Mineralys Therapeutics (NASDAQ:MLYS) Sees Large Volume Increase – Still a Buy?

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) shares saw strong trading volume on Friday . 2,707,564 shares traded hands during trading, an increase of 136% from the previous session’s volume of 1,145,184 shares.The stock last traded at $38.8170 and had previously closed at $44.29.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Mineralys Therapeutics in a research note on Wednesday, October 8th. Wells Fargo & Company upped their price objective on Mineralys Therapeutics from $50.00 to $55.00 and gave the stock an “overweight” rating in a research report on Tuesday. Jefferies Financial Group lifted their price objective on shares of Mineralys Therapeutics from $15.00 to $26.00 and gave the stock a “hold” rating in a research report on Wednesday, September 3rd. Wall Street Zen raised Mineralys Therapeutics from a “sell” rating to a “hold” rating in a research report on Friday, August 22nd. Finally, HC Wainwright raised their price target on Mineralys Therapeutics from $52.00 to $56.00 and gave the stock a “buy” rating in a report on Wednesday. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.67.

Mineralys Therapeutics Stock Performance

The firm has a fifty day moving average of $40.05 and a 200-day moving average of $23.78. The stock has a market capitalization of $3.20 billion, a price-to-earnings ratio of -13.62 and a beta of 0.40.

Mineralys Therapeutics (NASDAQ:MLYS) last posted its quarterly earnings data on Monday, November 10th. The company reported ($0.52) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.66) by $0.14. On average, analysts predict that Mineralys Therapeutics, Inc. will post -4.23 EPS for the current year.

Insider Transactions at Mineralys Therapeutics

In other Mineralys Therapeutics news, Director Srinivas Akkaraju acquired 588,235 shares of Mineralys Therapeutics stock in a transaction that occurred on Thursday, September 4th. The stock was purchased at an average cost of $25.50 per share, with a total value of $14,999,992.50. Following the purchase, the director owned 588,235 shares in the company, valued at approximately $14,999,992.50. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Jon Congleton sold 200,000 shares of the company’s stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $45.44, for a total transaction of $9,088,000.00. Following the completion of the transaction, the chief executive officer directly owned 631,305 shares in the company, valued at $28,686,499.20. This trade represents a 24.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 416,793 shares of company stock worth $18,669,643 over the last ninety days. Insiders own 25.56% of the company’s stock.

Institutional Trading of Mineralys Therapeutics

Several hedge funds have recently added to or reduced their stakes in the business. RA Capital Management L.P. lifted its holdings in shares of Mineralys Therapeutics by 26.7% during 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 during the period. SR One Capital Management LP lifted its position 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 worth $49,672,000 after purchasing an additional 1,111,111 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Mineralys Therapeutics by 29.8% in the 3rd quarter. Vanguard Group Inc. now owns 3,018,999 shares of the company’s stock valued at $114,480,000 after buying an additional 692,550 shares during the period. Suvretta Capital Management LLC raised its holdings in Mineralys Therapeutics by 22.2% during the 3rd quarter. Suvretta Capital Management LLC now owns 2,132,133 shares of the company’s stock worth $80,850,000 after purchasing an additional 387,641 shares during the last quarter. Finally, Jennison Associates LLC raised its stake in shares of Mineralys Therapeutics by 82.9% during the first quarter. Jennison Associates LLC now owns 1,979,033 shares of the company’s stock worth $31,427,000 after buying an additional 897,027 shares during the last quarter. 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.