Mineralys Therapeutics (NASDAQ:MLYS) Shares Up 6.1% – Time to Buy?

Shares of Mineralys Therapeutics, Inc. (NASDAQ:MLYS) shot up 6.1% on Thursday . The stock traded as high as $10.55 and last traded at $10.62. 40,034 shares were traded 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.

Wall Street Analysts Forecast Growth

MLYS has been the topic of a number of recent research reports. Guggenheim reiterated a “buy” rating on shares of Mineralys Therapeutics in a research report on Monday, February 24th. HC Wainwright restated a “buy” rating and set a $30.00 price target on shares of Mineralys Therapeutics in a report on Thursday, February 13th. Finally, The Goldman Sachs Group cut their target price on shares of Mineralys Therapeutics from $28.00 to $24.00 and set a “buy” rating on the stock in a research note on Thursday, February 13th.

Mineralys Therapeutics Stock Performance

The company has a market capitalization of $501.45 million, a P/E ratio of -2.75 and a beta of 1.50. The firm’s fifty day moving average is $10.36 and its 200 day moving average is $11.85.

Mineralys Therapeutics (NASDAQ:MLYS) last posted its quarterly earnings data on Wednesday, February 12th. The company reported ($0.98) EPS for the quarter, topping the consensus estimate of ($1.00) by $0.02. On average, 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 that occurred on Monday, January 13th. The stock was sold at an average price of $9.10, for a total transaction of $97,888.70. Following the transaction, the chief financial officer now owns 226,097 shares in the company, valued at approximately $2,057,482.70. The trade was a 4.54 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Jon Congleton sold 18,333 shares of the firm’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $9.06, for a total transaction of $166,096.98. Following the sale, the chief executive officer now owns 877,608 shares in the company, valued at approximately $7,951,128.48. This trade represents a 2.05 % decrease in their position. The disclosure for this sale can be found here. 33.24% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Mineralys Therapeutics

Large investors have recently modified their holdings of the stock. Jennison Associates LLC boosted its position in Mineralys Therapeutics by 1.9% during the 3rd 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. lifted its position in Mineralys Therapeutics by 4.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 213,599 shares of the company’s stock valued at $2,587,000 after purchasing an additional 9,664 shares during the last quarter. FMR LLC boosted its stake in Mineralys Therapeutics by 12.0% during the 3rd 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 period. Martingale Asset Management L P acquired a new stake in shares of Mineralys Therapeutics in the third quarter valued at approximately $181,000. Finally, Verition Fund Management LLC raised its holdings in shares of 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 during the last quarter. 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.