Mineralys Therapeutics (NASDAQ:MLYS) Sees Strong Trading Volume Following Insider Buying Activity

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) shares saw an uptick in trading volume on Tuesday following insider buying activity. 576,397 shares were traded during mid-day trading, an increase of 89% from the previous session’s volume of 305,686 shares.The stock last traded at $14.87 and had previously closed at $14.22.

Specifically, Director Ra Capital Management, L.P. purchased 1,296,296 shares of Mineralys Therapeutics stock in a transaction dated Thursday, March 13th. The stock was purchased at an average cost of $13.50 per share, for a total transaction of $17,499,996.00. Following the transaction, the director now directly owns 4,280,051 shares of the company’s stock, valued at approximately $57,780,688.50. This trade represents a 43.45 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Samsara Biocapital Gp, Llc bought 600,000 shares of the business’s stock in a transaction that occurred on Thursday, March 13th. The stock was bought at an average price of $13.50 per share, with a total value of $8,100,000.00. Following the completion of the transaction, the insider now directly owns 5,674,916 shares of the company’s stock, valued at $76,611,366. This represents a 11.82 % increase in their position. The disclosure for this purchase can be found here.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. HC Wainwright reiterated a “buy” rating and issued a $30.00 target price on shares of Mineralys Therapeutics in a research report on Monday, March 10th. The Goldman Sachs Group cut 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 report on Thursday, February 13th. Finally, Guggenheim reiterated a “buy” rating on shares of Mineralys Therapeutics in a research report on Monday, February 24th.

Mineralys Therapeutics Stock Up 8.6 %

The firm’s 50-day simple moving average is $10.61 and its 200-day simple moving average is $12.00. The firm has a market capitalization of $1.05 billion, a PE ratio of -4.60 and a beta of 1.50.

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

Institutional Trading of Mineralys Therapeutics

Institutional investors have recently added to or reduced their stakes in the business. Polar Asset Management Partners Inc. purchased a new stake in Mineralys Therapeutics during the third quarter valued at about $490,000. Jennison Associates LLC boosted its position in Mineralys Therapeutics by 55.4% during the fourth quarter. Jennison Associates LLC now owns 1,082,006 shares of the company’s stock valued at $13,319,000 after buying an additional 385,726 shares during the period. Barclays PLC raised its stake in shares of Mineralys Therapeutics by 281.8% during the third quarter. Barclays PLC now owns 38,218 shares of the company’s stock valued at $463,000 after acquiring an additional 28,208 shares during the last quarter. Wellington Management Group LLP bought a new position in shares of Mineralys Therapeutics during the third quarter valued at about $775,000. Finally, State Street Corp raised its stake in shares of Mineralys Therapeutics by 4.0% during the third quarter. State Street Corp now owns 483,766 shares of the company’s stock valued at $5,858,000 after acquiring an additional 18,627 shares during the last quarter. 84.46% of the stock is currently owned by hedge funds and other institutional investors.

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.