Mineralys Therapeutics (NASDAQ:MLYS) Sees Strong Trading Volume – Time to Buy?

Shares of Mineralys Therapeutics, Inc. (NASDAQ:MLYS) saw strong trading volume on Wednesday . 3,282,132 shares were traded during mid-day trading, an increase of 172% from the previous session’s volume of 1,208,386 shares.The stock last traded at $27.7940 and had previously closed at $26.03.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Mineralys Therapeutics in a research note on Tuesday, April 21st. Bank of America boosted their price objective on shares of Mineralys Therapeutics from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, March 13th. HC Wainwright set a $56.00 price objective on shares of Mineralys Therapeutics and gave the company a “buy” rating in a research report on Tuesday, March 10th. Wall Street Zen cut shares of Mineralys Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Finally, TD Cowen started coverage on shares of Mineralys Therapeutics in a research report on Monday, April 27th. They issued a “buy” rating for the company. Six equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $49.33.

Mineralys Therapeutics Trading Up 8.8%

The firm has a market capitalization of $2.34 billion, a P/E ratio of -13.82 and a beta of 0.49. The stock has a 50 day simple moving average of $27.05 and a 200-day simple moving average of $32.37.

Mineralys Therapeutics (NASDAQ:MLYS) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($0.47) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.51) by $0.04. As a group, sell-side analysts expect that Mineralys Therapeutics, Inc. will post -2.3 earnings per share for the current fiscal year.

Insider Buying and Selling at Mineralys Therapeutics

In other news, CEO Jon Congleton sold 75,000 shares of Mineralys Therapeutics stock in a transaction on Tuesday, March 31st. The shares were sold at an average price of $26.27, for a total transaction of $1,970,250.00. Following the transaction, the chief executive officer owned 705,051 shares in the company, valued at $18,521,689.77. This trade represents a 9.61% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ra Capital Management, L.P. acquired 310,700 shares of the business’s stock in a transaction dated Friday, March 27th. The shares were acquired at an average cost of $23.67 per share, with a total value of $7,354,269.00. Following the transaction, the director owned 5,767,221 shares in the company, valued at approximately $136,510,121.07. This trade represents a 5.69% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have sold a total of 162,291 shares of company stock valued at $4,353,683 over the last three months. Insiders own 18.94% of the company’s stock.

Hedge Funds Weigh In On Mineralys Therapeutics

Large investors have recently added to or reduced their stakes in the company. Navalign LLC bought a new position in shares of Mineralys Therapeutics in the fourth quarter worth approximately $33,000. KBC Group NV bought a new stake in shares of Mineralys Therapeutics during the 1st quarter valued at $33,000. Smartleaf Asset Management LLC lifted its stake in shares of Mineralys Therapeutics by 198.2% during the 3rd quarter. Smartleaf Asset Management LLC now owns 1,017 shares of the company’s stock valued at $40,000 after buying an additional 676 shares in the last quarter. Royal Bank of Canada boosted its holdings in Mineralys Therapeutics by 262.3% in the 4th quarter. Royal Bank of Canada now owns 1,529 shares of the company’s stock worth $56,000 after buying an additional 1,107 shares during the period. Finally, Caitong International Asset Management Co. Ltd boosted its holdings in Mineralys Therapeutics by 1,845.4% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,101 shares of the company’s stock worth $76,000 after buying an additional 1,993 shares during the period. Hedge funds and other 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. 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.