The Goldman Sachs Group Cuts Mineralys Therapeutics (NASDAQ:MLYS) Price Target to $24.00

Mineralys Therapeutics (NASDAQ:MLYS) had its price objective cut by equities researchers at The Goldman Sachs Group from $28.00 to $24.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. The Goldman Sachs Group’s price objective points to a potential upside of 131.77% from the stock’s previous close.

Separately, HC Wainwright restated a “buy” rating and issued a $30.00 price target on shares of Mineralys Therapeutics in a report on Thursday.

Mineralys Therapeutics Price Performance

NASDAQ:MLYS traded down $0.28 during trading hours on Thursday, reaching $10.36. 75,438 shares of the company were exchanged, compared to its average volume of 262,393. The firm has a market cap of $515.37 million, a price-to-earnings ratio of -3.17 and a beta of 1.44. The stock has a 50 day simple moving average of $11.21 and a 200 day simple moving average of $12.03. Mineralys Therapeutics has a 52-week low of $8.58 and a 52-week high of $16.91.

Mineralys Therapeutics (NASDAQ:MLYS) last issued its earnings results on Wednesday, February 12th. The company reported ($0.98) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.00) by $0.02. On average, analysts predict that Mineralys Therapeutics will post -3.63 EPS for the current fiscal year.

Insider Buying and Selling at Mineralys Therapeutics

In other Mineralys Therapeutics news, CEO Jon Congleton sold 18,333 shares of the company’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $9.06, for a total value of $166,096.98. Following the completion of the transaction, the chief executive officer now owns 877,608 shares in the company, valued at $7,951,128.48. This represents a 2.05 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Adam Scott Levy sold 10,757 shares of Mineralys Therapeutics stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $9.10, for a total transaction of $97,888.70. Following the sale, the chief financial officer now owns 226,097 shares in the company, valued at $2,057,482.70. This represents a 4.54 % decrease in their position. The disclosure for this sale can be found here. 33.24% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Mineralys Therapeutics

Large investors have recently added to or reduced their stakes in the company. China Universal Asset Management Co. Ltd. lifted its holdings in Mineralys Therapeutics by 10.3% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 10,553 shares of the company’s stock worth $130,000 after buying an additional 989 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Mineralys Therapeutics by 0.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 214,906 shares of the company’s stock worth $2,645,000 after acquiring an additional 1,307 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Mineralys Therapeutics by 2.7% in the fourth quarter. Bank of New York Mellon Corp now owns 65,318 shares of the company’s stock worth $804,000 after acquiring an additional 1,711 shares in the last quarter. Wells Fargo & Company MN grew its stake in Mineralys Therapeutics by 19.1% during the 4th quarter. Wells Fargo & Company MN now owns 23,714 shares of the company’s stock valued at $292,000 after purchasing an additional 3,802 shares in the last quarter. Finally, Verition Fund Management LLC increased its holdings in Mineralys Therapeutics by 30.6% during the 3rd quarter. Verition Fund Management LLC now owns 27,361 shares of the company’s stock worth $331,000 after purchasing an additional 6,408 shares during the last quarter. 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.