Mineralys Therapeutics (NASDAQ:MLYS) CEO Jon Congleton Sells 75,000 Shares

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) CEO Jon Congleton sold 75,000 shares of the company’s stock in a transaction on Tuesday, March 31st. The shares were sold at an average price of $26.27, for a total transaction of $1,970,250.00. Following the sale, the chief executive officer owned 705,051 shares of the company’s stock, valued at $18,521,689.77. The trade was a 9.61% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Jon Congleton also recently made the following trade(s):

• On Monday, January 12th, Jon Congleton sold 16,236 shares of Mineralys Therapeutics stock. The stock was sold at an average price of $32.62, for a total value of $529,618.32.

Mineralys Therapeutics Stock Up 2.1%

Shares of Mineralys Therapeutics stock opened at $26.97 on Friday. The business has a fifty day simple moving average of $28.00 and a 200 day simple moving average of $35.05. The stock has a market cap of $2.22 billion, a PE ratio of -11.38 and a beta of 0.69. Mineralys Therapeutics, Inc. has a 12 month low of $10.44 and a 12 month high of $47.65.

Mineralys Therapeutics (NASDAQ:MLYS) last released its earnings results on Thursday, March 12th. The company reported ($0.40) earnings per share for the quarter, beating the consensus estimate of ($0.57) by $0.17. Analysts expect that Mineralys Therapeutics, Inc. will post -4.23 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on MLYS shares. Wall Street Zen raised shares of Mineralys Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday, March 15th. Bank of America increased their target price on shares of Mineralys Therapeutics from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, March 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Mineralys Therapeutics in a research report on Thursday, January 22nd. Jefferies Financial Group reissued a “hold” rating and issued a $30.00 price target on shares of Mineralys Therapeutics in a report on Friday, March 13th. Finally, HC Wainwright set a $56.00 price objective on shares of Mineralys Therapeutics and gave the company a “buy” rating in a research report on Tuesday, March 10th. Six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Mineralys Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.14.

Institutional Trading of Mineralys Therapeutics

A number of large investors have recently bought and sold shares of the business. RA Capital Management L.P. raised its holdings in Mineralys Therapeutics by 19.1% during the 3rd quarter. RA Capital Management L.P. now owns 7,323,750 shares of the company’s stock worth $277,717,000 after buying an additional 1,176,470 shares during the period. Vanguard Group Inc. increased its position in shares of Mineralys Therapeutics by 11.1% during the fourth quarter. Vanguard Group Inc. now owns 3,352,880 shares of the company’s stock worth $121,676,000 after acquiring an additional 333,881 shares in the last quarter. State Street Corp increased its position in shares of Mineralys Therapeutics by 144.4% during the fourth quarter. State Street Corp now owns 3,184,999 shares of the company’s stock worth $115,584,000 after acquiring an additional 1,881,976 shares in the last quarter. Caligan Partners LP raised its holdings in shares of Mineralys Therapeutics by 37.4% during the third quarter. Caligan Partners LP now owns 2,772,654 shares of the company’s stock worth $105,139,000 after acquiring an additional 755,302 shares during the period. Finally, Suvretta Capital Management LLC raised its holdings in shares of Mineralys Therapeutics by 22.2% during the third quarter. Suvretta Capital Management LLC now owns 2,132,133 shares of the company’s stock worth $80,850,000 after acquiring an additional 387,641 shares during the period. 84.46% of the stock is owned by 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.