Mineralys Therapeutics (NASDAQ:MLYS) Price Target Raised to $56.00

Mineralys Therapeutics (NASDAQ:MLYS) had its price target upped by equities research analysts at HC Wainwright from $52.00 to $56.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s price objective indicates a potential upside of 18.87% from the company’s previous close.

MLYS has been the topic of a number of other reports. Jefferies Financial Group lifted their target price on Mineralys Therapeutics from $15.00 to $26.00 and gave the stock a “hold” rating in a research report on Wednesday, September 3rd. Wells Fargo & Company lifted their price objective on Mineralys Therapeutics from $50.00 to $55.00 and gave the stock an “overweight” rating in a report on Tuesday. The Goldman Sachs Group upped their target price on Mineralys Therapeutics from $32.00 to $52.00 and gave the company a “buy” rating in a research report on Tuesday, September 9th. Bank of America increased their target price on Mineralys Therapeutics from $38.00 to $43.00 and gave the company a “buy” rating in a research note on Thursday, August 28th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Mineralys Therapeutics in a research note on Wednesday, October 8th. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $46.67.

Mineralys Therapeutics Trading Up 5.9%

NASDAQ MLYS opened at $47.11 on Wednesday. The stock has a market cap of $3.12 billion, a P/E ratio of -15.97 and a beta of 0.40. The company’s fifty day simple moving average is $39.46 and its 200-day simple moving average is $23.47. Mineralys Therapeutics has a 52 week low of $8.24 and a 52 week high of $47.42.

Mineralys Therapeutics (NASDAQ:MLYS) last released its quarterly earnings results on Monday, November 10th. The company reported ($0.52) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.66) by $0.14. On average, research analysts expect that Mineralys Therapeutics will post -4.23 EPS for the current fiscal year.

Insider Activity at Mineralys Therapeutics

In related news, CEO Jon Congleton sold 15,100 shares of the company’s stock in a transaction that occurred on Monday, October 13th. The stock was sold at an average price of $42.67, for a total transaction of $644,317.00. Following the sale, the chief executive officer directly owned 831,305 shares of the company’s stock, valued at approximately $35,471,784.35. This represents a 1.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Srinivas Akkaraju acquired 588,235 shares of Mineralys Therapeutics stock in a transaction that occurred on Thursday, September 4th. The shares were purchased at an average price of $25.50 per share, for a total transaction of $14,999,992.50. Following the completion of the purchase, the director directly owned 588,235 shares of the company’s stock, valued at $14,999,992.50. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have sold a total of 47,594 shares of company stock worth $1,951,443 over the last quarter. 33.24% of the stock is owned by corporate insiders.

Institutional Trading of Mineralys Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of MLYS. SBI Securities Co. Ltd. lifted its position in shares of Mineralys Therapeutics by 297.5% in the 1st quarter. SBI Securities Co. Ltd. now owns 1,590 shares of the company’s stock worth $25,000 after buying an additional 1,190 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in Mineralys Therapeutics by 51.0% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,518 shares of the company’s stock worth $34,000 after acquiring an additional 850 shares during the period. Smartleaf Asset Management LLC raised its stake in Mineralys Therapeutics by 198.2% during the third quarter. Smartleaf Asset Management LLC now owns 1,017 shares of the company’s stock worth $40,000 after acquiring an additional 676 shares during the period. Ameritas Investment Partners Inc. lifted its holdings in Mineralys Therapeutics by 42.8% in the second quarter. Ameritas Investment Partners Inc. now owns 3,995 shares of the company’s stock worth $54,000 after acquiring an additional 1,197 shares during the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new position in Mineralys Therapeutics in the second quarter valued at approximately $91,000. 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.