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

Shares of Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $16.17, but opened at $16.71. Mineralys Therapeutics shares last traded at $16.73, with a volume of 67,417 shares traded.

Analyst Ratings Changes

A number of brokerages have issued reports on MLYS. Guggenheim restated a "buy" rating on shares of Mineralys Therapeutics in a research note on Monday, February 24th. The Goldman Sachs Group cut 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, February 13th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $30.00 price target on shares of Mineralys Therapeutics in a research report on Monday, March 10th.

Mineralys Therapeutics Stock Performance

The company has a market cap of $920.43 million, a price-to-earnings ratio of -4.03 and a beta of 1.50. The company's fifty day moving average is $11.49 and its two-hundred day moving average is $12.20.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) last released its quarterly earnings data 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. On average, sell-side analysts anticipate that Mineralys Therapeutics, Inc. will post -4.23 EPS for the current fiscal year.

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Insider Buying and Selling at Mineralys Therapeutics

In other news, Director Ra Capital Management, L.P. purchased 1,296,296 shares of the 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 owns 4,280,051 shares of the company's stock, valued at approximately $57,780,688.50. This represents a 43.45 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Samsara Biocapital Gp, Llc purchased 600,000 shares of the company's stock in a transaction that occurred on Thursday, March 13th. The shares were purchased at an average price of $13.50 per share, for a total transaction of $8,100,000.00. Following the transaction, 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. Company insiders own 33.24% of the company's stock.

Institutional Investors Weigh In On Mineralys Therapeutics

Hedge funds have recently modified their holdings of the company. BNP Paribas Financial Markets purchased a new position in shares of Mineralys Therapeutics in the 4th quarter valued at about $48,000. ProShare Advisors LLC acquired a new stake in Mineralys Therapeutics in the fourth quarter valued at approximately $128,000. China Universal Asset Management Co. Ltd. increased its position in shares of 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 valued at $130,000 after buying an additional 989 shares in the last quarter. Price T Rowe Associates Inc. MD acquired a new position in shares of Mineralys Therapeutics during the 4th quarter worth approximately $145,000. Finally, PDT Partners LLC purchased a new position in shares of Mineralys Therapeutics during the 3rd quarter valued at approximately $148,000. 84.46% of the stock is owned by hedge funds and other institutional investors.

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.