Mineralys Therapeutics (NASDAQ:MLYS) Shares Gap Up – Should You Buy?

Mineralys Therapeutics, Inc. (NASDAQ:MLYS)’s stock price gapped up before the market opened 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 traded.

Wall Street Analysts Forecast Growth

MLYS has been the subject of several research reports. The Goldman Sachs Group reduced their target price on shares of Mineralys Therapeutics from $28.00 to $24.00 and set a “buy” rating for the company in a research note on Thursday, February 13th. HC Wainwright restated a “buy” rating and issued a $30.00 target price on shares of Mineralys Therapeutics in a research note on Monday, March 10th. Finally, Guggenheim reaffirmed a “buy” rating on shares of Mineralys Therapeutics in a research report on Monday, February 24th.

Mineralys Therapeutics Stock Up 2.7 %

The stock has a market cap of $1.04 billion, a price-to-earnings ratio of -4.56 and a beta of 1.50. The company’s 50-day moving average is $10.99 and its 200-day moving average is $12.10.

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

Insiders Place Their Bets

In other Mineralys Therapeutics news, CFO Adam Scott Levy sold 10,757 shares of the business’s stock in a transaction on Monday, January 13th. The stock was sold at an average price of $9.10, for a total value of $97,888.70. Following the transaction, the chief financial officer now 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jon Congleton sold 18,333 shares of the firm’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $9.06, for a total value of $166,096.98. Following the completion of the sale, the chief executive officer now owns 877,608 shares of the company’s stock, valued at approximately $7,951,128.48. This trade represents a 2.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 33.24% of the company’s stock.

Hedge Funds Weigh In On Mineralys Therapeutics

A number of large investors have recently modified their holdings of MLYS. Polar Asset Management Partners Inc. bought a new position in Mineralys Therapeutics in the 3rd quarter worth approximately $490,000. Jennison Associates LLC lifted its holdings in Mineralys Therapeutics by 55.4% in the fourth quarter. Jennison Associates LLC now owns 1,082,006 shares of the company’s stock valued at $13,319,000 after buying an additional 385,726 shares during the period. Barclays PLC boosted its stake in Mineralys Therapeutics by 281.8% in the third quarter. Barclays PLC now owns 38,218 shares of the company’s stock valued at $463,000 after acquiring an additional 28,208 shares during the last quarter. Wellington Management Group LLP acquired a new stake in Mineralys Therapeutics during the 3rd quarter worth $775,000. Finally, State Street Corp grew its holdings in Mineralys Therapeutics by 4.0% during the 3rd quarter. State Street Corp now owns 483,766 shares of the company’s stock worth $5,858,000 after acquiring an additional 18,627 shares during the period. 84.46% of the stock is currently owned by institutional investors and hedge funds.

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.