Mineralys Therapeutics (NASDAQ:MLYS) Shares Down 5.5% – What’s Next?

Mineralys Therapeutics, Inc. (NASDAQ:MLYS)’s share price dropped 5.5% on Thursday . The company traded as low as $29.00 and last traded at $28.7140. 560,271 shares were traded during trading, a decline of 60% from the average daily volume of 1,400,185 shares. The stock had previously closed at $30.40.

Analyst Ratings Changes

A number of brokerages recently issued reports on MLYS. Bank of America boosted their price target on Mineralys Therapeutics from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, March 13th. Wall Street Zen lowered Mineralys Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. TD Cowen assumed coverage on Mineralys Therapeutics in a research note on Monday, April 27th. They set a “buy” rating on the stock. Jefferies Financial Group restated a “hold” rating on shares of Mineralys Therapeutics in a report on Monday, June 1st. Finally, HC Wainwright reaffirmed a “buy” rating on shares of Mineralys Therapeutics in a research note on Monday, June 1st. Six 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. Based on data from MarketBeat.com, Mineralys Therapeutics currently has an average rating of “Moderate Buy” and an average price target of $49.33.

Mineralys Therapeutics Stock Down 4.9%

The company has a market capitalization of $2.39 billion, a P/E ratio of -14.15 and a beta of 0.66. The company has a 50-day moving average of $27.21 and a two-hundred day moving average of $28.97.

Mineralys Therapeutics (NASDAQ:MLYS) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($0.47) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.51) by $0.04. As a group, equities analysts expect that Mineralys Therapeutics, Inc. will post -2.3 EPS for the current fiscal year.

Insider Buying and Selling at Mineralys Therapeutics

In related news, Director Daphne Karydas sold 3,000 shares of the stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $25.00, for a total value of $75,000.00. Following the completion of the transaction, the director directly owned 6,200 shares in the company, valued at $155,000. This trade represents a 32.61% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Warren sold 104,124 shares of Mineralys Therapeutics stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $25.90, for a total transaction of $2,696,811.60. Following the transaction, the insider directly owned 38,400 shares of the company’s stock, valued at approximately $994,560. This trade represents a 73.06% 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 264,661 shares of company stock valued at $6,936,415 over the last 90 days. 18.94% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Mineralys Therapeutics

Several large investors have recently made changes to their positions in the business. RA Capital Management L.P. boosted its position in shares of Mineralys Therapeutics by 19.1% in the 3rd quarter. RA Capital Management L.P. now owns 7,323,750 shares of the company’s stock worth $277,717,000 after purchasing an additional 1,176,470 shares in the last quarter. Vanguard Group Inc. increased its position in Mineralys Therapeutics by 11.1% during the 4th quarter. Vanguard Group Inc. now owns 3,352,880 shares of the company’s stock valued at $121,676,000 after buying an additional 333,881 shares in the last quarter. State Street Corp increased its position in Mineralys Therapeutics by 144.4% during the 4th quarter. State Street Corp now owns 3,184,999 shares of the company’s stock valued at $115,584,000 after buying an additional 1,881,976 shares in the last quarter. Caligan Partners LP raised its stake in Mineralys Therapeutics by 37.4% during the third quarter. Caligan Partners LP now owns 2,772,654 shares of the company’s stock valued at $105,139,000 after buying an additional 755,302 shares during the last quarter. Finally, Suvretta Capital Management LLC boosted its holdings in Mineralys Therapeutics by 22.2% in the third quarter. Suvretta Capital Management LLC now owns 2,132,133 shares of the company’s stock worth $80,850,000 after acquiring an additional 387,641 shares in the last quarter. 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.