Mineralys Therapeutics (NASDAQ:MLYS) Sees Strong Trading Volume After Insider Buying Activity

Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Get Free Report) shares saw unusually-strong trading volume on Tuesday following insider buying activity. Approximately 576,397 shares were traded during trading, an increase of 89% from the previous session's volume of 305,686 shares.The stock last traded at $14.87 and had previously closed at $14.22.

Specifically, Director Ra Capital Management, L.P. bought 1,296,296 shares of the company's stock in a transaction that occurred on Thursday, March 13th. The shares were purchased at an average cost of $13.50 per share, with a total value of $17,499,996.00. Following the completion of the acquisition, the director now directly owns 4,280,051 shares in the company, valued at approximately $57,780,688.50. The trade was a 43.45 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Samsara Biocapital Gp, Llc acquired 600,000 shares of the company's stock in a transaction on Thursday, March 13th. The stock was acquired at an average cost of $13.50 per share, for a total transaction of $8,100,000.00. Following the completion of the acquisition, the insider now owns 5,674,916 shares of the company's stock, valued at $76,611,366. This trade represents a 11.82 % increase in their position. The disclosure for this purchase can be found here.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on MLYS shares. HC Wainwright reissued a "buy" rating and issued a $30.00 price target on shares of Mineralys Therapeutics in a research note on Monday, March 10th. Guggenheim reaffirmed a "buy" rating on shares of Mineralys Therapeutics in a research note on Monday, February 24th. Finally, The Goldman Sachs Group lowered their target price on shares of Mineralys Therapeutics from $28.00 to $24.00 and set a "buy" rating for the company in a research note on Thursday, February 13th.

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Mineralys Therapeutics Price Performance

The business's 50-day moving average price is $10.86 and its 200-day moving average price is $12.06. The firm has a market capitalization of $1.06 billion, a PE ratio of -4.63 and a beta of 1.50.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) last issued its earnings results on Wednesday, February 12th. The company reported ($0.98) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.00) by $0.02. Equities analysts forecast that Mineralys Therapeutics, Inc. will post -4.23 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Millennium Management LLC lifted its holdings in Mineralys Therapeutics by 1,015.8% during the 4th quarter. Millennium Management LLC now owns 1,101,674 shares of the company's stock worth $13,562,000 after buying an additional 1,002,941 shares during the last quarter. Integral Health Asset Management LLC increased its position in Mineralys Therapeutics by 145.8% in the 4th quarter. Integral Health Asset Management LLC now owns 875,000 shares of the company's stock valued at $10,771,000 after acquiring an additional 519,000 shares during the period. JPMorgan Chase & Co. increased its position in Mineralys Therapeutics by 2,251.5% in the 4th quarter. JPMorgan Chase & Co. now owns 503,590 shares of the company's stock valued at $6,199,000 after acquiring an additional 482,174 shares during the period. Stempoint Capital LP acquired a new position in shares of Mineralys Therapeutics during the 4th quarter valued at $4,925,000. Finally, Jennison Associates LLC increased its position in shares of Mineralys Therapeutics by 55.4% during the 4th quarter. Jennison Associates LLC now owns 1,082,006 shares of the company's stock valued at $13,319,000 after purchasing an additional 385,726 shares during the period. Institutional investors and hedge funds own 84.46% of the company's stock.

Mineralys Therapeutics Company Profile

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.