Mineralys Therapeutics (NASDAQ:MLYS) Shares Down 7% – Here’s What Happened

Mineralys Therapeutics, Inc. (NASDAQ:MLYS)’s share price dropped 7% during trading on Thursday . The stock traded as low as $32.71 and last traded at $32.89. Approximately 285,983 shares traded hands during trading, a decline of 73% from the average daily volume of 1,043,440 shares. The stock had previously closed at $35.35.

Analysts Set New Price Targets

MLYS has been the topic of a number of research analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Mineralys Therapeutics in a research note on Wednesday, October 8th. Stifel Nicolaus increased their price target on Mineralys Therapeutics from $45.00 to $52.00 and gave the company a “buy” rating in a research note on Friday, December 19th. Wells Fargo & Company lifted their price target on Mineralys Therapeutics from $50.00 to $55.00 and gave the company an “overweight” rating in a research report on Tuesday, November 11th. Finally, HC Wainwright boosted their price objective on Mineralys Therapeutics from $52.00 to $56.00 and gave the stock a “buy” rating in a research note on Wednesday, November 12th. Six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $47.43.

Mineralys Therapeutics Price Performance

The stock has a market capitalization of $2.64 billion, a P/E ratio of -11.31 and a beta of 0.49. The stock’s fifty day moving average is $39.00 and its two-hundred day moving average is $30.39.

Mineralys Therapeutics (NASDAQ:MLYS) last announced its quarterly earnings data on Monday, November 10th. The company reported ($0.52) EPS for the quarter, beating analysts’ consensus estimates of ($0.66) by $0.14. Analysts expect that Mineralys Therapeutics, Inc. will post -4.23 EPS for the current year.

Insider Transactions at Mineralys Therapeutics

In other Mineralys Therapeutics news, Director Daphne Karydas sold 15,000 shares of the business’s stock in a transaction dated Thursday, November 13th. The stock was sold at an average price of $45.99, for a total transaction of $689,850.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider David Malcom Rodman sold 192,715 shares of Mineralys Therapeutics stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $35.02, for a total transaction of $6,748,879.30. Following the completion of the transaction, the insider directly owned 61,804 shares in the company, valued at approximately $2,164,376.08. This trade represents a 75.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,668,178 shares of company stock worth $70,871,538 in the last three months. Insiders own 25.56% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in MLYS. Farallon Capital Management LLC purchased a new stake in shares of Mineralys Therapeutics during the third quarter worth $63,442,000. Holocene Advisors LP purchased a new position in Mineralys Therapeutics in the third quarter valued at about $45,708,000. RA Capital Management L.P. increased its position in Mineralys Therapeutics by 19.1% in the 3rd quarter. RA Capital Management L.P. now owns 7,323,750 shares of the company’s stock worth $277,717,000 after purchasing an additional 1,176,470 shares during the last quarter. Polar Capital Holdings Plc purchased a new stake in shares of Mineralys Therapeutics during the 3rd quarter worth about $40,149,000. Finally, Alliancebernstein L.P. lifted its holdings in shares of Mineralys Therapeutics by 3,160.1% during the 3rd quarter. Alliancebernstein L.P. now owns 882,415 shares of the company’s stock valued at $33,461,000 after buying an additional 855,348 shares during the last quarter. Institutional investors and hedge funds 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. The company was formerly known as Catalys SC1, Inc and changed its name to Mineralys Therapeutics, Inc in May 2020. The company was incorporated in 2019 and is headquartered in Radnor, Pennsylvania.