Mineralys Therapeutics (NASDAQ:MLYS) Announces Earnings Results

Mineralys Therapeutics (NASDAQ:MLYS) issued its earnings results on Monday. The company reported ($0.52) earnings per share for the quarter, topping the consensus estimate of ($0.71) by $0.19, Zacks reports.

Mineralys Therapeutics Trading Up 17.0%

Shares of NASDAQ MLYS traded up $6.48 during trading hours on Monday, reaching $44.50. The stock had a trading volume of 2,816,633 shares, compared to its average volume of 1,122,770. The firm has a 50-day moving average of $38.52 and a 200-day moving average of $23.01. The firm has a market cap of $2.95 billion, a price-to-earnings ratio of -12.50 and a beta of 0.40. Mineralys Therapeutics has a fifty-two week low of $8.24 and a fifty-two week high of $44.89.

Insider Buying and Selling

In other Mineralys Therapeutics news, Director Srinivas Akkaraju purchased 588,235 shares of the firm’s stock in a transaction that occurred on Thursday, September 4th. The stock was purchased at an average price of $25.50 per share, for a total transaction of $14,999,992.50. Following the purchase, the director directly owned 588,235 shares in the company, valued at approximately $14,999,992.50. This trade represents a ? increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Adam Scott Levy sold 10,758 shares of Mineralys Therapeutics stock in a transaction on Monday, October 13th. The shares were sold at an average price of $42.01, for a total transaction of $451,943.58. Following the completion of the transaction, the chief financial officer owned 116,865 shares in the company, valued at approximately $4,909,498.65. This represents a 8.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 58,959 shares of company stock valued at $2,098,393 in the last 90 days. Company insiders own 33.24% of the company’s stock.

Institutional Trading of Mineralys Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in MLYS. The Manufacturers Life Insurance Company increased its holdings in shares of Mineralys Therapeutics by 29.8% in the second quarter. The Manufacturers Life Insurance Company now owns 14,775 shares of the company’s stock valued at $200,000 after purchasing an additional 3,390 shares during the period. Federated Hermes Inc. grew its position in Mineralys Therapeutics by 38.3% in the 2nd quarter. Federated Hermes Inc. now owns 16,528 shares of the company’s stock valued at $224,000 after buying an additional 4,577 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Mineralys Therapeutics by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,085 shares of the company’s stock valued at $271,000 after buying an additional 702 shares during the period. Man Group plc raised its position in Mineralys Therapeutics by 50.1% during the 2nd quarter. Man Group plc now owns 21,852 shares of the company’s stock worth $296,000 after buying an additional 7,293 shares during the last quarter. Finally, Creative Planning acquired a new stake in shares of Mineralys Therapeutics in the 2nd quarter worth $336,000. 84.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MLYS. HC Wainwright upped their target price on Mineralys Therapeutics from $42.00 to $52.00 and gave the company a “buy” rating in a report on Thursday, October 30th. The Goldman Sachs Group raised their price objective on shares of Mineralys Therapeutics from $32.00 to $52.00 and gave the stock a “buy” rating in a research report on Tuesday, September 9th. Wall Street Zen upgraded shares of Mineralys Therapeutics from a “sell” rating to a “hold” rating in a report on Friday, August 22nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Mineralys Therapeutics in a research note on Wednesday, October 8th. Finally, Bank of America lifted their price target on shares of Mineralys Therapeutics from $38.00 to $43.00 and gave the company a “buy” rating in a research report on Thursday, August 28th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $45.17.

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.