Mineralys Therapeutics (NASDAQ:MLYS) Trading Up 7.9% - Here's Why

Shares of Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Get Free Report) traded up 7.9% during trading on Wednesday . The company traded as high as $16.30 and last traded at $16.65. 128,137 shares changed hands during mid-day trading, a decline of 59% from the average session volume of 310,552 shares. The stock had previously closed at $15.43.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Guggenheim reaffirmed a "buy" rating on shares of Mineralys Therapeutics in a report on Monday, February 24th. HC Wainwright reiterated a "buy" rating and issued a $30.00 price objective on shares of Mineralys Therapeutics in a research report on Monday, March 10th. Finally, The Goldman Sachs Group dropped 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.

Mineralys Therapeutics Stock Up 0.8 %

The company's 50-day moving average is $10.86 and its two-hundred day moving average is $12.07. The company has a market capitalization of $1.06 billion, a P/E ratio of -4.63 and a beta of 1.50.

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

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Insider Activity at Mineralys Therapeutics

In other Mineralys Therapeutics news, Director Ra Capital Management, L.P. acquired 1,296,296 shares of the stock in a transaction dated Thursday, March 13th. The stock was purchased at an average cost of $13.50 per share, for a total transaction of $17,499,996.00. Following the acquisition, the director now owns 4,280,051 shares in the company, valued at $57,780,688.50. The trade was a 43.45 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Samsara Biocapital Gp, Llc bought 600,000 shares of Mineralys Therapeutics 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 acquisition, the insider now owns 5,674,916 shares in the company, valued at $76,611,366. The trade was a 11.82 % increase in their position. The disclosure for this purchase can be found here. 33.24% of the stock is owned by insiders.

Institutional Trading of Mineralys Therapeutics

Several hedge funds have recently added to or reduced their stakes in MLYS. Millennium Management LLC grew its stake in shares of Mineralys Therapeutics by 1,015.8% during the fourth quarter. Millennium Management LLC now owns 1,101,674 shares of the company's stock valued at $13,562,000 after buying an additional 1,002,941 shares during the last quarter. Integral Health Asset Management LLC boosted its holdings in Mineralys Therapeutics by 145.8% during the 4th quarter. Integral Health Asset Management LLC now owns 875,000 shares of the company's stock valued at $10,771,000 after acquiring an additional 519,000 shares during the period. JPMorgan Chase & Co. grew its position in Mineralys Therapeutics by 2,251.5% during the 4th quarter. JPMorgan Chase & Co. now owns 503,590 shares of the company's stock worth $6,199,000 after acquiring an additional 482,174 shares during the last quarter. Stempoint Capital LP purchased a new position in Mineralys Therapeutics in the 4th quarter worth approximately $4,925,000. Finally, Jennison Associates LLC increased its stake in Mineralys Therapeutics by 55.4% in the 4th quarter. Jennison Associates LLC now owns 1,082,006 shares of the company's stock worth $13,319,000 after purchasing an additional 385,726 shares during the period. 84.46% of the stock is owned by 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.