Mineralys Therapeutics (NASDAQ:MLYS) Shares Gap Up – Here’s What Happened

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) shares gapped up before the market opened on Tuesday . The stock had previously closed at $15.88, but opened at $16.45. Mineralys Therapeutics shares last traded at $14.68, with a volume of 337,002 shares trading hands.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on MLYS shares. Guggenheim reaffirmed a “buy” rating on shares of Mineralys Therapeutics in a report on Monday, February 24th. The Goldman Sachs Group cut their target price 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. Finally, HC Wainwright reissued a “buy” rating and set a $30.00 price target on shares of Mineralys Therapeutics in a report on Monday, March 10th.

Mineralys Therapeutics Price Performance

The company’s 50-day simple moving average is $11.62 and its two-hundred day simple moving average is $12.24. The firm has a market capitalization of $942.72 million, a P/E ratio of -4.12 and a beta of 1.50.

Mineralys Therapeutics (NASDAQ:MLYS) last released its 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. Analysts predict that Mineralys Therapeutics, Inc. will post -4.23 earnings per share for the current year.

Insiders Place Their Bets

In other Mineralys Therapeutics news, Director Ra Capital Management, L.P. purchased 1,296,296 shares of the firm’s stock in a transaction on Thursday, March 13th. The shares were acquired at an average cost of $13.50 per share, with a total value of $17,499,996.00. Following the completion of the acquisition, the director now directly owns 4,280,051 shares in the company, valued at $57,780,688.50. The trade was a 43.45 % increase in their ownership of the stock. The purchase was disclosed in a legal 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 dated Thursday, March 13th. The stock was acquired at an average cost of $13.50 per share, with a total value of $8,100,000.00. Following the purchase, 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 owned by company insiders.

Institutional Investors Weigh In On Mineralys Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. increased its holdings in Mineralys Therapeutics by 4.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 213,599 shares of the company’s stock valued at $2,587,000 after acquiring an additional 9,664 shares during the last quarter. FMR LLC grew its holdings in Mineralys Therapeutics by 12.0% during the 3rd quarter. FMR LLC now owns 303,758 shares of the company’s stock valued at $3,679,000 after buying an additional 32,663 shares in the last quarter. Martingale Asset Management L P purchased a new stake in shares of Mineralys Therapeutics during the 3rd quarter worth approximately $181,000. Verition Fund Management LLC boosted its position in shares of Mineralys Therapeutics by 30.6% during the 3rd quarter. Verition Fund Management LLC now owns 27,361 shares of the company’s stock valued at $331,000 after acquiring an additional 6,408 shares during the last quarter. Finally, PDT Partners LLC purchased a new position in shares of Mineralys Therapeutics in the third quarter valued at $148,000. Institutional investors own 84.46% of the company’s stock.

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.