Mineralys Therapeutics (NASDAQ:MLYS) Trading Down 5.2% – What’s Next?

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) was down 5.2% during mid-day trading on Friday . The stock traded as low as $38.12 and last traded at $38.36. Approximately 528,411 shares traded hands during trading, a decline of 53% from the average daily volume of 1,113,225 shares. The stock had previously closed at $40.46.

Analyst Ratings Changes

Several analysts have issued reports on MLYS shares. Jefferies Financial Group upped their price objective on Mineralys Therapeutics from $15.00 to $26.00 and gave the company a “hold” rating in a research note on Wednesday, September 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Mineralys Therapeutics in a research note on Saturday, September 27th. The Goldman Sachs Group upped their price objective on Mineralys Therapeutics from $32.00 to $52.00 and gave the company a “buy” rating in a research note on Tuesday, September 9th. HC Wainwright restated a “buy” rating and set a $42.00 price objective on shares of Mineralys Therapeutics in a research note on Monday, September 8th. Finally, Wells Fargo & Company upped their price objective on Mineralys Therapeutics from $26.00 to $50.00 and gave the company an “overweight” rating in a research note on Thursday, September 11th. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $43.50.

Mineralys Therapeutics Stock Performance

The firm has a market capitalization of $2.52 billion, a P/E ratio of -10.69 and a beta of 0.40. The business has a fifty day moving average of $25.26 and a 200-day moving average of $18.24.

Mineralys Therapeutics (NASDAQ:MLYS) last issued its quarterly earnings data on Tuesday, August 12th. The company reported ($0.66) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.78) by $0.12. On average, equities research analysts forecast that Mineralys Therapeutics, Inc. will post -4.23 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Srinivas Akkaraju purchased 588,235 shares of the firm’s stock in a transaction on Thursday, September 4th. The stock was purchased at an average cost of $25.50 per share, with a total value of $14,999,992.50. Following the purchase, the director owned 588,235 shares in the company, valued at $14,999,992.50. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Adam Scott Levy sold 59,925 shares of the stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $14.76, for a total value of $884,493.00. Following the transaction, the chief financial officer directly owned 132,934 shares of the company’s stock, valued at approximately $1,962,105.84. The trade was a 31.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 134,418 shares of company stock worth $2,185,474 in the last quarter. 25.56% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Mineralys Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MLYS. Wellington Management Group LLP boosted its stake in Mineralys Therapeutics by 43.0% during the 4th quarter. Wellington Management Group LLP now owns 91,529 shares of the company’s stock valued at $1,127,000 after purchasing an additional 27,531 shares in the last quarter. GAMMA Investing LLC boosted its stake in Mineralys Therapeutics by 9,602.2% during the 1st quarter. GAMMA Investing LLC now owns 8,829 shares of the company’s stock valued at $140,000 after purchasing an additional 8,738 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Mineralys Therapeutics by 3.9% during the 1st quarter. Bank of New York Mellon Corp now owns 67,868 shares of the company’s stock valued at $1,078,000 after purchasing an additional 2,550 shares in the last quarter. CWM LLC boosted its stake in shares of Mineralys Therapeutics by 59.3% during the 1st quarter. CWM LLC now owns 8,342 shares of the company’s stock worth $132,000 after acquiring an additional 3,105 shares in the last quarter. Finally, SBI Securities Co. Ltd. boosted its stake in shares of Mineralys Therapeutics by 297.5% during the 1st quarter. SBI Securities Co. Ltd. now owns 1,590 shares of the company’s stock worth $25,000 after acquiring an additional 1,190 shares in the last quarter. 84.46% of the stock is owned by institutional investors.

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.