Mineralys Therapeutics (NASDAQ:MLYS) Shares Gap Up - Here's What Happened

Shares of Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $15.88, but opened at $16.45. Mineralys Therapeutics shares last traded at $14.68, with a volume of 337,002 shares trading hands.

Wall Street Analysts Forecast Growth

MLYS has been the topic of a number of recent research reports. Guggenheim reaffirmed a "buy" rating on shares of Mineralys Therapeutics in a report on Monday, February 24th. The Goldman Sachs Group lowered their price objective on shares of Mineralys Therapeutics from $28.00 to $24.00 and set a "buy" rating on the stock in a research report on Thursday, February 13th. Finally, HC Wainwright upped their target price on shares of Mineralys Therapeutics from $30.00 to $42.00 and gave the company a "buy" rating in a report on Wednesday.

Mineralys Therapeutics Stock Down 8.4 %

The firm has a market cap of $778.53 million, a PE ratio of -3.41 and a beta of -0.39. The company's fifty day moving average price is $11.90 and its two-hundred day moving average price is $12.28.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) last announced its quarterly earnings data on Wednesday, February 12th. The company reported ($0.98) earnings per share for the quarter, beating analysts' consensus estimates of ($1.00) by $0.02. As a group, analysts predict that Mineralys Therapeutics, Inc. will post -4.23 earnings per share for the current year.

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Insider Activity

In other Mineralys Therapeutics news, major shareholder Samsara Biocapital Gp, Llc acquired 600,000 shares of the firm's stock in a transaction that occurred on Thursday, March 13th. The shares were acquired at an average cost of $13.50 per share, for a total transaction of $8,100,000.00. Following the transaction, the insider now directly owns 5,674,916 shares of the company's stock, valued at approximately $76,611,366. This represents a 11.82 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Adam Scott Levy sold 10,757 shares of the firm's 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 owns 226,097 shares of the company's stock, valued at $2,057,482.70. This trade represents a 4.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 84,861 shares of company stock worth $1,142,937 in the last 90 days. 33.24% of the stock is currently owned by corporate insiders.

Institutional Trading of Mineralys Therapeutics

Several large investors have recently modified their holdings of MLYS. BNP Paribas Financial Markets acquired a new stake in shares of Mineralys Therapeutics during the fourth quarter valued at $48,000. ProShare Advisors LLC purchased a new stake in shares of Mineralys Therapeutics during the fourth quarter worth about $128,000. China Universal Asset Management Co. Ltd. lifted its stake in shares of Mineralys Therapeutics by 10.3% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 10,553 shares of the company's stock valued at $130,000 after buying an additional 989 shares during the period. Price T Rowe Associates Inc. MD acquired a new stake in Mineralys Therapeutics during the fourth quarter worth approximately $145,000. Finally, EntryPoint Capital LLC purchased a new stake in Mineralys Therapeutics in the 4th quarter worth approximately $154,000. 84.46% of the stock is currently owned by institutional investors and hedge funds.

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.