Mineralys Therapeutics, Inc. (NASDAQ:MLYS) Sees Significant Drop in Short Interest

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) was the recipient of a large decrease in short interest during the month of October. As of October 31st, there was short interest totalling 1,410,000 shares, a decrease of 22.1% from the October 15th total of 1,810,000 shares. Based on an average daily trading volume, of 213,500 shares, the short-interest ratio is presently 6.6 days. Currently, 7.9% of the shares of the stock are short sold.

Mineralys Therapeutics Trading Up 12.4 %

MLYS opened at $7.15 on Wednesday. The company has a market cap of $293.87 million and a price-to-earnings ratio of -2.28. The stock has a fifty day simple moving average of $9.36 and a two-hundred day simple moving average of $12.79. Mineralys Therapeutics has a 12-month low of $6.14 and a 12-month high of $21.98.

Insider Transactions at Mineralys Therapeutics

In related news, CEO Jon Congleton bought 2,250 shares of the business’s stock in a transaction that occurred on Thursday, August 17th. The stock was bought at an average cost of $12.10 per share, for a total transaction of $27,225.00. Following the completion of the transaction, the chief executive officer now owns 1,042,568 shares of the company’s stock, valued at $12,615,072.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Institutional Trading of Mineralys Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Braidwell LP boosted its holdings in Mineralys Therapeutics by 267.8% in the third quarter. Braidwell LP now owns 2,023,900 shares of the company’s stock worth $19,247,000 after acquiring an additional 1,473,600 shares in the last quarter. Schonfeld Strategic Advisors LLC raised its position in shares of Mineralys Therapeutics by 64.3% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 192,362 shares of the company’s stock worth $1,829,000 after purchasing an additional 75,248 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in Mineralys Therapeutics by 2,841.5% in the 3rd quarter. Tower Research Capital LLC TRC now owns 10,060 shares of the company’s stock worth $96,000 after purchasing an additional 9,718 shares in the last quarter. CHI Advisors LLC purchased a new stake in Mineralys Therapeutics during the 3rd quarter valued at about $5,405,000. Finally, Federated Hermes Inc. increased its stake in Mineralys Therapeutics by 8.3% during the 3rd quarter. Federated Hermes Inc. now owns 22,293 shares of the company’s stock valued at $212,000 after purchasing an additional 1,700 shares in the last quarter. Hedge funds and other institutional investors own 61.66% of the company’s stock.

Analysts Set New Price Targets

Separately, Credit Suisse Group reduced their price target on shares of Mineralys Therapeutics from $38.00 to $37.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 8th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Mineralys Therapeutics has an average rating of “Buy” and an average target price of $36.00.

Mineralys Therapeutics Company Profile

Mineralys Therapeutics, Inc, a clinical-stage biopharmaceutical company that develops therapies for the treatment of hypertension and associated cardiovascular diseases. It clinical-stage product candidate is lorundrostat, a proprietary, orally administered, highly selective aldosterone synthase inhibitor for the treatment of patients with uncontrolled or resistant hypertension.