Mineralys Therapeutics (NASDAQ:MLYS) Stock Price Up 7.9% – Here’s Why

Mineralys Therapeutics, Inc. (NASDAQ:MLYS)’s share price traded up 7.9% during mid-day trading on Wednesday . The stock traded as high as $16.30 and last traded at $16.65. 128,137 shares traded hands during mid-day trading, a decline of 59% from the average session volume of 310,552 shares. The stock had previously closed at $15.43.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. The Goldman Sachs Group dropped their price objective on shares of Mineralys Therapeutics from $28.00 to $24.00 and set a “buy” rating for the company in a research report on Thursday, February 13th. HC Wainwright reaffirmed a “buy” rating and set a $30.00 price target on shares of Mineralys Therapeutics in a report on Monday, March 10th. Finally, Guggenheim reaffirmed a “buy” rating on shares of Mineralys Therapeutics in a report on Monday, February 24th.

Mineralys Therapeutics Trading Up 9.9 %

The stock has a market capitalization of $1.06 billion, a P/E ratio of -4.66 and a beta of 1.50. The stock’s 50 day simple moving average is $10.50 and its 200 day simple moving average is $11.97.

Mineralys Therapeutics (NASDAQ:MLYS) last posted its quarterly earnings data on Wednesday, February 12th. The company reported ($0.98) EPS for the quarter, beating analysts’ consensus estimates of ($1.00) by $0.02. On average, sell-side analysts expect that Mineralys Therapeutics, Inc. will post -4.23 EPS for the current fiscal year.

Insider Buying and Selling at Mineralys Therapeutics

In other Mineralys Therapeutics news, Director Ra Capital Management, L.P. purchased 1,296,296 shares of Mineralys Therapeutics stock in a transaction dated Thursday, March 13th. The shares were bought at an average cost of $13.50 per share, for a total transaction of $17,499,996.00. Following the transaction, the director now owns 4,280,051 shares in the company, valued at $57,780,688.50. This represents a 43.45 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Samsara Biocapital Gp, Llc purchased 600,000 shares of Mineralys Therapeutics stock in a transaction dated Thursday, March 13th. The stock was acquired at an average price of $13.50 per share, for a total transaction of $8,100,000.00. Following the completion of the transaction, the insider now owns 5,674,916 shares in the company, valued at approximately $76,611,366. The trade was a 11.82 % increase in their position. The disclosure for this purchase can be found here. 33.24% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. China Universal Asset Management Co. Ltd. lifted its position in Mineralys Therapeutics by 10.3% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 10,553 shares of the company’s stock valued at $130,000 after purchasing an additional 989 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Mineralys Therapeutics by 0.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 214,906 shares of the company’s stock valued at $2,645,000 after buying an additional 1,307 shares during the period. Northern Trust Corp increased its stake in Mineralys Therapeutics by 0.7% during the 4th quarter. Northern Trust Corp now owns 246,113 shares of the company’s stock valued at $3,030,000 after buying an additional 1,688 shares during the period. Bank of New York Mellon Corp increased its stake in Mineralys Therapeutics by 2.7% during the 4th quarter. Bank of New York Mellon Corp now owns 65,318 shares of the company’s stock valued at $804,000 after buying an additional 1,711 shares during the period. Finally, Wells Fargo & Company MN increased its stake in Mineralys Therapeutics by 19.1% during the 4th quarter. Wells Fargo & Company MN now owns 23,714 shares of the company’s stock valued at $292,000 after buying an additional 3,802 shares during the period. 84.46% of the stock is currently owned by institutional investors.

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.