Mineralys Therapeutics (NASDAQ:MLYS) Trading Down 9.5% – What’s Next?

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) traded down 9.5% during mid-day trading on Tuesday . The stock traded as low as $13.45 and last traded at $13.54. 1,279,112 shares traded hands during mid-day trading, an increase of 94% from the average session volume of 659,898 shares. The stock had previously closed at $14.96.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. HC Wainwright reaffirmed a “buy” rating and set a $30.00 price objective on shares of Mineralys Therapeutics in a research note on Monday. The Goldman Sachs Group decreased their target price on Mineralys Therapeutics from $28.00 to $24.00 and set a “buy” rating for the company in a research report on Thursday, February 13th. Finally, Guggenheim reiterated a “buy” rating on shares of Mineralys Therapeutics in a research report on Monday, February 24th.

Mineralys Therapeutics Stock Up 3.0 %

The company has a market capitalization of $672.79 million, a P/E ratio of -3.71 and a beta of 1.50. The company’s fifty day moving average price is $10.37 and its 200 day moving average price is $11.91.

Mineralys Therapeutics (NASDAQ:MLYS) last released its quarterly earnings data on Wednesday, February 12th. The company reported ($0.98) earnings per share for the quarter, beating the consensus estimate of ($1.00) by $0.02. Research analysts predict that Mineralys Therapeutics, Inc. will post -4.23 earnings per share for the current fiscal year.

Insider Buying and Selling at Mineralys Therapeutics

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

Hedge Funds Weigh In On Mineralys Therapeutics

A number of large investors have recently made changes to their positions in MLYS. Franklin Resources Inc. increased its position in shares of Mineralys Therapeutics by 17.7% during the third quarter. Franklin Resources Inc. now owns 1,745,513 shares of the company’s stock valued at $21,138,000 after buying an additional 262,922 shares during the period. Vanguard Group Inc. grew its position in shares of Mineralys Therapeutics by 5.0% during the 4th quarter. Vanguard Group Inc. now owns 1,432,042 shares of the company’s stock valued at $17,628,000 after purchasing an additional 68,811 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Mineralys Therapeutics by 1,015.8% in the fourth quarter. Millennium Management LLC now owns 1,101,674 shares of the company’s stock worth $13,562,000 after purchasing an additional 1,002,941 shares during the period. Jennison Associates LLC raised its position in shares of Mineralys Therapeutics by 55.4% in the fourth quarter. Jennison Associates LLC now owns 1,082,006 shares of the company’s stock worth $13,319,000 after buying an additional 385,726 shares in the last quarter. Finally, Caligan Partners LP boosted its stake in Mineralys Therapeutics by 3.1% during the fourth 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 period. 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.