165,000 Shares in Mineralys Therapeutics, Inc. $MLYS Bought by Rhenman & Partners Asset Management AB

Rhenman & Partners Asset Management AB bought a new stake in Mineralys Therapeutics, Inc. (NASDAQ:MLYS) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 165,000 shares of the company’s stock, valued at approximately $6,257,000. Rhenman & Partners Asset Management AB owned about 0.21% of Mineralys Therapeutics at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Simplify Asset Management Inc. acquired a new stake in shares of Mineralys Therapeutics during the 3rd quarter worth about $8,294,000. Geode Capital Management LLC boosted its holdings in Mineralys Therapeutics by 19.0% in the second quarter. Geode Capital Management LLC now owns 954,560 shares of the company’s stock valued at $12,917,000 after purchasing an additional 152,560 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Mineralys Therapeutics by 29.8% in the third quarter. Vanguard Group Inc. now owns 3,018,999 shares of the company’s stock valued at $114,480,000 after purchasing an additional 692,550 shares in the last quarter. Citigroup Inc. increased its stake in Mineralys Therapeutics by 501.7% in the third quarter. Citigroup Inc. now owns 163,168 shares of the company’s stock valued at $6,187,000 after purchasing an additional 136,050 shares during the last quarter. Finally, 22NW LP raised its holdings in Mineralys Therapeutics by 21.4% during the second quarter. 22NW LP now owns 560,042 shares of the company’s stock worth $7,577,000 after purchasing an additional 98,698 shares in the last quarter. 84.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Jon Congleton sold 16,236 shares of the stock in a transaction dated Monday, January 12th. The shares were sold at an average price of $32.62, for a total transaction of $529,618.32. Following the completion of the sale, the chief executive officer owned 639,151 shares in the company, valued at approximately $20,849,105.62. This represents a 2.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider David Malcom Rodman sold 14,055 shares of the firm’s stock in a transaction dated Friday, February 13th. The stock was sold at an average price of $27.44, for a total value of $385,669.20. Following the transaction, the insider directly owned 44,089 shares in the company, valued at approximately $1,209,802.16. This represents a 24.17% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 340,748 shares of company stock valued at $11,697,169. Insiders own 25.56% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Stifel Nicolaus upped their target price on shares of Mineralys Therapeutics from $45.00 to $52.00 and gave the company a “buy” rating in a report on Friday, December 19th. Wells Fargo & Company upped their price objective on shares of Mineralys Therapeutics from $50.00 to $55.00 and gave the company an “overweight” rating in a research note on Tuesday, November 11th. HC Wainwright raised their price objective on Mineralys Therapeutics from $52.00 to $56.00 and gave the stock a “buy” rating in a report on Wednesday, November 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Mineralys Therapeutics in a research report on Thursday, January 22nd. Finally, Wall Street Zen downgraded Mineralys Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday. Six investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $47.43.

Mineralys Therapeutics Price Performance

MLYS stock opened at $26.59 on Friday. The company has a market cap of $2.10 billion, a price-to-earnings ratio of -9.01 and a beta of 0.57. The company has a fifty day moving average price of $31.33 and a 200 day moving average price of $35.07. Mineralys Therapeutics, Inc. has a 12 month low of $10.19 and a 12 month high of $47.65.

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.