Mineralys Therapeutics (NASDAQ:MLYS) Stock Price Down 7.2% – Here’s What Happened

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) was down 7.2% on Wednesday . The company traded as low as $27.71 and last traded at $27.14. Approximately 371,885 shares changed hands during mid-day trading, a decline of 69% from the average daily volume of 1,198,071 shares. The stock had previously closed at $29.26.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on MLYS shares. Bank of America upped their price target on shares of Mineralys Therapeutics from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, March 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Mineralys Therapeutics in a research note on Tuesday, April 21st. Jefferies Financial Group reissued a “hold” rating and issued a $30.00 price target on shares of Mineralys Therapeutics in a research note on Friday, March 13th. TD Cowen assumed coverage on Mineralys Therapeutics in a research note on Monday, April 27th. They issued a “buy” rating for the company. Finally, HC Wainwright set a $56.00 price objective on shares of Mineralys Therapeutics and gave the company a “buy” rating in a research note on Tuesday, March 10th. Seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $49.14.

Mineralys Therapeutics Stock Performance

The stock has a 50 day moving average of $27.17 and a two-hundred day moving average of $32.85. The firm has a market capitalization of $2.26 billion, a P/E ratio of -13.33 and a beta of 0.49.

Mineralys Therapeutics (NASDAQ:MLYS) last posted its earnings results on Wednesday, May 6th. The company reported ($0.47) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.51) by $0.04. Sell-side analysts predict that Mineralys Therapeutics, Inc. will post -2.3 EPS for the current year.

Insiders Place Their Bets

In related news, insider David Malcom Rodman sold 6,348 shares of the stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $27.66, for a total transaction of $175,585.68. Following the completion of the sale, the insider owned 69,792 shares in the company, valued at $1,930,446.72. This represents a 8.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Daphne Karydas sold 3,000 shares of the stock in a transaction that occurred on Tuesday, March 31st. The shares were sold at an average price of $25.00, for a total value of $75,000.00. Following the sale, the director owned 6,200 shares of the company’s stock, valued at approximately $155,000. The trade was a 32.61% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 160,120 shares of company stock worth $4,270,828 in the last 90 days. 18.94% of the stock is owned by company insiders.

Hedge Funds Weigh In On Mineralys Therapeutics

Several large investors have recently bought and sold shares of the stock. Smartleaf Asset Management LLC raised its stake in Mineralys Therapeutics by 198.2% during the 3rd quarter. Smartleaf Asset Management LLC now owns 1,017 shares of the company’s stock valued at $40,000 after purchasing an additional 676 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Mineralys Therapeutics by 4.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,085 shares of the company’s stock valued at $271,000 after purchasing an additional 702 shares during the last quarter. Navalign LLC acquired a new position in Mineralys Therapeutics during the 4th quarter valued at $33,000. Velan Capital Investment Management LP raised its stake in Mineralys Therapeutics by 0.6% during the 3rd quarter. Velan Capital Investment Management LP now owns 175,600 shares of the company’s stock valued at $6,659,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Royal Bank of Canada raised its stake in Mineralys Therapeutics by 262.3% during the 4th quarter. Royal Bank of Canada now owns 1,529 shares of the company’s stock valued at $56,000 after purchasing an additional 1,107 shares during the last quarter. 84.46% of the stock is currently owned by institutional investors and hedge funds.

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. 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.