HC Wainwright Reiterates "Buy" Rating for Mineralys Therapeutics (NASDAQ:MLYS)

HC Wainwright restated their buy rating on shares of Mineralys Therapeutics (NASDAQ:MLYS - Free Report) in a report issued on Thursday,Benzinga reports. The firm currently has a $30.00 price target on the stock.

Mineralys Therapeutics Stock Up 0.4 %

Shares of MLYS stock traded up $0.04 during trading hours on Thursday, hitting $10.24. 245,931 shares of the company's stock were exchanged, compared to its average volume of 245,550. The firm has a 50 day moving average of $11.11 and a two-hundred day moving average of $11.99. Mineralys Therapeutics has a fifty-two week low of $8.58 and a fifty-two week high of $16.91. The firm has a market cap of $509.64 million, a P/E ratio of -3.13 and a beta of 1.44.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) last announced its earnings results on Wednesday, February 12th. The company reported ($0.98) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.00) by $0.02. On average, equities analysts forecast that Mineralys Therapeutics will post -3.63 earnings per share for the current fiscal year.

Insider Activity

In other Mineralys Therapeutics news, CEO Jon Congleton sold 18,333 shares of the stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $9.06, for a total value of $166,096.98. Following the completion of the sale, the chief executive officer now owns 877,608 shares in the company, valued at approximately $7,951,128.48. This represents a 2.05 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Adam Scott Levy sold 10,757 shares of the business's stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $9.10, for a total value of $97,888.70. Following the transaction, the chief financial officer now owns 226,097 shares in the company, valued at approximately $2,057,482.70. This represents a 4.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 33.24% of the company's stock.

Institutional Investors Weigh In On Mineralys Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Polar Asset Management Partners Inc. acquired a new position in shares of Mineralys Therapeutics in the third quarter worth $490,000. Jennison Associates LLC grew its stake in Mineralys Therapeutics by 55.4% during the 4th quarter. Jennison Associates LLC now owns 1,082,006 shares of the company's stock worth $13,319,000 after purchasing an additional 385,726 shares in the last quarter. Barclays PLC raised its position in Mineralys Therapeutics by 281.8% in the 3rd quarter. Barclays PLC now owns 38,218 shares of the company's stock valued at $463,000 after purchasing an additional 28,208 shares in the last quarter. Wellington Management Group LLP purchased a new position in shares of Mineralys Therapeutics in the 3rd quarter valued at about $775,000. Finally, State Street Corp grew its position in shares of Mineralys Therapeutics by 4.0% during the third quarter. State Street Corp now owns 483,766 shares of the company's stock worth $5,858,000 after buying an additional 18,627 shares in the last quarter. Institutional investors and hedge funds 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.