Mineralys Therapeutics (NASDAQ:MLYS) Shares Up 10.5% – Still a Buy?

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) shares shot up 10.5% during mid-day trading on Wednesday . The company traded as high as $30.40 and last traded at $30.20. 1,395,288 shares changed hands during mid-day trading, an increase of 12% from the average session volume of 1,243,139 shares. The stock had previously closed at $27.32.

Analyst Upgrades and Downgrades

MLYS has been the topic of a number of research analyst reports. Stifel Nicolaus increased their price target on Mineralys Therapeutics from $45.00 to $52.00 and gave the stock a “buy” rating in a research report on Friday, December 19th. Wall Street Zen upgraded Mineralys Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, March 15th. Weiss Ratings restated a “sell (d-)” rating on shares of Mineralys Therapeutics in a research report on Thursday, January 22nd. Jefferies Financial Group restated a “hold” rating and set a $30.00 price target on shares of Mineralys Therapeutics in a research report on Friday, March 13th. Finally, Bank of America increased their price objective on Mineralys Therapeutics from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, March 13th. Six research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Mineralys Therapeutics currently has an average rating of “Moderate Buy” and a consensus target price of $49.14.

Mineralys Therapeutics Stock Performance

The stock has a 50-day simple moving average of $27.26 and a 200 day simple moving average of $34.39. The stock has a market capitalization of $2.46 billion, a P/E ratio of -12.68 and a beta of 0.69.

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

Insider Transactions at Mineralys Therapeutics

In related news, insider David Malcom Rodman sold 14,058 shares of the firm’s stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $26.26, for a total value of $369,163.08. Following the completion of the transaction, the insider owned 76,140 shares in the company, valued at $1,999,436.40. This trade represents a 15.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ra Capital Management, L.P. bought 310,700 shares of Mineralys Therapeutics stock in a transaction on Friday, March 27th. The shares were acquired at an average cost of $23.67 per share, for a total transaction of $7,354,269.00. Following the completion of the acquisition, the director directly owned 5,767,221 shares in the company, valued at approximately $136,510,121.07. The trade was a 5.69% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders sold 126,155 shares of company stock worth $3,366,013. 33.24% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Mineralys Therapeutics

Institutional investors have recently made changes to their positions in the stock. State Street Corp increased its position in Mineralys Therapeutics by 144.4% during the 4th quarter. State Street Corp now owns 3,184,999 shares of the company’s stock valued at $115,584,000 after purchasing an additional 1,881,976 shares during the period. Farallon Capital Management LLC purchased a new position in shares of Mineralys Therapeutics in the third quarter valued at $63,442,000. Price T Rowe Associates Inc. MD grew its position in shares of Mineralys Therapeutics by 6,097.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,325,120 shares of the company’s stock valued at $48,089,000 after purchasing an additional 1,303,737 shares in the last quarter. Holocene Advisors LP purchased a new position in shares of Mineralys Therapeutics in the third quarter valued at $45,708,000. Finally, Janus Henderson Group PLC grew its position in shares of Mineralys Therapeutics by 6,012.8% in the fourth 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 in the last quarter. 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.