Mineralys Therapeutics (NASDAQ:MLYS) Stock Price Up 12.4% – What’s Next?

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) shares shot up 12.4% on Tuesday . The company traded as high as $25.19 and last traded at $26.4270. 97,902 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 1,213,969 shares. The stock had previously closed at $23.51.

Analyst Upgrades and Downgrades

MLYS has been the subject of a number of research analyst reports. Bank of America raised their price target on Mineralys Therapeutics from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, March 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Mineralys Therapeutics in a research note on Thursday, January 22nd. Jefferies Financial Group restated a “hold” rating and set a $30.00 target price on shares of Mineralys Therapeutics in a research report on Friday, March 13th. HC Wainwright set a $56.00 price target on shares of Mineralys Therapeutics and gave the company a “buy” rating in a report on Tuesday, March 10th. Finally, Wall Street Zen raised shares of Mineralys Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday, March 15th. Six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $49.14.

Mineralys Therapeutics Stock Up 16.6%

The firm has a market cap of $2.26 billion, a price-to-earnings ratio of -11.58 and a beta of 0.57. The business has a 50 day moving average of $28.34 and a 200 day moving average of $35.24.

Mineralys Therapeutics (NASDAQ:MLYS) last announced its earnings results on Thursday, March 12th. The company reported ($0.40) earnings per share for the quarter, beating the consensus estimate of ($0.57) by $0.17. Research analysts predict that Mineralys Therapeutics, Inc. will post -4.23 earnings per share for the current year.

Insider Activity at Mineralys Therapeutics

In other Mineralys Therapeutics news, CFO Adam Scott Levy sold 10,758 shares of the business’s stock in a transaction on Monday, January 12th. The stock was sold at an average price of $32.14, for a total value of $345,762.12. Following the completion of the transaction, the chief financial officer directly owned 8,638 shares in the company, valued at approximately $277,625.32. The trade was a 55.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Jon Congleton sold 16,236 shares of the stock in a transaction on Monday, January 12th. The stock was sold at an average price of $32.62, for a total value of $529,618.32. Following the transaction, the chief executive officer directly owned 639,151 shares in the company, valued at approximately $20,849,105.62. This represents a 2.48% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 363,325 shares of company stock valued at $12,298,347. Company insiders own 33.24% of the company’s stock.

Hedge Funds Weigh In On Mineralys Therapeutics

Institutional investors have recently added to or reduced their stakes in the business. RA Capital Management L.P. grew its holdings in Mineralys Therapeutics by 19.1% in the 3rd quarter. RA Capital Management L.P. now owns 7,323,750 shares of the company’s stock valued at $277,717,000 after buying an additional 1,176,470 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Mineralys Therapeutics by 11.1% during the 4th quarter. Vanguard Group Inc. now owns 3,352,880 shares of the company’s stock worth $121,676,000 after acquiring an additional 333,881 shares during the period. State Street Corp boosted its position in shares of Mineralys Therapeutics by 144.4% in the fourth quarter. State Street Corp now owns 3,184,999 shares of the company’s stock worth $115,584,000 after acquiring an additional 1,881,976 shares during the last quarter. Caligan Partners LP grew its holdings in Mineralys Therapeutics by 37.4% in the third quarter. Caligan Partners LP now owns 2,772,654 shares of the company’s stock valued at $105,139,000 after purchasing an additional 755,302 shares during the period. Finally, Suvretta Capital Management LLC grew its holdings in Mineralys Therapeutics by 22.2% in the third quarter. Suvretta Capital Management LLC now owns 2,132,133 shares of the company’s stock valued at $80,850,000 after purchasing an additional 387,641 shares during the period. 84.46% of the stock is currently owned by institutional investors and hedge funds.

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.