Mineralys Therapeutics (NASDAQ:MLYS) Sees Unusually-High Trading Volume on Insider Buying Activity

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) shares saw an uptick in trading volume on Tuesday after an insider bought additional shares in the company. 576,397 shares changed hands during 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 Mineralys Therapeutics stock in a transaction dated Thursday, March 13th. The shares were bought at an average cost of $13.50 per share, for a total transaction of $17,499,996.00. Following the completion of the acquisition, the director now owns 4,280,051 shares in the company, valued at approximately $57,780,688.50. This trade represents a 43.45 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Samsara Biocapital Gp, Llc acquired 600,000 shares of the stock in a transaction dated Thursday, March 13th. The stock was purchased at an average cost of $13.50 per share, with a total value of $8,100,000.00. Following the purchase, the insider now directly owns 5,674,916 shares of the company’s stock, valued at $76,611,366. This trade 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 research analysts have weighed in on MLYS shares. The Goldman Sachs Group reduced their target price 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. HC Wainwright reissued a “buy” rating and issued a $30.00 price objective 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 Trading Up 8.5 %

The firm has a market cap of $768.97 million, a price-to-earnings ratio of -4.24 and a beta of 1.50. The business’s 50-day simple moving average is $10.50 and its two-hundred day simple moving average is $11.97.

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Polar Asset Management Partners Inc. grew its stake in Mineralys Therapeutics by 144.7% during the fourth quarter. Polar Asset Management Partners Inc. now owns 99,100 shares of the company’s stock worth $1,220,000 after purchasing an additional 58,600 shares during the period. Tema Etfs LLC acquired a new stake in shares of Mineralys Therapeutics during the 4th quarter worth approximately $1,102,000. Stempoint Capital LP bought a new stake in shares of Mineralys Therapeutics in the 4th quarter valued at $4,925,000. ProShare Advisors LLC acquired a new position in shares of Mineralys Therapeutics during the 4th quarter valued at $128,000. Finally, Millennium Management LLC boosted its stake in Mineralys Therapeutics by 1,015.8% during the fourth quarter. Millennium Management LLC now owns 1,101,674 shares of the company’s stock worth $13,562,000 after acquiring an additional 1,002,941 shares in the last quarter. 84.46% of the stock is owned by institutional investors.

Mineralys Therapeutics Company Profile

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.