Brokerages Set Mineralys Therapeutics, Inc. (NASDAQ:MLYS) Price Target at $49.33

Shares of Mineralys Therapeutics, Inc. (NASDAQ:MLYS) have been given an average rating of “Moderate Buy” by the eight research firms that are covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $49.3333.

Several equities research analysts have issued reports on the stock. Jefferies Financial Group reiterated a “hold” rating on shares of Mineralys Therapeutics in a research note on Monday. Weiss Ratings reissued a “sell (d-)” rating on shares of Mineralys Therapeutics in a research report on Tuesday, April 21st. Bank of America lifted their price objective on shares of Mineralys Therapeutics from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, March 13th. HC Wainwright reissued a “buy” rating on shares of Mineralys Therapeutics in a research report on Monday. Finally, Wall Street Zen downgraded shares of Mineralys Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th.

Mineralys Therapeutics Trading Down 5.4%

Shares of MLYS stock opened at $23.69 on Friday. Mineralys Therapeutics has a 1 year low of $12.59 and a 1 year high of $47.65. The firm’s fifty day moving average price is $27.95 and its two-hundred day moving average price is $31.28. The firm has a market capitalization of $1.95 billion, a P/E ratio of -11.56 and a beta of 0.57.

Mineralys Therapeutics (NASDAQ:MLYS) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.47) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.51) by $0.04. As a group, equities research analysts forecast that Mineralys Therapeutics will post -2.3 EPS for the current fiscal year.

Insider Activity

In other news, insider David Malcom Rodman sold 14,058 shares of Mineralys Therapeutics stock in a transaction dated Monday, April 13th. The shares were sold at an average price of $26.54, for a total value of $373,099.32. Following the completion of the transaction, the insider owned 76,140 shares of the company’s stock, valued at $2,020,755.60. This trade represents a 15.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Daphne Karydas sold 3,000 shares of Mineralys Therapeutics stock in a transaction dated Tuesday, March 31st. The shares were sold at an average price of $25.00, for a total transaction of $75,000.00. Following the completion of the transaction, the director directly owned 6,200 shares of the company’s stock, valued at approximately $155,000. This trade represents a 32.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 162,291 shares of company stock worth $4,353,683. Insiders own 18.94% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. RA Capital Management L.P. boosted its holdings in shares of Mineralys Therapeutics by 19.1% during the 3rd quarter. RA Capital Management L.P. now owns 7,323,750 shares of the company’s stock worth $277,717,000 after buying an additional 1,176,470 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Mineralys Therapeutics by 11.1% during the 4th quarter. Vanguard Group Inc. now owns 3,352,880 shares of the company’s stock worth $121,676,000 after buying an additional 333,881 shares during the period. State Street Corp boosted its holdings in shares of Mineralys Therapeutics by 144.4% during the 4th quarter. State Street Corp now owns 3,184,999 shares of the company’s stock worth $115,584,000 after buying an additional 1,881,976 shares during the period. Caligan Partners LP boosted its holdings in shares of Mineralys Therapeutics by 37.4% during the 3rd quarter. Caligan Partners LP now owns 2,772,654 shares of the company’s stock worth $105,139,000 after buying an additional 755,302 shares during the period. Finally, Suvretta Capital Management LLC boosted its holdings in shares of Mineralys Therapeutics by 22.2% during the 3rd quarter. Suvretta Capital Management LLC now owns 2,132,133 shares of the company’s stock worth $80,850,000 after buying an additional 387,641 shares during the period. Institutional investors own 84.46% of the company’s stock.

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. The company was formerly known as Catalys SC1, Inc and changed its name to Mineralys Therapeutics, Inc in May 2020. The company was incorporated in 2019 and is headquartered in Radnor, Pennsylvania.