Mineralys Therapeutics (NASDAQ:MLYS) Shares Up 6.1% – Here’s Why

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) shares shot up 6.1% on Thursday . The stock traded as high as $10.55 and last traded at $10.62. 40,034 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 300,797 shares. The stock had previously closed at $10.01.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on MLYS shares. Guggenheim reissued a “buy” rating on shares of Mineralys Therapeutics in a report on Monday, February 24th. HC Wainwright reiterated a “buy” rating and set a $30.00 price objective on shares of Mineralys Therapeutics in a research note on Thursday, February 13th. Finally, The Goldman Sachs Group dropped their price objective on Mineralys Therapeutics from $28.00 to $24.00 and set a “buy” rating on the stock in a report on Thursday, February 13th.

Mineralys Therapeutics Stock Up 0.5 %

The company has a market capitalization of $501.45 million, a PE ratio of -2.75 and a beta of 1.50. The stock’s fifty day moving average price is $10.36 and its two-hundred day moving average price is $11.85.

Mineralys Therapeutics (NASDAQ:MLYS) last announced its earnings results on Wednesday, February 12th. The company reported ($0.98) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.00) by $0.02. On average, equities research analysts forecast that Mineralys Therapeutics, Inc. will post -4.23 EPS for the current year.

Insider Buying and Selling at Mineralys Therapeutics

In other Mineralys Therapeutics news, CFO Adam Scott Levy sold 10,757 shares of the business’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 sale, 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 ownership of the stock. The sale was disclosed in a document filed 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 that occurred on Monday, January 13th. The shares were sold at an average price of $9.06, for a total transaction of $166,096.98. Following the completion of the sale, the chief executive officer now directly owns 877,608 shares in the company, valued at approximately $7,951,128.48. This represents a 2.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 33.24% of the stock is currently owned by company insiders.

Institutional Trading of Mineralys Therapeutics

Several institutional investors have recently made changes to their positions in the stock. Jennison Associates LLC raised its stake in shares of Mineralys Therapeutics by 1.9% during the third quarter. Jennison Associates LLC now owns 696,280 shares of the company’s stock valued at $8,432,000 after purchasing an additional 13,023 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Mineralys Therapeutics by 4.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 213,599 shares of the company’s stock worth $2,587,000 after acquiring an additional 9,664 shares during the period. FMR LLC lifted its stake in Mineralys Therapeutics by 12.0% during the third quarter. FMR LLC now owns 303,758 shares of the company’s stock valued at $3,679,000 after purchasing an additional 32,663 shares during the last quarter. Martingale Asset Management L P acquired a new stake in Mineralys Therapeutics during the 3rd quarter valued at $181,000. Finally, Verition Fund Management LLC raised its holdings in Mineralys Therapeutics by 30.6% during the third quarter. Verition Fund Management LLC now owns 27,361 shares of the company’s stock valued at $331,000 after buying an additional 6,408 shares in the last quarter. 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.