Mineralys Therapeutics (NASDAQ:MLYS) Sees Large Volume Increase on Analyst Upgrade

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) saw unusually-high trading volume on Wednesday after HC Wainwright raised their price target on the stock from $30.00 to $42.00. HC Wainwright currently has a buy rating on the stock. Approximately 303,503 shares were traded during trading, a decline of 17% from the previous session’s volume of 367,553 shares.The stock last traded at $13.99 and had previously closed at $13.84.

A number of other research analysts also recently commented on MLYS. The Goldman Sachs Group lowered their target price on Mineralys Therapeutics from $28.00 to $24.00 and set a “buy” rating on the stock in a research note on Thursday, February 13th. Guggenheim restated a “buy” rating on shares of Mineralys Therapeutics in a report on Monday, February 24th.

Insider Buying and Selling

In other Mineralys Therapeutics news, CFO Adam Scott Levy sold 10,757 shares of the company’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $9.10, for a total transaction of $97,888.70. Following the completion of the sale, the chief financial officer now owns 226,097 shares of the company’s stock, valued at $2,057,482.70. This represents a 4.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Samsara Biocapital Gp, Llc purchased 600,000 shares of the company’s stock in a transaction dated Thursday, March 13th. The stock was purchased at an average cost of $13.50 per share, for a total transaction of $8,100,000.00. Following the transaction, the insider now owns 5,674,916 shares of the company’s stock, valued at approximately $76,611,366. This trade represents a 11.82 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 33.24% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Mineralys Therapeutics

A number of hedge funds have recently bought and sold shares of MLYS. BNP Paribas Financial Markets acquired a new position in shares of Mineralys Therapeutics during the 4th quarter worth about $48,000. ProShare Advisors LLC acquired a new position in shares of Mineralys Therapeutics during the fourth quarter worth approximately $128,000. China Universal Asset Management Co. Ltd. boosted its position in shares of Mineralys Therapeutics by 10.3% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 10,553 shares of the company’s stock valued at $130,000 after acquiring an additional 989 shares during the period. Price T Rowe Associates Inc. MD acquired a new stake in shares of Mineralys Therapeutics in the fourth quarter worth $145,000. Finally, PDT Partners LLC acquired a new stake in shares of Mineralys Therapeutics in the third quarter worth $148,000. 84.46% of the stock is currently owned by institutional investors.

Mineralys Therapeutics Stock Up 1.2 %

The firm has a market cap of $878.99 million, a P/E ratio of -3.85 and a beta of 1.50. The stock’s 50-day moving average is $11.78 and its 200-day moving average is $12.26.

Mineralys Therapeutics (NASDAQ:MLYS) last posted its quarterly earnings data on Wednesday, February 12th. The company reported ($0.98) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.00) by $0.02. As a group, analysts expect that Mineralys Therapeutics, Inc. will post -4.23 EPS for the current fiscal year.

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.