Mineralys Therapeutics (NASDAQ:MLYS) Shares Gap Up After Better-Than-Expected Earnings

Shares of Mineralys Therapeutics, Inc. (NASDAQ:MLYS) gapped up before the market opened 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 changing hands.

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

Analyst Ratings Changes

Separately, HC Wainwright reaffirmed a “buy” rating and issued a $30.00 target price on shares of Mineralys Therapeutics in a research note on Tuesday, November 12th.

Insiders Place Their Bets

In other Mineralys Therapeutics news, CFO Adam Scott Levy sold 10,757 shares of the 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 in the company, valued at $2,057,482.70. This represents a 4.54 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jon Congleton sold 18,333 shares of the stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $9.06, for a total transaction of $166,096.98. Following the transaction, the chief executive officer now owns 877,608 shares in the company, valued at approximately $7,951,128.48. The trade was a 2.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 33.24% of the company’s stock.

Institutional Trading of Mineralys Therapeutics

Several hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. raised its position in shares of Mineralys Therapeutics by 2,251.5% in the 4th quarter. JPMorgan Chase & Co. now owns 503,590 shares of the company’s stock valued at $6,199,000 after purchasing an additional 482,174 shares during the last quarter. EntryPoint Capital LLC purchased a new position in Mineralys Therapeutics during the 4th quarter worth approximately $154,000. Prudential Financial Inc. raised its position in Mineralys Therapeutics by 85.7% during the 4th quarter. Prudential Financial Inc. now owns 125,650 shares of the company’s stock worth $1,547,000 after buying an additional 58,000 shares during the last quarter. Vanguard Group Inc. raised its position in Mineralys Therapeutics by 5.0% during the 4th quarter. Vanguard Group Inc. now owns 1,432,042 shares of the company’s stock worth $17,628,000 after buying an additional 68,811 shares during the last quarter. Finally, AlphaQuest LLC raised its position in Mineralys Therapeutics by 2,637.8% during the 4th quarter. AlphaQuest LLC now owns 15,222 shares of the company’s stock worth $187,000 after buying an additional 14,666 shares during the last quarter. 84.46% of the stock is owned by hedge funds and other institutional investors.

Mineralys Therapeutics Trading Up 7.0 %

The company has a market capitalization of $514.37 million, a PE ratio of -3.16 and a beta of 1.44. The business’s 50-day simple moving average is $11.25 and its 200-day simple moving average is $12.04.

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.