Mineralys Therapeutics (NASDAQ:MLYS) Trading 6.6% Higher – Time to Buy?

Mineralys Therapeutics, Inc. (NASDAQ:MLYS)’s share price traded up 6.6% on Tuesday . The stock traded as high as $31.06 and last traded at $31.0450. Approximately 647,612 shares changed hands during trading, a decline of 54% from the average session volume of 1,405,440 shares. The stock had previously closed at $29.12.

Analyst Ratings Changes

MLYS has been the subject of a number of research analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Mineralys Therapeutics in a research note on Tuesday, April 21st. HC Wainwright reiterated a “buy” rating on shares of Mineralys Therapeutics in a report on Monday, June 1st. Wall Street Zen lowered Mineralys Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Jefferies Financial Group reissued a “hold” rating on shares of Mineralys Therapeutics in a research note on Monday, June 1st. Finally, Bank of America upped their target price on shares of Mineralys Therapeutics from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, March 13th. Six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $49.33.

Mineralys Therapeutics Stock Performance

The company has a fifty day moving average price of $27.09 and a two-hundred day moving average price of $29.06. The company has a market cap of $2.52 billion, a P/E ratio of -14.87 and a beta of 0.66.

Mineralys Therapeutics (NASDAQ:MLYS) last released its earnings results on Wednesday, May 6th. The company reported ($0.47) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.51) by $0.04. Research analysts anticipate that Mineralys Therapeutics, Inc. will post -2.3 EPS for the current year.

Insider Buying and Selling

In other news, Director Daphne Karydas sold 3,000 shares of the stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $25.00, for a total value of $75,000.00. Following the completion of the sale, the director owned 6,200 shares of the company’s stock, valued at approximately $155,000. This represents a 32.61% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through 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 on 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 of the company’s stock, 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 quarter, insiders have sold 266,831 shares of company stock worth $6,995,829. 18.94% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Mineralys Therapeutics by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,085 shares of the company’s stock valued at $271,000 after purchasing an additional 702 shares during the last quarter. Navalign LLC bought a new stake in Mineralys Therapeutics in the fourth quarter valued at approximately $33,000. Velan Capital Investment Management LP lifted its position in shares of Mineralys Therapeutics by 0.6% in the third quarter. Velan Capital Investment Management LP now owns 175,600 shares of the company’s stock valued at $6,659,000 after buying an additional 1,000 shares during the last quarter. Royal Bank of Canada lifted its position in shares of Mineralys Therapeutics by 262.3% in the fourth quarter. Royal Bank of Canada now owns 1,529 shares of the company’s stock valued at $56,000 after buying an additional 1,107 shares during the last quarter. Finally, KBC Group NV bought a new position in shares of Mineralys Therapeutics during the 1st quarter worth approximately $33,000. 84.46% of the stock is currently owned by institutional investors and hedge funds.

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. 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.