Mineralys Therapeutics (NASDAQ:MLYS) Earns Buy Rating from HC Wainwright

Mineralys Therapeutics (NASDAQ:MLYS)‘s stock had its “buy” rating reiterated by equities research analysts at HC Wainwright in a note issued to investors on Wednesday,Benzinga reports. They presently have a $42.00 target price on the stock. HC Wainwright’s target price suggests a potential upside of 197.24% from the company’s previous close.

MLYS has been the topic of several other research reports. Guggenheim set a $48.00 target price on Mineralys Therapeutics and gave the company a “buy” rating in a report on Wednesday, May 14th. Jefferies Financial Group began coverage on shares of Mineralys Therapeutics in a research note on Tuesday, June 10th. They set a “hold” rating and a $15.00 target price for the company. Finally, Wall Street Zen downgraded shares of Mineralys Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, June 14th. One research 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $32.25.

Mineralys Therapeutics Trading Up 4.2%

Mineralys Therapeutics stock opened at $14.13 on Wednesday. Mineralys Therapeutics has a twelve month low of $8.24 and a twelve month high of $18.38. The stock’s fifty day simple moving average is $14.08 and its 200-day simple moving average is $13.49. The firm has a market capitalization of $936.68 million, a P/E ratio of -3.97 and a beta of -0.29.

Mineralys Therapeutics (NASDAQ:MLYS) last posted its quarterly earnings data on Tuesday, August 12th. The company reported ($0.66) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.78) by $0.12. Sell-side analysts predict that Mineralys Therapeutics will post -4.23 earnings per share for the current year.

Insider Transactions at Mineralys Therapeutics

In other news, insider David Malcom Rodman sold 11,365 shares of the stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $12.93, for a total transaction of $146,949.45. Following the completion of the sale, the insider owned 92,891 shares in the company, valued at approximately $1,201,080.63. This represents a 10.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Jon Congleton sold 15,884 shares of the firm’s stock in a transaction dated Friday, July 11th. The shares were sold at an average price of $14.51, for a total transaction of $230,476.84. Following the completion of the sale, the chief executive officer owned 846,405 shares of the company’s stock, valued at approximately $12,281,336.55. The trade was a 1.84% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 123,051 shares of company stock worth $1,776,262. Company insiders own 25.56% of the company’s stock.

Institutional Investors Weigh In On Mineralys Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Orbimed Advisors LLC purchased a new stake in Mineralys Therapeutics during the second quarter worth $10,288,000. California State Teachers Retirement System grew its stake in Mineralys Therapeutics by 1,668.6% in the 2nd quarter. California State Teachers Retirement System now owns 36,592 shares of the company’s stock valued at $495,000 after acquiring an additional 34,523 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Mineralys Therapeutics by 41.9% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,237 shares of the company’s stock valued at $328,000 after acquiring an additional 7,152 shares in the last quarter. Armistice Capital LLC acquired a new position in Mineralys Therapeutics during the second quarter worth about $2,408,000. Finally, The Manufacturers Life Insurance Company raised its position in Mineralys Therapeutics by 29.8% during the second quarter. The Manufacturers Life Insurance Company now owns 14,775 shares of the company’s stock worth $200,000 after acquiring an additional 3,390 shares during the last quarter. 84.46% of the stock is currently owned by institutional investors and hedge funds.

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.