Mineralys Therapeutics (NASDAQ:MLYS) Hits New 12-Month High – Should You Buy?

Shares of Mineralys Therapeutics, Inc. (NASDAQ:MLYS) hit a new 52-week high during trading on Thursday . The company traded as high as $18.38 and last traded at $16.75, with a volume of 2284823 shares traded. The stock had previously closed at $15.43.

Wall Street Analyst Weigh In

A number of research firms have issued reports on MLYS. HC Wainwright restated a “buy” rating and set a $30.00 target price on shares of Mineralys Therapeutics in a research report on Monday, March 10th. The Goldman Sachs Group cut their price objective on shares of Mineralys Therapeutics from $28.00 to $24.00 and set a “buy” rating on the stock in a report on Thursday, February 13th. Finally, Guggenheim reaffirmed a “buy” rating on shares of Mineralys Therapeutics in a research note on Monday, February 24th.

Mineralys Therapeutics Stock Performance

The company has a market capitalization of $1.06 billion, a price-to-earnings ratio of -4.63 and a beta of 1.50. The company has a 50-day moving average price of $10.86 and a 200-day moving average price of $12.06.

Mineralys Therapeutics (NASDAQ:MLYS) last issued its quarterly earnings data on Wednesday, February 12th. The company reported ($0.98) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.00) by $0.02. As a group, sell-side analysts anticipate that Mineralys Therapeutics, Inc. will post -4.23 earnings per share for the current fiscal year.

Insider Activity at Mineralys Therapeutics

In related news, major shareholder Samsara Biocapital Gp, Llc acquired 600,000 shares of the stock in a transaction dated Thursday, March 13th. The stock was bought at an average price of $13.50 per share, with a total value of $8,100,000.00. Following the completion of the transaction, the insider now directly owns 5,674,916 shares of the company’s stock, valued at approximately $76,611,366. The trade was a 11.82 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ra Capital Management, L.P. acquired 1,296,296 shares of the business’s stock in a transaction that occurred on Thursday, March 13th. The stock was bought at an average cost of $13.50 per share, for a total transaction of $17,499,996.00. Following the completion of the transaction, the director now directly owns 4,280,051 shares in the company, valued at $57,780,688.50. This represents a 43.45 % increase in their position. The disclosure for this purchase can be found here. 33.24% of the stock is owned by corporate insiders.

Institutional Trading of Mineralys Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the company. BNP Paribas Financial Markets bought a new position in shares of Mineralys Therapeutics during the fourth quarter worth about $48,000. ProShare Advisors LLC acquired a new position in Mineralys Therapeutics during the 4th quarter worth approximately $128,000. China Universal Asset Management Co. Ltd. grew its stake in shares of Mineralys Therapeutics by 10.3% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 10,553 shares of the company’s stock worth $130,000 after acquiring an additional 989 shares in the last quarter. Price T Rowe Associates Inc. MD acquired a new stake in shares of Mineralys Therapeutics in the fourth quarter valued at approximately $145,000. Finally, PDT Partners LLC bought a new stake in shares of Mineralys Therapeutics in the third quarter worth $148,000. Institutional investors and hedge funds 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.