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Adam Levy, the CFO and Secretary of Mineralys Therapeutics , Inc. (NASDAQ:MLYS), a company currently valued at $901 million, recently executed a sale of company stock valued at $129,684. According to InvestingPro data, the stock has shown strong momentum with an 8% gain in the past week. The transaction, which took place on April 11, involved the sale of 10,757 shares at a weighted-average price of $12.0558 per share. This sale was conducted under a Rule 10b5-1 trading plan that Levy adopted in November 2023. Following this transaction, Levy holds 215,340 shares of Mineralys Therapeutics. The shares were sold at prices ranging from $11.78 to $12.35, notably below the current analyst targets ranging from $26 to $52. InvestingPro analysis reveals the company maintains strong liquidity with a current ratio of 14, though it’s currently experiencing rapid cash burn. Get the complete financial health analysis and 8 additional key insights with InvestingPro.
In other recent news, Mineralys Therapeutics, Inc. announced the pricing of its public offering at $13.50 per share, aiming to raise approximately $175 million, with an option for underwriters to purchase additional shares. The proceeds from this offering are intended to support the clinical development of lorundrostat, their lead drug candidate. In a separate announcement, Mineralys also initiated a $250 million public offering, with funds similarly earmarked for research, development, and pre-commercialization activities related to lorundrostat.
The company recently presented positive data from its Phase 3 Launch-HTN and Phase 2 Advance-HTN trials, which demonstrated significant reductions in systolic blood pressure with lorundrostat. The safety profile was deemed acceptable, with only a small percentage of patients experiencing side effects like hyperkalemia. Analysts from Goldman Sachs and Stifel have maintained their Buy ratings on Mineralys stock, with price targets set at $24.00 and $45.00, respectively. These ratings follow the promising trial outcomes and the potential of lorundrostat to address hypertension and related conditions.
The upcoming presentation at the American College of Cardiology’s Annual Scientific Session & Expo will provide further insights into lorundrostat’s efficacy and safety. Mineralys continues to focus on developing treatments for conditions affected by dysregulated aldosterone, such as hypertension and chronic kidney disease.
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