Mineralys Therapeutics (NASDAQ:MLYS) Sees Strong Trading Volume Following Analyst Upgrade

Shares of Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Get Free Report) saw unusually-high trading volume on Wednesday after HC Wainwright raised their price target on the stock from $30.00 to $42.00. HC Wainwright currently has a buy rating on the stock. Approximately 303,503 shares changed hands during mid-day trading, a decline of 17% from the previous session's volume of 367,553 shares.The stock last traded at $13.99 and had previously closed at $13.84.

MLYS has been the subject of several other research reports. Guggenheim restated a "buy" rating on shares of Mineralys Therapeutics in a research report on Monday, February 24th. The Goldman Sachs Group decreased their target price on Mineralys Therapeutics from $28.00 to $24.00 and set a "buy" rating for the company in a research report on Thursday, February 13th.

Insider Activity at Mineralys Therapeutics

In other Mineralys Therapeutics news, Director Ra Capital Management, L.P. purchased 1,296,296 shares of the company's stock in a transaction dated Thursday, March 13th. The shares were bought at an average price of $13.50 per share, for a total transaction of $17,499,996.00. Following the purchase, the director now directly owns 4,280,051 shares in the company, valued at $57,780,688.50. This trade represents a 43.45 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider David Malcom Rodman sold 55,771 shares of the firm's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $15.76, for a total transaction of $878,950.96. Following the transaction, the insider now owns 116,704 shares in the company, valued at $1,839,255.04. This represents a 32.34 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 84,861 shares of company stock valued at $1,142,937. Insiders own 33.24% of the company's stock.

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Institutional Trading of Mineralys Therapeutics

Several large investors have recently modified their holdings of MLYS. China Universal Asset Management Co. Ltd. boosted its stake in Mineralys Therapeutics by 10.3% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 10,553 shares of the company's stock worth $130,000 after purchasing an additional 989 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Mineralys Therapeutics by 0.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 214,906 shares of the company's stock worth $2,645,000 after acquiring an additional 1,307 shares in the last quarter. Northern Trust Corp increased its stake in Mineralys Therapeutics by 0.7% during the 4th quarter. Northern Trust Corp now owns 246,113 shares of the company's stock worth $3,030,000 after purchasing an additional 1,688 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Mineralys Therapeutics by 2.7% in the 4th quarter. Bank of New York Mellon Corp now owns 65,318 shares of the company's stock valued at $804,000 after acquiring an additional 1,711 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its position in shares of Mineralys Therapeutics by 19.1% during the fourth quarter. Wells Fargo & Company MN now owns 23,714 shares of the company's stock worth $292,000 after buying an additional 3,802 shares during the period. 84.46% of the stock is owned by institutional investors.

Mineralys Therapeutics Stock Down 1.9 %

The stock's fifty day moving average price is $11.90 and its 200-day moving average price is $12.29. The company has a market capitalization of $764.03 million, a price-to-earnings ratio of -3.31 and a beta of -0.39.

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

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.