Mineralys Therapeutics (NASDAQ:MLYS) Trading 7.5% Higher – Should You Buy?

Mineralys Therapeutics, Inc. (NASDAQ:MLYS)’s share price was up 7.5% during mid-day trading on Wednesday . The stock traded as high as $27.40 and last traded at $27.4920. 380,046 shares changed hands during trading, a decline of 69% from the average daily volume of 1,245,691 shares. The stock had previously closed at $25.57.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Wall Street Zen lowered shares of Mineralys Therapeutics from a “sell” rating to a “strong sell” rating in a report on Saturday, August 15th. HC Wainwright reissued a “buy” rating on shares of Mineralys Therapeutics in a report on Monday, June 1st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Mineralys Therapeutics in a research report on Friday, July 17th. Zacks Research downgraded Mineralys Therapeutics from a “hold” rating to a “strong sell” rating in a report on Thursday, August 13th. Finally, Jefferies Financial Group reissued a “hold” rating on shares of Mineralys Therapeutics in a report on Monday, June 1st. Six equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Mineralys Therapeutics has an average rating of “Hold” and an average price target of $49.33.

Mineralys Therapeutics Stock Up 8.4%

The company has a quick ratio of 34.46, a current ratio of 34.46 and a debt-to-equity ratio of 0.18. The business has a 50-day simple moving average of $26.88 and a 200-day simple moving average of $27.07. The company has a market cap of $2.45 billion, a PE ratio of -6.55 and a beta of 0.68.

Mineralys Therapeutics (NASDAQ:MLYS) last announced its earnings results on Wednesday, August 12th. The company reported ($2.85) earnings per share for the quarter, missing the consensus estimate of ($0.55) by ($2.30). Equities research analysts anticipate that Mineralys Therapeutics, Inc. will post -4.45 EPS for the current year.

Insider Activity at Mineralys Therapeutics

In related news, insider Eric Warren sold 104,124 shares of the company’s stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $25.90, for a total transaction of $2,696,811.60. Following the completion of the transaction, the insider owned 38,400 shares in the company, valued at $994,560. This represents a 73.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Jon Congleton sold 75,000 shares of the firm’s stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $26.14, for a total transaction of $1,960,500.00. Following the completion of the transaction, the chief executive officer directly owned 614,321 shares in the company, valued at $16,058,350.94. This represents a 10.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 224,333 shares of company stock valued at $5,806,213. 18.94% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Mineralys Therapeutics

A number of hedge funds have recently made changes to their positions in MLYS. Navalign LLC acquired a new stake in shares of Mineralys Therapeutics in the fourth quarter worth approximately $33,000. KBC Group NV acquired a new position in Mineralys Therapeutics in the 1st quarter valued at $33,000. Royal Bank of Canada raised its stake in Mineralys Therapeutics by 262.3% in the 4th quarter. Royal Bank of Canada now owns 1,529 shares of the company’s stock valued at $56,000 after purchasing an additional 1,107 shares during the last quarter. FNY Investment Advisers LLC lifted its holdings in Mineralys Therapeutics by 400.0% in the 2nd quarter. FNY Investment Advisers LLC now owns 2,500 shares of the company’s stock valued at $67,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd lifted its holdings in Mineralys Therapeutics by 1,845.4% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,101 shares of the company’s stock valued at $76,000 after purchasing an additional 1,993 shares in the last quarter. Institutional investors and hedge funds 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. The company was formerly known as Catalys SC1, Inc and changed its name to Mineralys Therapeutics, Inc in May 2020. The company was incorporated in 2019 and is headquartered in Radnor, Pennsylvania.