Mineralys Therapeutics (NASDAQ:MLYS) Shares Gap Up – Here’s What Happened

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) gapped up prior to trading on Tuesday . The stock had previously closed at $16.17, but opened at $16.71. Mineralys Therapeutics shares last traded at $16.73, with a volume of 67,417 shares trading hands.

Analysts Set New Price Targets

Several brokerages recently commented on MLYS. HC Wainwright restated a “buy” rating and set a $30.00 target price on shares of Mineralys Therapeutics in a report on Monday, March 10th. Guggenheim reaffirmed a “buy” rating on shares of Mineralys Therapeutics in a report on Monday, February 24th. Finally, The Goldman Sachs Group reduced their price objective on Mineralys Therapeutics from $28.00 to $24.00 and set a “buy” rating for the company in a report on Thursday, February 13th.

Mineralys Therapeutics Stock Performance

The firm’s fifty day simple moving average is $10.99 and its 200 day simple moving average is $12.10. The stock has a market capitalization of $1.04 billion, a P/E ratio of -4.56 and a beta of 1.50.

Mineralys Therapeutics (NASDAQ:MLYS) last announced its quarterly earnings data on Wednesday, February 12th. The company reported ($0.98) EPS for the quarter, beating the consensus estimate of ($1.00) by $0.02. Analysts anticipate that Mineralys Therapeutics, Inc. will post -4.23 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Jon Congleton sold 18,333 shares of the company’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $9.06, for a total transaction of $166,096.98. Following the completion of the transaction, the chief executive officer now directly owns 877,608 shares in the company, valued at $7,951,128.48. This represents a 2.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Adam Scott Levy sold 10,757 shares of the stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $9.10, for a total transaction of $97,888.70. Following the completion of the transaction, the chief financial officer now directly owns 226,097 shares of the company’s stock, valued at approximately $2,057,482.70. The trade was a 4.54 % decrease in their position. The disclosure for this sale can be found here. 33.24% of the stock is owned by corporate insiders.

Institutional Trading of Mineralys Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP boosted its holdings in shares of Mineralys Therapeutics by 43.0% during the 4th quarter. Wellington Management Group LLP now owns 91,529 shares of the company’s stock valued at $1,127,000 after acquiring an additional 27,531 shares in the last quarter. Polar Asset Management Partners Inc. raised its position in Mineralys Therapeutics by 144.7% in the fourth quarter. Polar Asset Management Partners Inc. now owns 99,100 shares of the company’s stock valued at $1,220,000 after purchasing an additional 58,600 shares during the last quarter. Tema Etfs LLC acquired a new stake in shares of Mineralys Therapeutics during the fourth quarter valued at about $1,102,000. Stempoint Capital LP bought a new stake in shares of Mineralys Therapeutics during the fourth quarter worth about $4,925,000. Finally, ProShare Advisors LLC bought a new stake in shares of Mineralys Therapeutics during the fourth quarter worth about $128,000. Institutional investors own 84.46% of the company’s stock.

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.