Insider Selling: Mineralys Therapeutics (NASDAQ:MLYS) CEO Sells $1,970,250.00 in Stock

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) CEO Jon Congleton sold 75,000 shares of the business’s stock in a transaction on Tuesday, March 31st. The stock was sold at an average price of $26.27, for a total value of $1,970,250.00. Following the completion of the transaction, the chief executive officer owned 705,051 shares of the company’s stock, valued at $18,521,689.77. This represents a 9.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Jon Congleton also recently made the following trade(s):

• On Monday, January 12th, Jon Congleton sold 16,236 shares of Mineralys Therapeutics stock. The stock was sold at an average price of $32.62, for a total value of $529,618.32.

Mineralys Therapeutics Price Performance

NASDAQ MLYS opened at $26.97 on Friday. The stock has a market capitalization of $2.22 billion, a price-to-earnings ratio of -11.38 and a beta of 0.69. Mineralys Therapeutics, Inc. has a 1-year low of $10.44 and a 1-year high of $47.65. The business’s fifty day moving average price is $27.88 and its 200-day moving average price is $34.97.

Mineralys Therapeutics (NASDAQ:MLYS) last issued its quarterly earnings data on Thursday, March 12th. The company reported ($0.40) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.57) by $0.17. Equities research analysts anticipate that Mineralys Therapeutics, Inc. will post -4.23 EPS for the current year.

Hedge Funds Weigh In On Mineralys Therapeutics

Several hedge funds have recently bought and sold shares of MLYS. Simplify Asset Management Inc. bought a new position in Mineralys Therapeutics in the 3rd quarter worth about $8,294,000. Hudson Bay Capital Management LP bought a new stake in shares of Mineralys Therapeutics during the third quarter valued at approximately $2,873,000. Geode Capital Management LLC boosted its holdings in shares of 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 during the period. Vanguard Group Inc. boosted its holdings in shares of 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 during the period. Finally, Citigroup Inc. grew its stake in Mineralys Therapeutics by 501.7% in the third quarter. Citigroup Inc. now owns 163,168 shares of the company’s stock worth $6,187,000 after purchasing an additional 136,050 shares in the last quarter. Institutional investors own 84.46% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on MLYS. Stifel Nicolaus increased their price objective 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. Bank of America upped their target price on shares of Mineralys Therapeutics from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, March 13th. HC Wainwright set a $56.00 price target on shares of Mineralys Therapeutics and gave the company a “buy” rating in a report on Tuesday, March 10th. Wall Street Zen upgraded shares of Mineralys Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday, March 15th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Mineralys Therapeutics in a report on Thursday, January 22nd. Six equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.14.

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.