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

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

Analysts Set New Price Targets

Several research firms have recently issued reports on MLYS. 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. 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. TD Cowen initiated coverage on shares of Mineralys Therapeutics in a research note on Monday, April 27th. They issued a “buy” rating for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Mineralys Therapeutics in a research note on Tuesday, April 21st. Finally, Wall Street Zen downgraded Mineralys Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday. Seven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $49.14.

Mineralys Therapeutics Trading Down 6.5%

The business’s fifty day moving average is $27.17 and its 200 day moving average is $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 released its earnings results on Wednesday, May 6th. The company reported ($0.47) EPS for the quarter, topping analysts’ consensus estimates of ($0.51) by $0.04. As a group, sell-side analysts predict that Mineralys Therapeutics, Inc. will post -2.3 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Ra Capital Management, L.P. bought 310,700 shares of the business’s stock in a transaction dated Friday, March 27th. The shares were bought at an average cost of $23.67 per share, with a total value of $7,354,269.00. Following the completion of the transaction, the director directly owned 5,767,221 shares of the company’s stock, valued at approximately $136,510,121.07. This trade represents a 5.69% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Daphne Karydas sold 3,000 shares of Mineralys Therapeutics stock in a transaction that occurred on Tuesday, March 31st. The stock was sold at an average price of $25.00, for a total transaction of $75,000.00. Following the completion of the transaction, the director directly owned 6,200 shares in the company, valued at approximately $155,000. This trade represents a 32.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 160,120 shares of company stock valued at $4,270,828 over the last ninety days. 18.94% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Mineralys Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of MLYS. Hudson Bay Capital Management LP purchased a new stake in shares of Mineralys Therapeutics in the third quarter worth approximately $2,873,000. SG Americas Securities LLC lifted its position in shares of Mineralys Therapeutics by 130.7% in the fourth quarter. SG Americas Securities LLC now owns 230,795 shares of the company’s stock worth $8,376,000 after purchasing an additional 130,758 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Mineralys Therapeutics by 29.8% in the third quarter. Vanguard Group Inc. now owns 3,018,999 shares of the company’s stock worth $114,480,000 after purchasing an additional 692,550 shares in the last quarter. Citigroup Inc. lifted its position in shares of Mineralys Therapeutics by 501.7% in the third quarter. Citigroup Inc. now owns 163,168 shares of the company’s stock worth $6,187,000 after purchasing an additional 136,050 shares in the last quarter. Finally, Farallon Capital Management LLC purchased a new stake in shares of Mineralys Therapeutics in the third quarter worth approximately $63,442,000. Hedge funds and other institutional investors 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.