Mineralys Therapeutics (NASDAQ:MLYS) Shares Up 5.3% After Analyst Upgrade

Mineralys Therapeutics, Inc. (NASDAQ:MLYS)’s stock price was up 5.3% on Thursday after Jefferies Financial Group raised their price target on the stock from $15.00 to $26.00. Jefferies Financial Group currently has a hold rating on the stock. Mineralys Therapeutics traded as high as $31.00 and last traded at $30.79. Approximately 743,522 shares were traded during mid-day trading, a decline of 27% from the average daily volume of 1,015,571 shares. The stock had previously closed at $29.25.

Several other equities research analysts have also issued reports on the stock. Wall Street Zen raised shares of Mineralys Therapeutics from a “sell” rating to a “hold” rating in a research report on Friday, August 22nd. HC Wainwright reiterated a “buy” rating and set a $42.00 price objective on shares of Mineralys Therapeutics in a research note on Wednesday, August 13th. Bank of America increased their price objective on shares of Mineralys Therapeutics from $38.00 to $43.00 and gave the company a “buy” rating in a research note on Thursday, August 28th. Finally, Guggenheim set a $48.00 price objective on shares of Mineralys Therapeutics and gave the company a “buy” rating in a research note on Wednesday, May 14th. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Mineralys Therapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $36.60.

Insider Activity at Mineralys Therapeutics

In related news, insider David Malcom Rodman sold 11,365 shares of the business’s stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $12.93, for a total value of $146,949.45. Following the sale, the insider directly owned 92,891 shares in the company, valued at $1,201,080.63. The trade was a 10.90% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Jon Congleton sold 15,884 shares of the business’s stock in a transaction that occurred on Friday, July 11th. The stock was 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 in the company, valued at $12,281,336.55. The trade was a 1.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 123,051 shares of company stock worth $1,776,262 in the last ninety days. 25.56% of the stock is owned by insiders.

Institutional Investors Weigh In On Mineralys Therapeutics

A number of large investors have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Mineralys Therapeutics by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,085 shares of the company’s stock valued at $271,000 after acquiring an additional 702 shares during the period. AlphaQuest LLC grew its position in Mineralys Therapeutics by 4.6% during the first quarter. AlphaQuest LLC now owns 15,925 shares of the company’s stock valued at $253,000 after purchasing an additional 703 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Mineralys Therapeutics by 51.0% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,518 shares of the company’s stock valued at $34,000 after purchasing an additional 850 shares in the last quarter. SBI Securities Co. Ltd. grew its position in Mineralys Therapeutics by 297.5% during the first quarter. SBI Securities Co. Ltd. now owns 1,590 shares of the company’s stock valued at $25,000 after purchasing an additional 1,190 shares in the last quarter. Finally, Ameritas Investment Partners Inc. grew its position in Mineralys Therapeutics by 42.8% during the second quarter. Ameritas Investment Partners Inc. now owns 3,995 shares of the company’s stock valued at $54,000 after purchasing an additional 1,197 shares in the last quarter. Institutional investors and hedge funds own 84.46% of the company’s stock.

Mineralys Therapeutics Stock Up 5.1%

The stock’s 50-day moving average is $15.59 and its 200 day moving average is $14.50. The stock has a market capitalization of $2.31 billion, a PE ratio of -9.78 and a beta of -0.29.

Mineralys Therapeutics (NASDAQ:MLYS) last posted its earnings results on Tuesday, August 12th. The company reported ($0.66) EPS for the quarter, topping the consensus estimate of ($0.78) by $0.12. As a group, equities research analysts forecast that Mineralys Therapeutics, Inc. will post -4.23 EPS for the current year.

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.