Guggenheim Reaffirms “Buy” Rating for Mineralys Therapeutics (NASDAQ:MLYS)

Mineralys Therapeutics (NASDAQ:MLYS)‘s stock had its “buy” rating reaffirmed by stock analysts at Guggenheim in a note issued to investors on Monday,Benzinga reports.

Several other brokerages have also recently issued reports on MLYS. HC Wainwright reiterated a “buy” rating and issued a $30.00 price target on shares of Mineralys Therapeutics in a research note on Thursday, February 13th. The Goldman Sachs Group lowered their price target on shares of Mineralys Therapeutics from $28.00 to $24.00 and set a “buy” rating for the company in a report on Thursday, February 13th.

Mineralys Therapeutics Stock Performance

Shares of MLYS opened at $8.76 on Monday. Mineralys Therapeutics has a 52 week low of $8.24 and a 52 week high of $16.91. The firm has a market cap of $436.56 million, a P/E ratio of -2.41 and a beta of 1.44. The firm’s 50-day simple moving average is $10.74 and its 200 day simple moving average is $11.91.

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

Insider Activity at Mineralys Therapeutics

In other Mineralys Therapeutics news, CFO Adam Scott Levy sold 10,757 shares of the company’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $9.10, for a total transaction of $97,888.70. Following the sale, the chief financial officer now owns 226,097 shares of the company’s stock, valued at approximately $2,057,482.70. This represents a 4.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Jon Congleton sold 18,333 shares of the stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $9.06, for a total transaction of $166,096.98. Following the transaction, the chief executive officer now directly owns 877,608 shares in the company, valued at $7,951,128.48. This trade represents a 2.05 % decrease in their position. The disclosure for this sale can be found here. 33.24% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Mineralys Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in MLYS. Franklin Resources Inc. raised its holdings in shares of Mineralys Therapeutics by 17.7% in the 3rd quarter. Franklin Resources Inc. now owns 1,745,513 shares of the company’s stock worth $21,138,000 after acquiring an additional 262,922 shares during the last quarter. Vanguard Group Inc. increased its stake in Mineralys Therapeutics by 5.0% in the 4th quarter. Vanguard Group Inc. now owns 1,432,042 shares of the company’s stock valued at $17,628,000 after buying an additional 68,811 shares during the last quarter. Millennium Management LLC increased its stake in Mineralys Therapeutics by 1,015.8% in the 4th quarter. Millennium Management LLC now owns 1,101,674 shares of the company’s stock valued at $13,562,000 after buying an additional 1,002,941 shares during the last quarter. Jennison Associates LLC increased its stake in Mineralys Therapeutics by 55.4% in the 4th 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 last quarter. Finally, Caligan Partners LP increased its stake in Mineralys Therapeutics by 3.1% in the 4th quarter. Caligan Partners LP now owns 1,011,155 shares of the company’s stock valued at $12,447,000 after buying an additional 30,000 shares during the last quarter. 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.