Mineralys Therapeutics (NASDAQ:MLYS) Stock Price Up 7.5% – Should You Buy?

Shares of Mineralys Therapeutics, Inc. (NASDAQ:MLYS) traded up 7.5% during trading on Wednesday . The stock traded as high as $27.40 and last traded at $27.4920. Approximately 380,046 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 1,245,691 shares. The stock had previously closed at $25.57.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Wall Street Zen cut shares of Mineralys Therapeutics from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 15th. Jefferies Financial Group reaffirmed a “hold” rating on shares of Mineralys Therapeutics in a research note on Monday, June 1st. HC Wainwright reiterated a “buy” rating on shares of Mineralys Therapeutics in a report on Monday, June 1st. Zacks Research cut Mineralys Therapeutics from a “hold” rating to a “strong sell” rating in a research note on Thursday, August 13th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Mineralys Therapeutics in a report on Friday, July 17th. Six research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $49.33.

Mineralys Therapeutics Stock Performance

The business has a 50-day moving average of $26.88 and a two-hundred day moving average of $27.07. The company has a debt-to-equity ratio of 0.18, a current ratio of 34.46 and a quick ratio of 34.46. The company has a market cap of $2.45 billion, a P/E ratio of -6.55 and a beta of 0.68.

Mineralys Therapeutics (NASDAQ:MLYS) last announced its earnings results on Wednesday, August 12th. The company reported ($2.85) EPS for the quarter, missing analysts’ consensus estimates of ($0.55) by ($2.30). On average, sell-side analysts predict that Mineralys Therapeutics, Inc. will post -4.45 EPS for the current fiscal year.

Insider Activity

In other Mineralys Therapeutics news, Director Daphne Karydas sold 3,000 shares of Mineralys Therapeutics stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $25.00, for a total value of $75,000.00. Following the transaction, the director directly owned 6,200 shares of the company’s stock, valued at approximately $155,000. The trade was a 32.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Warren sold 7,437 shares of the company’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $25.98, for a total value of $193,213.26. Following the transaction, the insider directly owned 38,400 shares in the company, valued at approximately $997,632. The trade was a 16.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 224,333 shares of company stock valued at $5,806,213 in the last ninety days. 18.94% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Mineralys Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Timothy G. Youngquist 2020 Irrevocable Trust acquired a new stake in shares of Mineralys Therapeutics during the second quarter worth about $2,721,000. TimesSquare Capital Management LLC acquired a new position in Mineralys Therapeutics in the 2nd quarter worth approximately $6,363,000. Bank of America Corp DE raised its position in Mineralys Therapeutics by 11.5% during the 1st quarter. Bank of America Corp DE now owns 1,100,372 shares of the company’s stock worth $29,809,000 after buying an additional 113,092 shares during the last quarter. Artia Global Partners LP raised its position in Mineralys Therapeutics by 143.5% during the 4th quarter. Artia Global Partners LP now owns 137,800 shares of the company’s stock worth $5,001,000 after buying an additional 81,200 shares during the last quarter. Finally, UBS Group AG lifted its stake in Mineralys Therapeutics by 124.9% during the 4th quarter. UBS Group AG now owns 201,280 shares of the company’s stock valued at $7,304,000 after acquiring an additional 111,776 shares during the period. 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. The company was formerly known as Catalys SC1, Inc and changed its name to Mineralys Therapeutics, Inc in May 2020. The company was incorporated in 2019 and is headquartered in Radnor, Pennsylvania.