Brokerages Set Mineralys Therapeutics, Inc. (NASDAQ:MLYS) Target Price at $49.33

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) has received an average rating of “Moderate Buy” from the eight ratings firms that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and six have issued a buy recommendation on the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $49.3333.

A number of research firms recently weighed in on MLYS. Wall Street Zen downgraded shares of Mineralys Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Mineralys Therapeutics in a research note on Friday. Jefferies Financial Group reaffirmed a “hold” rating on shares of Mineralys Therapeutics in a report on Monday, June 1st. TD Cowen assumed coverage on shares of Mineralys Therapeutics in a research report on Monday, April 27th. They set a “buy” rating for the company. Finally, HC Wainwright reiterated a “buy” rating on shares of Mineralys Therapeutics in a research report on Monday, June 1st.

Insider Buying and Selling

In related news, CEO Jon Congleton sold 75,000 shares of Mineralys Therapeutics stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $26.14, for a total transaction of $1,960,500.00. Following the completion of the sale, the chief executive officer directly owned 614,321 shares of the company’s stock, valued at $16,058,350.94. The trade was a 10.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Daphne Karydas sold 3,000 shares of the company’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $25.00, for a total value of $75,000.00. Following the completion of the sale, the director owned 6,200 shares of the company’s stock, valued at $155,000. This represents a 32.61% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 230,280 shares of company stock valued at $6,018,442 in the last three months. 18.94% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Mineralys Therapeutics

Several institutional investors have recently modified their holdings of MLYS. Handelsbanken Fonder AB increased its stake in shares of Mineralys Therapeutics by 92.9% in the 2nd quarter. Handelsbanken Fonder AB now owns 27,200 shares of the company’s stock valued at $734,000 after acquiring an additional 13,100 shares during the last quarter. FNY Investment Advisers LLC boosted its stake in Mineralys Therapeutics by 400.0% during the 2nd quarter. FNY Investment Advisers LLC now owns 2,500 shares of the company’s stock worth $67,000 after acquiring an additional 2,000 shares during the last quarter. Seven Fleet Capital Management LP grew its holdings in Mineralys Therapeutics by 65.5% during the first quarter. Seven Fleet Capital Management LP now owns 69,571 shares of the company’s stock valued at $1,885,000 after purchasing an additional 27,546 shares during the period. Bank of America Corp DE grew its holdings in Mineralys Therapeutics by 11.5% during the first quarter. Bank of America Corp DE now owns 1,100,372 shares of the company’s stock valued at $29,809,000 after purchasing an additional 113,092 shares during the period. Finally, Stempoint Capital LP grew its holdings in Mineralys Therapeutics by 83.9% during the first quarter. Stempoint Capital LP now owns 533,378 shares of the company’s stock valued at $14,449,000 after purchasing an additional 243,329 shares during the period. 84.46% of the stock is currently owned by institutional investors and hedge funds.

Mineralys Therapeutics Stock Up 3.0%

Shares of MLYS stock opened at $27.52 on Friday. The firm has a market cap of $2.27 billion, a price-to-earnings ratio of -13.42 and a beta of 0.66. Mineralys Therapeutics has a 12 month low of $12.59 and a 12 month high of $47.65. The stock has a 50-day moving average price of $27.07 and a 200 day moving average price of $28.38.

Mineralys Therapeutics (NASDAQ:MLYS) last released its earnings results on Wednesday, May 6th. The company reported ($0.47) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.51) by $0.04. Sell-side analysts predict that Mineralys Therapeutics will post -2.3 earnings per share for the current fiscal 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. 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.