HC Wainwright Reaffirms Buy Rating for Mineralys Therapeutics (NASDAQ:MLYS)

Mineralys Therapeutics (NASDAQ:MLYS)‘s stock had its “buy” rating reissued by HC Wainwright in a research note issued to investors on Tuesday,Benzinga reports. They presently have a $42.00 price objective on the stock. HC Wainwright’s price target points to a potential upside of 205.90% from the stock’s previous close.

Several other research firms also recently commented on MLYS. Wall Street Zen downgraded shares of Mineralys Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, June 14th. Jefferies Financial Group began coverage on shares of Mineralys Therapeutics in a research report on Tuesday, June 10th. They issued a “hold” rating and a $15.00 target price on the stock. Finally, Guggenheim set a $48.00 price target on shares of Mineralys Therapeutics and gave the stock a “buy” rating in a research note on Wednesday, May 14th. One analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $32.25.

Mineralys Therapeutics Trading Down 0.4%

Shares of Mineralys Therapeutics stock opened at $13.73 on Tuesday. The company’s 50-day moving average price is $14.81 and its 200-day moving average price is $12.86. Mineralys Therapeutics has a 12-month low of $8.24 and a 12-month high of $18.38. The company has a market cap of $894.92 million, a price-to-earnings ratio of -3.68 and a beta of -0.17.

Mineralys Therapeutics (NASDAQ:MLYS) last announced its earnings results on Monday, May 12th. The company reported ($0.79) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.02) by $0.23. On average, sell-side analysts predict that Mineralys Therapeutics will post -4.23 earnings per share for the current year.

Insider Activity at Mineralys Therapeutics

In related news, CEO Jon Congleton sold 15,319 shares of the business’s stock in a transaction on Friday, April 11th. The shares were sold at an average price of $12.19, for a total value of $186,738.61. Following the sale, the chief executive officer now owns 862,289 shares in the company, valued at approximately $10,511,302.91. The trade was a 1.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider David Malcom Rodman sold 55,771 shares of the business’s stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $15.76, for a total transaction of $878,950.96. Following the completion of the sale, the insider now owns 116,704 shares in the company, valued at approximately $1,839,255.04. This trade represents a 32.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 104,579 shares of company stock worth $1,534,353. 25.56% of the stock is owned by insiders.

Institutional Investors Weigh In On Mineralys Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the company. RA Capital Management L.P. grew its stake in Mineralys Therapeutics by 26.7% in the 1st quarter. RA Capital Management L.P. now owns 6,147,280 shares of the company’s stock worth $97,619,000 after acquiring an additional 1,296,296 shares in the last quarter. SR One Capital Management LP raised its stake in shares of Mineralys Therapeutics by 55.1% during the first quarter. SR One Capital Management LP now owns 3,127,933 shares of the company’s stock valued at $49,672,000 after acquiring an additional 1,111,111 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Mineralys Therapeutics by 42.1% in the first quarter. Vanguard Group Inc. now owns 2,035,506 shares of the company’s stock valued at $32,324,000 after purchasing an additional 603,464 shares during the period. Jennison Associates LLC grew its stake in Mineralys Therapeutics by 82.9% in the first quarter. Jennison Associates LLC now owns 1,979,033 shares of the company’s stock worth $31,427,000 after purchasing an additional 897,027 shares in the last quarter. Finally, Millennium Management LLC grew its stake in Mineralys Therapeutics by 1,015.8% in the fourth quarter. Millennium Management LLC now owns 1,101,674 shares of the company’s stock worth $13,562,000 after purchasing an additional 1,002,941 shares in the last quarter. Hedge funds and other institutional investors own 84.46% of the company’s stock.

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.