Mineralys Therapeutics (NASDAQ:MLYS) Sees Unusually-High Trading Volume After Analyst Upgrade

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) saw strong trading volume on Wednesday after HC Wainwright raised their price target on the stock from $30.00 to $42.00. HC Wainwright currently has a buy rating on the stock. 303,503 shares traded hands during mid-day trading, a decline of 17% from the previous session’s volume of 367,553 shares.The stock last traded at $13.99 and had previously closed at $13.84.

MLYS has been the subject of several other reports. The Goldman Sachs Group lowered their target price on shares of 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 reissued a “buy” rating on shares of Mineralys Therapeutics in a research report on Monday, February 24th.

Insiders Place Their Bets

In other Mineralys Therapeutics news, Director Ra Capital Management, L.P. purchased 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, with a total value of $17,499,996.00. Following the completion of the acquisition, the director now owns 4,280,051 shares in the company, valued at $57,780,688.50. This trade represents a 43.45 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Samsara Biocapital Gp, Llc acquired 600,000 shares of Mineralys Therapeutics stock in a transaction on Thursday, March 13th. The shares were bought at an average price of $13.50 per share, with a total value of $8,100,000.00. Following the purchase, the insider now directly owns 5,674,916 shares in the company, valued at approximately $76,611,366. The trade was a 11.82 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 33.24% of the company’s stock.

Institutional Trading of Mineralys Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP lifted its holdings in Mineralys Therapeutics by 43.0% in the fourth quarter. Wellington Management Group LLP now owns 91,529 shares of the company’s stock valued at $1,127,000 after acquiring an additional 27,531 shares during the period. Polar Asset Management Partners Inc. lifted its stake in shares of Mineralys Therapeutics by 144.7% in the 4th quarter. Polar Asset Management Partners Inc. now owns 99,100 shares of the company’s stock valued at $1,220,000 after purchasing an additional 58,600 shares during the period. Tema Etfs LLC purchased a new stake in Mineralys Therapeutics during the fourth quarter worth $1,102,000. Stempoint Capital LP acquired a new stake in Mineralys Therapeutics during the fourth quarter valued at $4,925,000. Finally, ProShare Advisors LLC purchased a new position in Mineralys Therapeutics in the fourth quarter valued at $128,000. 84.46% of the stock is owned by institutional investors and hedge funds.

Mineralys Therapeutics Stock Up 0.3 %

The business’s 50-day simple moving average is $11.71 and its two-hundred day simple moving average is $12.25. The firm has a market cap of $871.33 million, a price-to-earnings ratio of -3.81 and a beta of 1.50.

Mineralys Therapeutics (NASDAQ:MLYS) last released its quarterly earnings results 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, analysts expect that Mineralys Therapeutics, Inc. will post -4.23 earnings per share for the current year.

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.