Mineralys Therapeutics (NASDAQ:MLYS) Sees Strong Trading Volume Following Insider Buying Activity

Shares of Mineralys Therapeutics, Inc. (NASDAQ:MLYS) saw strong trading volume on Tuesday following insider buying activity. 576,397 shares traded hands during mid-day trading, an increase of 89% from the previous session’s volume of 305,686 shares.The stock last traded at $14.87 and had previously closed at $14.22.

Specifically, Director Ra Capital Management, L.P. purchased 1,296,296 shares of the firm’s stock in a transaction that occurred on Thursday, March 13th. The stock was bought at an average cost of $13.50 per share, with a total value of $17,499,996.00. Following the completion of the purchase, the director now directly owns 4,280,051 shares in the company, valued at approximately $57,780,688.50. This represents a 43.45 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Samsara Biocapital Gp, Llc purchased 600,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 13th. The stock was bought at an average cost of $13.50 per share, with a total value of $8,100,000.00. Following the completion of the purchase, the insider now owns 5,674,916 shares of the company’s stock, valued at $76,611,366. This represents a 11.82 % increase in their ownership of the stock. The disclosure for this purchase can be found here.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Guggenheim reissued a “buy” rating on shares of Mineralys Therapeutics in a research note on Monday, February 24th. The Goldman Sachs Group decreased their price target 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. Finally, HC Wainwright reissued a “buy” rating and issued a $30.00 price target on shares of Mineralys Therapeutics in a research note on Monday, March 10th.

Mineralys Therapeutics Stock Up 8.6 %

The firm has a market cap of $1.05 billion, a PE ratio of -4.60 and a beta of 1.50. The stock’s fifty day simple moving average is $10.61 and its two-hundred day simple moving average is $12.00.

Mineralys Therapeutics (NASDAQ:MLYS) last announced its quarterly earnings data on Wednesday, February 12th. The company reported ($0.98) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.00) by $0.02. On average, equities research analysts anticipate that Mineralys Therapeutics, Inc. will post -4.23 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Mineralys Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. China Universal Asset Management Co. Ltd. grew its holdings in Mineralys Therapeutics by 10.3% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 10,553 shares of the company’s stock worth $130,000 after purchasing an additional 989 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Mineralys Therapeutics by 0.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 214,906 shares of the company’s stock valued at $2,645,000 after buying an additional 1,307 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Mineralys Therapeutics by 0.7% during the fourth quarter. Northern Trust Corp now owns 246,113 shares of the company’s stock valued at $3,030,000 after buying an additional 1,688 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Mineralys Therapeutics by 2.7% during the fourth quarter. Bank of New York Mellon Corp now owns 65,318 shares of the company’s stock valued at $804,000 after buying an additional 1,711 shares during the last quarter. Finally, Wells Fargo & Company MN grew its holdings in shares of Mineralys Therapeutics by 19.1% during the fourth quarter. Wells Fargo & Company MN now owns 23,714 shares of the company’s stock valued at $292,000 after buying an additional 3,802 shares during the last quarter. Hedge funds and other 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.