Mineralys Therapeutics (NASDAQ:MLYS) Trading Up 10.5% – Should You Buy?

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) shares rose 10.5% during mid-day trading on Wednesday . The company traded as high as $30.40 and last traded at $30.20. Approximately 1,395,288 shares traded hands during trading, an increase of 12% from the average daily volume of 1,243,139 shares. The stock had previously closed at $27.32.

Analysts Set New Price Targets

Several equities analysts have commented on MLYS shares. HC Wainwright set a $56.00 price objective on Mineralys Therapeutics and gave the company a “buy” rating in a research report on Tuesday, March 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of Mineralys Therapeutics in a research note on Thursday, January 22nd. Stifel Nicolaus upped their price target on shares of Mineralys Therapeutics from $45.00 to $52.00 and gave the stock a “buy” rating in a report on Friday, December 19th. Jefferies Financial Group reiterated a “hold” rating and set a $30.00 price objective on shares of Mineralys Therapeutics in a report on Friday, March 13th. Finally, Wall Street Zen raised shares of Mineralys Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, March 15th. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $49.14.

Mineralys Therapeutics Stock Performance

The company has a fifty day simple moving average of $27.31 and a two-hundred day simple moving average of $34.33. The firm has a market capitalization of $2.53 billion, a PE ratio of -13.09 and a beta of 0.69.

Mineralys Therapeutics (NASDAQ:MLYS) last released its quarterly earnings data on Thursday, March 12th. The company reported ($0.40) earnings per share for the quarter, beating the consensus estimate of ($0.57) by $0.17. On average, equities analysts anticipate that Mineralys Therapeutics, Inc. will post -4.23 earnings per share for the current fiscal year.

Insider Buying and Selling at Mineralys Therapeutics

In other Mineralys Therapeutics news, insider David Malcom Rodman sold 6,348 shares of the company’s stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $27.66, for a total transaction of $175,585.68. Following the completion of the sale, the insider owned 69,792 shares in the company, valued at $1,930,446.72. This represents a 8.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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 on Tuesday, March 31st. The shares were sold at an average price of $25.00, for a total value of $75,000.00. Following the completion of the transaction, the director owned 6,200 shares in the company, valued at $155,000. This represents a 32.61% decrease in their ownership of the stock. 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. Insiders sold a total of 162,291 shares of company stock worth $4,336,734 over the last quarter. 25.56% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Mineralys Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the stock. State Street Corp raised its holdings in Mineralys Therapeutics by 144.4% in the fourth quarter. State Street Corp now owns 3,184,999 shares of the company’s stock worth $115,584,000 after purchasing an additional 1,881,976 shares in the last quarter. Farallon Capital Management LLC bought a new stake in shares of Mineralys Therapeutics in the 3rd quarter valued at about $63,442,000. Price T Rowe Associates Inc. MD grew its position in shares of Mineralys Therapeutics by 6,097.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,325,120 shares of the company’s stock worth $48,089,000 after buying an additional 1,303,737 shares during the last quarter. Holocene Advisors LP bought a new position in shares of Mineralys Therapeutics during the 3rd quarter worth approximately $45,708,000. Finally, Janus Henderson Group PLC raised its stake in shares of Mineralys Therapeutics by 6,012.8% during the 4th quarter. Janus Henderson Group PLC now owns 1,213,265 shares of the company’s stock worth $44,005,000 after acquiring an additional 1,193,417 shares in the last quarter. 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.