Mineralys Therapeutics (NASDAQ:MLYS) Trading 3.4% Higher – Still a Buy?

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) shares rose 3.4% on Thursday . The stock traded as high as $13.75 and last traded at $13.56. Approximately 95,074 shares traded hands during trading, a decline of 88% from the average daily volume of 783,082 shares. The stock had previously closed at $13.11.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $30.00 price target on shares of Mineralys Therapeutics in a report on Monday. Guggenheim reaffirmed a “buy” rating on shares of Mineralys Therapeutics in a research report on Monday, February 24th. Finally, The Goldman Sachs Group lowered their price objective on Mineralys Therapeutics from $28.00 to $24.00 and set a “buy” rating for the company in a report on Thursday, February 13th.

Mineralys Therapeutics Price Performance

The stock has a market cap of $665.36 million, a price-to-earnings ratio of -3.71 and a beta of 1.50. The business’s fifty day simple moving average is $10.37 and its 200 day simple moving average is $11.91.

Mineralys Therapeutics (NASDAQ:MLYS) last announced its quarterly earnings data 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. As a group, equities analysts forecast that Mineralys Therapeutics, Inc. will post -4.23 EPS for the current fiscal year.

Insider Transactions at Mineralys Therapeutics

In related news, CEO Jon Congleton sold 18,333 shares of the firm’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $9.06, for a total transaction of $166,096.98. Following the completion of the sale, the chief executive officer now directly owns 877,608 shares in the company, valued at approximately $7,951,128.48. This trade represents a 2.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Adam Scott Levy sold 10,757 shares of the stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $9.10, for a total value of $97,888.70. Following the transaction, the chief financial officer now owns 226,097 shares in the company, valued at approximately $2,057,482.70. This trade represents a 4.54 % decrease in their position. The disclosure for this sale can be found here. Insiders own 33.24% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of MLYS. Polar Asset Management Partners Inc. grew its position in shares of Mineralys Therapeutics by 144.7% in the fourth quarter. Polar Asset Management Partners Inc. now owns 99,100 shares of the company’s stock valued at $1,220,000 after purchasing an additional 58,600 shares during the last quarter. Tema Etfs LLC acquired a new stake in shares of Mineralys Therapeutics in the fourth quarter worth $1,102,000. Stempoint Capital LP bought a new position in Mineralys Therapeutics during the fourth quarter worth $4,925,000. ProShare Advisors LLC acquired a new position in Mineralys Therapeutics during the 4th quarter valued at $128,000. Finally, Millennium Management LLC boosted its holdings in Mineralys Therapeutics by 1,015.8% in the 4th quarter. Millennium Management LLC now owns 1,101,674 shares of the company’s stock valued at $13,562,000 after purchasing an additional 1,002,941 shares during the period. 84.46% of the stock is currently 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.