Mineralys Therapeutics (NASDAQ:MLYS) Shares Up 7.9% – Still a Buy?

Mineralys Therapeutics, Inc. (NASDAQ:MLYS)’s stock price was up 7.9% during trading on Wednesday . The stock traded as high as $16.30 and last traded at $16.65. Approximately 128,137 shares were traded during mid-day trading, a decline of 59% from the average daily volume of 310,552 shares. The stock had previously closed at $15.43.

Analyst Ratings Changes

MLYS has been the subject of a number of recent analyst reports. The Goldman Sachs Group cut their price target on shares of Mineralys Therapeutics from $28.00 to $24.00 and set a “buy” rating for the company in a report on Thursday, February 13th. HC Wainwright reiterated a “buy” rating and issued a $30.00 price target on shares of Mineralys Therapeutics in a research note on Monday, March 10th. Finally, Guggenheim restated a “buy” rating on shares of Mineralys Therapeutics in a research report on Monday, February 24th.

Mineralys Therapeutics Price Performance

The business’s 50-day simple moving average is $10.72 and its two-hundred day simple moving average is $12.03. The stock has a market cap of $1.05 billion, a price-to-earnings ratio of -4.60 and a beta of 1.50.

Mineralys Therapeutics (NASDAQ:MLYS) last released its quarterly earnings data on Wednesday, February 12th. The company reported ($0.98) earnings per share for the quarter, beating the consensus estimate of ($1.00) by $0.02. Equities research analysts forecast that Mineralys Therapeutics, Inc. will post -4.23 earnings per share for the current year.

Insider Transactions at Mineralys Therapeutics

In related news, major shareholder Samsara Biocapital Gp, Llc bought 600,000 shares of the stock in a transaction that occurred on Thursday, March 13th. The stock was acquired at an average cost of $13.50 per share, with a total value of $8,100,000.00. Following the transaction, the insider now directly owns 5,674,916 shares in the company, valued at approximately $76,611,366. This trade represents a 11.82 % increase 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. Also, CFO Adam Scott Levy sold 10,757 shares of Mineralys Therapeutics stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $9.10, for a total value of $97,888.70. Following the transaction, the chief financial officer now directly owns 226,097 shares in the company, valued at $2,057,482.70. The trade was a 4.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 33.24% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Polar Asset Management Partners Inc. acquired a new position in Mineralys Therapeutics in the third quarter valued at $490,000. Jennison Associates LLC boosted its position in shares of Mineralys Therapeutics by 55.4% during the 4th quarter. Jennison Associates LLC now owns 1,082,006 shares of the company’s stock valued at $13,319,000 after purchasing an additional 385,726 shares in the last quarter. Barclays PLC increased its holdings in Mineralys Therapeutics by 281.8% in the third quarter. Barclays PLC now owns 38,218 shares of the company’s stock worth $463,000 after purchasing an additional 28,208 shares in the last quarter. Wellington Management Group LLP bought a new position in shares of Mineralys Therapeutics during the 3rd quarter worth approximately $775,000. Finally, State Street Corp grew its position in shares of Mineralys Therapeutics by 4.0% during the 3rd quarter. State Street Corp now owns 483,766 shares of the company’s stock worth $5,858,000 after buying an additional 18,627 shares during the period. Institutional investors and hedge funds 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.