Mineralys Therapeutics (NASDAQ:MLYS) Shares Up 9.9% – Here’s Why

Mineralys Therapeutics, Inc. (NASDAQ:MLYS)’s stock price traded up 9.9% on Tuesday . The stock traded as high as $30.98 and last traded at $31.0070. 816,402 shares were traded during trading, a decline of 35% from the average daily volume of 1,248,751 shares. The stock had previously closed at $28.21.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on MLYS shares. Wall Street Zen lowered shares of Mineralys Therapeutics from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 15th. Jefferies Financial Group reissued a “hold” rating on shares of Mineralys Therapeutics in a report on Monday, June 1st. Weiss Ratings reissued a “sell (d-)” rating on shares of Mineralys Therapeutics in a research report on Friday, July 17th. HC Wainwright reissued a “buy” rating on shares of Mineralys Therapeutics in a research report on Monday, June 1st. Finally, Zacks Research lowered Mineralys Therapeutics from a “hold” rating to a “strong sell” rating in a research note on Thursday, August 13th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $48.80.

Mineralys Therapeutics Trading Down 2.0%

The company’s fifty day moving average is $27.20 and its two-hundred day moving average is $27.13. The company has a debt-to-equity ratio of 0.18, a quick ratio of 34.46 and a current ratio of 34.46. The company has a market cap of $2.70 billion, a price-to-earnings ratio of -7.19 and a beta of 0.68.

Mineralys Therapeutics (NASDAQ:MLYS) last posted its quarterly earnings results on Wednesday, August 12th. The company reported ($2.85) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.55) by ($2.30). On average, research analysts anticipate that Mineralys Therapeutics, Inc. will post -4.45 EPS for the current year.

Insider Buying and Selling at Mineralys Therapeutics

In related news, CEO Jon Congleton sold 75,000 shares of the firm’s stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $26.14, for a total transaction of $1,960,500.00. Following the completion of the transaction, the chief executive officer owned 614,321 shares of the company’s stock, valued at $16,058,350.94. This trade represents a 10.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Daphne Karydas sold 3,000 shares of the business’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $25.00, for a total transaction of $75,000.00. Following the transaction, the director owned 6,200 shares of the company’s stock, valued at $155,000. This represents a 32.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 222,163 shares of company stock worth $5,751,963. 18.94% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Mineralys Therapeutics

A number of institutional investors have recently modified their holdings of the stock. AQR Capital Management LLC acquired a new stake in Mineralys Therapeutics during the first quarter worth about $550,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Mineralys Therapeutics by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,085 shares of the company’s stock valued at $271,000 after acquiring an additional 702 shares during the period. Goldman Sachs Group Inc. lifted its holdings in Mineralys Therapeutics by 166.6% in the first quarter. Goldman Sachs Group Inc. now owns 298,395 shares of the company’s stock valued at $4,739,000 after acquiring an additional 186,480 shares during the period. Woodline Partners LP purchased a new stake in Mineralys Therapeutics in the 1st quarter worth approximately $757,000. Finally, Creative Planning purchased a new stake in Mineralys Therapeutics in the 2nd quarter worth approximately $336,000. Hedge funds and other institutional investors own 84.46% of the company’s stock.

Mineralys Therapeutics Company Profile

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.