Mineralys Therapeutics (NASDAQ:MLYS) Trading Up 6.6% – What’s Next?

Mineralys Therapeutics, Inc. (NASDAQ:MLYS)’s share price shot up 6.6% during mid-day trading on Tuesday . The stock traded as high as $31.06 and last traded at $31.0450. 647,612 shares changed hands during mid-day trading, a decline of 54% from the average session volume of 1,405,440 shares. The stock had previously closed at $29.12.

Analyst Ratings Changes

MLYS has been the subject of a number of analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Mineralys Therapeutics in a report on Tuesday, April 21st. Jefferies Financial Group reissued a “hold” rating on shares of Mineralys Therapeutics in a research report on Monday, June 1st. TD Cowen assumed coverage on shares of Mineralys Therapeutics in a research note on Monday, April 27th. They set a “buy” rating for the company. Bank of America upped their price objective on Mineralys Therapeutics from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, March 13th. Finally, Wall Street Zen cut Mineralys Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Six investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.33.

Mineralys Therapeutics Price Performance

The stock has a market capitalization of $2.52 billion, a P/E ratio of -14.87 and a beta of 0.66. The company’s 50 day simple moving average is $27.09 and its two-hundred day simple moving average is $29.06.

Mineralys Therapeutics (NASDAQ:MLYS) last posted its earnings results on Wednesday, May 6th. The company reported ($0.47) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.51) by $0.04. On average, research analysts anticipate that Mineralys Therapeutics, Inc. will post -2.3 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Mineralys Therapeutics news, CEO Jon Congleton sold 75,000 shares of the company’s stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $26.14, for a total transaction of $1,960,500.00. Following the transaction, the chief executive officer owned 614,321 shares of the company’s stock, valued at approximately $16,058,350.94. This represents a 10.88% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Malcom Rodman sold 14,058 shares of the firm’s stock in a transaction dated Monday, April 13th. The shares were sold at an average price of $26.54, for a total value of $373,099.32. Following the completion of the transaction, the insider owned 76,140 shares in the company, valued at approximately $2,020,755.60. This represents a 15.59% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 266,831 shares of company stock worth $6,995,829 in the last 90 days. Corporate insiders own 18.94% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in MLYS. State Street Corp raised its stake in shares of Mineralys Therapeutics by 144.4% during the fourth quarter. State Street Corp now owns 3,184,999 shares of the company’s stock worth $115,584,000 after buying an additional 1,881,976 shares during the last quarter. Farallon Capital Management LLC acquired a new stake in Mineralys Therapeutics during the 3rd quarter worth $63,442,000. Price T Rowe Associates Inc. MD raised its position in shares of Mineralys Therapeutics by 6,097.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,325,120 shares of the company’s stock valued at $48,089,000 after acquiring an additional 1,303,737 shares during the last quarter. Holocene Advisors LP bought a new stake in shares of Mineralys Therapeutics during the 3rd quarter valued at $45,708,000. Finally, Janus Henderson Group PLC lifted its stake in shares of Mineralys Therapeutics by 6,012.8% in the 4th quarter. Janus Henderson Group PLC now owns 1,213,265 shares of the company’s stock valued at $44,005,000 after purchasing an additional 1,193,417 shares during the period. 84.46% of the stock is currently owned by institutional investors and hedge funds.

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.