Mineralys Therapeutics (NASDAQ:MLYS) Stock Price Down 3.4% – What’s Next?

Mineralys Therapeutics, Inc. (NASDAQ:MLYS)’s stock price dropped 3.4% on Tuesday . The stock traded as low as $35.52 and last traded at $35.5750. Approximately 76,561 shares traded hands during trading, a decline of 94% from the average daily volume of 1,202,848 shares. The stock had previously closed at $36.83.

Wall Street Analysts Forecast Growth

MLYS has been the topic of several research analyst reports. Stifel Nicolaus lifted their price target on shares of Mineralys Therapeutics from $45.00 to $52.00 and gave the stock a “buy” rating in a research note on Friday, December 19th. HC Wainwright lifted their target price on Mineralys Therapeutics from $52.00 to $56.00 and gave the stock a “buy” rating in a research report on Wednesday, November 12th. Wells Fargo & Company upped their target price on Mineralys Therapeutics from $50.00 to $55.00 and gave the company an “overweight” rating in a research report on Tuesday, November 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Mineralys Therapeutics in a research report on Wednesday, October 8th. Finally, The Goldman Sachs Group increased their price objective on Mineralys Therapeutics from $32.00 to $52.00 and gave the company a “buy” rating in a report on Tuesday, September 9th. Six investment 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. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.43.

Mineralys Therapeutics Stock Down 4.0%

The company has a market capitalization of $2.80 billion, a PE ratio of -11.99 and a beta of 0.40. The stock’s fifty day simple moving average is $40.05 and its 200-day simple moving average is $29.27.

Mineralys Therapeutics (NASDAQ:MLYS) last posted its earnings results on Monday, November 10th. The company reported ($0.52) EPS for the quarter, topping 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 Buying and Selling

In other news, Director Brian Taylor Slingsby sold 1,000,000 shares of the stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $43.35, for a total value of $43,350,000.00. Following the sale, the director directly owned 7,903,838 shares in the company, valued at $342,631,377.30. This represents a 11.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Adam Scott Levy sold 119,524 shares of the company’s stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $44.88, for a total value of $5,364,237.12. Following the completion of the sale, the chief financial officer directly owned 19,396 shares in the company, valued at approximately $870,492.48. The trade was a 86.04% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 1,405,426 shares of company stock valued at $61,610,431. 33.24% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Mineralys Therapeutics by 51.0% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,518 shares of the company’s stock valued at $34,000 after buying an additional 850 shares during the last quarter. Smartleaf Asset Management LLC lifted its stake in shares of Mineralys Therapeutics by 198.2% during the 3rd quarter. Smartleaf Asset Management LLC now owns 1,017 shares of the company’s stock worth $40,000 after purchasing an additional 676 shares during the period. Ameritas Investment Partners Inc. boosted its holdings in shares of Mineralys Therapeutics by 42.8% during the second quarter. Ameritas Investment Partners Inc. now owns 3,995 shares of the company’s stock worth $54,000 after purchasing an additional 1,197 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in shares of Mineralys Therapeutics during the second quarter worth $91,000. Finally, Quarry LP purchased a new stake in shares of Mineralys Therapeutics in the first quarter valued at $111,000. 84.46% of the stock is currently owned by hedge funds and other institutional investors.

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.