HC Wainwright Reaffirms Buy Rating for Mineralys Therapeutics (NASDAQ:MLYS)

Mineralys Therapeutics (NASDAQ:MLYS)‘s stock had its “buy” rating restated by investment analysts at HC Wainwright in a research report issued on Monday, Marketbeat Ratings reports. They currently have a $56.00 price objective on the stock. HC Wainwright’s target price suggests a potential upside of 166.67% from the stock’s previous close.

A number of other equities research analysts have also recently issued reports on MLYS. Zacks Research upgraded shares of Mineralys Therapeutics from a “strong sell” rating to a “hold” rating in a report on Friday, September 11th. Wall Street Zen downgraded Mineralys Therapeutics from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Mineralys Therapeutics in a research note on Friday, July 17th. Finally, UBS Group started coverage on Mineralys Therapeutics in a research note on Sunday. They issued a “neutral” rating and a $29.00 price objective on the stock. Five investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $45.50.

Mineralys Therapeutics Price Performance

Shares of Mineralys Therapeutics stock opened at $21.00 on Monday. 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 firm has a fifty day simple moving average of $26.32 and a 200-day simple moving average of $26.92. Mineralys Therapeutics has a 1-year low of $20.41 and a 1-year high of $47.65.

Mineralys Therapeutics (NASDAQ:MLYS) last posted its 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). As a group, research analysts expect that Mineralys Therapeutics will post -4.45 EPS for the current fiscal year.

Insider Activity at Mineralys Therapeutics

In other news, Director Daphne Karydas sold 3,000 shares of the stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $28.58, for a total value of $85,740.00. Following the completion of the sale, the director directly owned 6,200 shares of the company’s stock, valued at approximately $177,196. This represents a 32.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Brian Slingsby sold 104,320 shares of the stock in a transaction that occurred on Tuesday, September 22nd. The shares were sold at an average price of $28.81, for a total value of $3,005,459.20. Following the completion of the sale, the director directly owned 7,805,718 shares of the company’s stock, valued at $224,882,735.58. This represents a 1.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 206,803 shares of company stock valued at $5,661,713. 18.94% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Mineralys Therapeutics

Several large investors have recently bought and sold shares of MLYS. KBC Group NV bought a new stake in shares of Mineralys Therapeutics in the 1st quarter worth approximately $33,000. FNY Investment Advisers LLC increased its position in shares of Mineralys Therapeutics by 400.0% during the second quarter. FNY Investment Advisers LLC now owns 2,500 shares of the company’s stock valued at $67,000 after purchasing an additional 2,000 shares during the period. Caitong International Asset Management Co. Ltd increased its position in shares of Mineralys Therapeutics by 3,439.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,823 shares of the company’s stock valued at $139,000 after purchasing an additional 3,715 shares during the period. Capstone Investment Advisors LLC bought a new stake in shares of Mineralys Therapeutics during the second quarter valued at approximately $226,000. Finally, Walleye Capital LLC acquired a new position in shares of Mineralys Therapeutics in the second quarter valued at $271,000. 84.46% of the stock is currently owned by institutional investors and hedge funds.

Mineralys Therapeutics Company Profile

Mineralys Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing medicines for hypertension and other cardiovascular and kidney-related conditions associated with excess aldosterone activity. The company is headquartered in Radnor, Pennsylvania.

Mineralys’ lead product candidate is lorundrostat, an oral, highly selective aldosterone synthase inhibitor designed to reduce the production of aldosterone. The company is evaluating lorundrostat as a potential treatment for uncontrolled or resistant hypertension, including hypertension linked to abnormal activation of the renin-angiotensin-aldosterone system.

Mineralys was established to advance therapies targeting aldosterone-driven disease and became a publicly traded company on the Nasdaq exchange in 2023.