, the director now owns 4,280,051 shares of the company’s stock, valued at $57,780,688.50. This represents a 43.45 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Samsara Biocapital Gp, Llc bought 600,000 shares of the stock in a transaction on Thursday, March 13th. The stock was purchased at an average price of $13.50 per share, with a total value of $8,100,000.00. Following the completion of the acquisition, the insider now directly owns 5,674,916 shares in the company, valued at approximately $76,611,366. This trade represents a 11.82 % increase in their position. The disclosure for this purchase can be found here.

Analyst Ratings Changes

MLYS has been the subject of several research reports. The Goldman Sachs Group lowered their target price on Mineralys Therapeutics from $28.00 to $24.00 and set a “buy” rating for the company in a report on Thursday, February 13th. HC Wainwright reiterated a “buy” rating and issued a $30.00 target price on shares of Mineralys Therapeutics in a report on Monday, March 10th. Finally, Guggenheim reiterated a “buy” rating on shares of Mineralys Therapeutics in a report on Monday, February 24th.

Mineralys Therapeutics Stock Up 4.9 %

The business has a 50 day simple moving average of $10.45 and a 200 day simple moving average of $11.94. The company has a market capitalization of $743.05 million, a PE ratio of -4.08 and a beta of 1.50.

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. BNP Paribas Financial Markets acquired a new position in shares of Mineralys Therapeutics in the fourth quarter valued at about $48,000. ProShare Advisors LLC acquired a new position in shares of Mineralys Therapeutics in the fourth quarter valued at about $128,000. China Universal Asset Management Co. Ltd. increased its holdings in shares of Mineralys Therapeutics by 10.3% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 10,553 shares of the company’s stock valued at $130,000 after purchasing an additional 989 shares during the period. Price T Rowe Associates Inc. MD acquired a new position in shares of Mineralys Therapeutics in the fourth quarter valued at about $145,000. Finally, PDT Partners LLC acquired a new position in shares of Mineralys Therapeutics in the third quarter valued at about $148,000. 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.