Mineralys Therapeutics (NASDAQ:MLYS) Shares Gap Up - Should You Buy?

Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Get Free Report) gapped up prior to trading on Monday . The stock had previously closed at $13.40, but opened at $14.83. Mineralys Therapeutics shares last traded at $13.82, with a volume of 209,237 shares.

Analyst Upgrades and Downgrades

MLYS has been the subject of several research analyst reports. The Goldman Sachs Group reduced their price objective on Mineralys Therapeutics from $28.00 to $24.00 and set a "buy" rating for the company in a research note on Thursday, February 13th. Guggenheim restated a "buy" rating on shares of Mineralys Therapeutics in a research report on Monday, February 24th. Finally, HC Wainwright upped their price target on Mineralys Therapeutics from $30.00 to $42.00 and gave the stock a "buy" rating in a report on Wednesday, April 2nd.

Mineralys Therapeutics Price Performance

The firm has a market capitalization of $866.09 million, a PE ratio of -3.67 and a beta of -0.39. The company's fifty day simple moving average is $12.59 and its 200-day simple moving average is $12.36.

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

Insiders Place Their Bets

In related news, major shareholder Samsara Biocapital Gp, Llc purchased 600,000 shares of the business's stock in a transaction that occurred on Thursday, March 13th. The stock was purchased at an average price of $13.50 per share, with a total value of $8,100,000.00. Following the completion of the acquisition, the insider now owns 5,674,916 shares in the company, valued at $76,611,366. This trade represents a 11.82 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Ra Capital Management, L.P. acquired 1,296,296 shares of the stock in a transaction on Thursday, March 13th. The shares were bought at an average cost 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 of the company's stock, valued at $57,780,688.50. The trade was a 43.45 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 93,213 shares of company stock valued at $1,360,567 in the last 90 days. 33.24% of the stock is owned by insiders.

Institutional Investors Weigh In On Mineralys Therapeutics

A number of hedge funds have recently modified their holdings of the company. BNP Paribas Financial Markets purchased a new position in Mineralys Therapeutics in the fourth quarter worth approximately $48,000. GAMMA Investing LLC boosted its stake in Mineralys Therapeutics by 9,602.2% during the first quarter. GAMMA Investing LLC now owns 8,829 shares of the company's stock worth $140,000 after buying an additional 8,738 shares during the period. ProShare Advisors LLC acquired a new stake in shares of Mineralys Therapeutics during the fourth quarter valued at about $128,000. China Universal Asset Management Co. Ltd. raised its stake in shares of Mineralys Therapeutics by 10.3% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 10,553 shares of the company's stock valued at $130,000 after acquiring an additional 989 shares during the period. Finally, Price T Rowe Associates Inc. MD acquired a new position in shares of Mineralys Therapeutics in the 4th quarter worth approximately $145,000. Hedge funds and other institutional investors own 84.46% of the company's stock.

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.