Mineralys Therapeutics (NASDAQ:MLYS) Trading 6.6% Higher – Should You Buy?

Shares of Mineralys Therapeutics, Inc. (NASDAQ:MLYS) traded up 6.6% during mid-day trading on Tuesday . The company traded as high as $31.06 and last traded at $31.0450. Approximately 647,612 shares changed hands during mid-day trading, a decline of 54% from the average daily volume of 1,405,440 shares. The stock had previously closed at $29.12.

Wall Street Analysts Forecast Growth

MLYS has been the topic of several recent analyst reports. Jefferies Financial Group reaffirmed a “hold” rating on shares of Mineralys Therapeutics in a research note on Monday, June 1st. Weiss Ratings reissued a “sell (d-)” rating on shares of Mineralys Therapeutics in a research note on Tuesday, April 21st. HC Wainwright reissued a “buy” rating on shares of Mineralys Therapeutics in a report on Monday, June 1st. TD Cowen initiated coverage on shares of Mineralys Therapeutics in a research note on Monday, April 27th. They set a “buy” rating on the stock. Finally, Bank of America upped their price objective on shares of Mineralys Therapeutics from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, March 13th. Six equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $49.33.

Mineralys Therapeutics Trading Down 3.8%

The firm has a 50-day moving average price of $27.21 and a 200-day moving average price of $28.97. The company has a market capitalization of $2.41 billion, a price-to-earnings ratio of -14.25 and a beta of 0.66.

Mineralys Therapeutics (NASDAQ:MLYS) last announced its earnings results on Wednesday, May 6th. The company reported ($0.47) earnings per share for the quarter, beating the consensus estimate of ($0.51) by $0.04. Equities research analysts predict that Mineralys Therapeutics, Inc. will post -2.3 EPS for the current fiscal year.

Insider Activity

In other news, insider Eric Warren sold 104,124 shares of Mineralys Therapeutics stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $25.90, for a total value of $2,696,811.60. Following the transaction, the insider owned 38,400 shares of the company’s stock, valued at $994,560. The trade was a 73.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Jon Congleton sold 75,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $26.14, for a total transaction of $1,960,500.00. Following the completion of the sale, the chief executive officer owned 614,321 shares in the company, valued at $16,058,350.94. The trade was a 10.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 264,661 shares of company stock worth $6,936,415. Corporate insiders own 18.94% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. FNY Investment Advisers LLC lifted its position in shares of Mineralys Therapeutics by 400.0% during the 2nd quarter. FNY Investment Advisers LLC now owns 2,500 shares of the company’s stock valued at $67,000 after acquiring an additional 2,000 shares during the last quarter. Seven Fleet Capital Management LP lifted its holdings in shares of Mineralys Therapeutics by 65.5% during the first quarter. Seven Fleet Capital Management LP now owns 69,571 shares of the company’s stock valued at $1,885,000 after purchasing an additional 27,546 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of Mineralys Therapeutics by 11.5% during the first quarter. Bank of America Corp DE now owns 1,100,372 shares of the company’s stock valued at $29,809,000 after purchasing an additional 113,092 shares during the last quarter. Stempoint Capital LP boosted its position in shares of Mineralys Therapeutics by 83.9% in the 1st quarter. Stempoint Capital LP now owns 533,378 shares of the company’s stock valued at $14,449,000 after purchasing an additional 243,329 shares during the period. Finally, ADAR1 Capital Management LLC boosted its position in shares of Mineralys Therapeutics by 13.5% in the 1st quarter. ADAR1 Capital Management LLC now owns 154,686 shares of the company’s stock valued at $4,190,000 after purchasing an additional 18,455 shares during the period. 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.