Mineralys Therapeutics (NASDAQ:MLYS) Shares Gap Up on Earnings Beat

Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Get Free Report) gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $9.66, but opened at $10.61. Mineralys Therapeutics shares last traded at $10.33, with a volume of 167,520 shares trading hands.

The company reported ($0.98) EPS for the quarter, topping analysts' consensus estimates of ($1.00) by $0.02.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. HC Wainwright reiterated a "buy" rating and issued a $30.00 target price on shares of Mineralys Therapeutics in a research note on Thursday. The Goldman Sachs Group dropped their target price on Mineralys Therapeutics from $28.00 to $24.00 and set a "buy" rating on the stock in a research report on Thursday.

Insider Activity at Mineralys Therapeutics

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

Institutional Investors Weigh In On Mineralys Therapeutics

A number of institutional investors have recently made changes to their positions in the stock. Franklin Resources Inc. grew its position in Mineralys Therapeutics by 17.7% in the 3rd quarter. Franklin Resources Inc. now owns 1,745,513 shares of the company's stock valued at $21,138,000 after acquiring an additional 262,922 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Mineralys Therapeutics by 5.0% in the fourth quarter. Vanguard Group Inc. now owns 1,432,042 shares of the company's stock valued at $17,628,000 after purchasing an additional 68,811 shares in the last quarter. Jennison Associates LLC increased 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 buying an additional 385,726 shares during the period. Caligan Partners LP lifted its holdings in Mineralys Therapeutics by 3.1% during the 4th quarter. Caligan Partners LP now owns 1,011,155 shares of the company's stock worth $12,447,000 after buying an additional 30,000 shares in the last quarter. Finally, ADAR1 Capital Management LLC boosted its position in Mineralys Therapeutics by 15.4% in the 4th quarter. ADAR1 Capital Management LLC now owns 841,541 shares of the company's stock valued at $10,359,000 after buying an additional 112,140 shares during the period. 84.46% of the stock is currently owned by institutional investors and hedge funds.

Mineralys Therapeutics Price Performance

The company's 50 day simple moving average is $11.11 and its 200 day simple moving average is $11.99.

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.