Mineralys Therapeutics (NASDAQ:MLYS) Reaches New 52-Week High – Here’s What Happened

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) shares hit a new 52-week high during trading on Thursday . The company traded as high as $18.38 and last traded at $16.75, with a volume of 2284823 shares trading hands. The stock had previously closed at $15.43.

Wall Street Analysts Forecast Growth

MLYS has been the topic of several recent analyst reports. Guggenheim restated a “buy” rating on shares of Mineralys Therapeutics in a research note on Monday, February 24th. HC Wainwright reissued a “buy” rating and set a $30.00 price target on shares of Mineralys Therapeutics in a research report on Monday, March 10th. Finally, The Goldman Sachs Group cut their price objective on Mineralys Therapeutics from $28.00 to $24.00 and set a “buy” rating for the company in a research report on Thursday, February 13th.

Mineralys Therapeutics Price Performance

The company’s 50-day moving average price is $10.86 and its two-hundred day moving average price is $12.06. The company has a market capitalization of $1.06 billion, a P/E ratio of -4.63 and a beta of 1.50.

Mineralys Therapeutics (NASDAQ:MLYS) last released its quarterly earnings results on Wednesday, February 12th. The company reported ($0.98) earnings per share for the quarter, beating the consensus estimate of ($1.00) by $0.02. On average, analysts anticipate that Mineralys Therapeutics, Inc. will post -4.23 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Jon Congleton sold 18,333 shares of the stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $9.06, for a total transaction of $166,096.98. Following the sale, the chief executive officer now owns 877,608 shares of the company’s stock, valued at $7,951,128.48. This represents a 2.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Samsara Biocapital Gp, Llc acquired 600,000 shares of the company’s stock in a transaction on Thursday, March 13th. The stock was bought at an average cost of $13.50 per share, with a total value of $8,100,000.00. Following the completion of the acquisition, the insider now directly owns 5,674,916 shares in the company, valued at approximately $76,611,366. This represents a 11.82 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 33.24% of the company’s stock.

Institutional Investors Weigh In On Mineralys Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets bought a new position in shares of Mineralys Therapeutics in the 4th quarter valued at $48,000. ProShare Advisors LLC acquired a new stake in Mineralys Therapeutics in the fourth quarter valued at about $128,000. China Universal Asset Management Co. Ltd. raised its stake in Mineralys Therapeutics by 10.3% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 10,553 shares of the company’s stock worth $130,000 after acquiring an additional 989 shares in the last quarter. Price T Rowe Associates Inc. MD acquired a new position in Mineralys Therapeutics during the fourth quarter worth about $145,000. Finally, PDT Partners LLC bought a new position in shares of Mineralys Therapeutics in the third quarter worth about $148,000. 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.