Mineralys Therapeutics (NASDAQ:MLYS) Trading 7.5% Higher – Time to Buy?

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) rose 7.5% during mid-day trading on Wednesday . The stock traded as high as $27.40 and last traded at $27.4920. Approximately 380,046 shares changed hands during trading, a decline of 69% from the average session volume of 1,245,691 shares. The stock had previously closed at $25.57.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Mineralys Therapeutics in a report on Friday, July 17th. HC Wainwright reaffirmed a “buy” rating on shares of Mineralys Therapeutics in a research note on Monday, June 1st. Zacks Research lowered Mineralys Therapeutics from a “hold” rating to a “strong sell” rating in a research note on Thursday, August 13th. Wall Street Zen lowered shares of Mineralys Therapeutics from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 15th. Finally, Jefferies Financial Group restated a “hold” rating on shares of Mineralys Therapeutics in a report on Monday, June 1st. Six equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $49.33.

Mineralys Therapeutics Stock Performance

The stock’s fifty day moving average is $26.99 and its two-hundred day moving average is $27.09. The firm has a market cap of $2.50 billion, a price-to-earnings ratio of -6.67 and a beta of 0.68. The company has a debt-to-equity ratio of 0.18, a quick ratio of 34.46 and a current ratio of 34.46.

Mineralys Therapeutics (NASDAQ:MLYS) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($2.85) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.55) by ($2.30). On average, analysts expect that Mineralys Therapeutics, Inc. will post -4.45 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Eric Warren sold 104,124 shares of the stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $25.90, for a total value of $2,696,811.60. Following the completion of the sale, the insider owned 38,400 shares in the company, valued at approximately $994,560. This trade represents a 73.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Daphne Karydas sold 3,000 shares of Mineralys Therapeutics stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $25.00, for a total value of $75,000.00. Following the sale, the director directly owned 6,200 shares in the company, valued at $155,000. The trade was a 32.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 224,333 shares of company stock valued at $5,806,213 in the last three months. 18.94% of the stock is owned by corporate insiders.

Institutional Trading of Mineralys Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MLYS. Navalign LLC acquired a new position in shares of Mineralys Therapeutics in the 4th quarter valued at $33,000. KBC Group NV acquired a new stake in shares of Mineralys Therapeutics in the first quarter valued at about $33,000. Royal Bank of Canada lifted its stake in Mineralys Therapeutics by 262.3% in the fourth quarter. Royal Bank of Canada now owns 1,529 shares of the company’s stock valued at $56,000 after acquiring an additional 1,107 shares during the last quarter. FNY Investment Advisers LLC lifted its holdings in Mineralys Therapeutics by 400.0% during the 2nd quarter. FNY Investment Advisers LLC now owns 2,500 shares of the company’s stock valued at $67,000 after purchasing an additional 2,000 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its stake in shares of Mineralys Therapeutics by 1,845.4% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,101 shares of the company’s stock worth $76,000 after purchasing an additional 1,993 shares during the period. 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.