BlackRock Inc. Buys New Position in Mineralys Therapeutics, Inc. $MLYS

Key Points

• BlackRock acquired 5.89 million shares of Mineralys Therapeutics during the second quarter, worth approximately $158.8 million and representing a 7.14% stake. Institutional investors collectively own 84.46% of the company.
• Mineralys shares opened at $25.60, down 1.6%, while the company reported a quarterly loss of $2.85 per share—well below the $0.55 loss analysts expected. Analysts project a full-year loss of $4.45 per share.
• Analyst sentiment is mixed, with a consensus “Hold” rating and a $49.33 price target; meanwhile, insiders sold 224,333 shares worth $5.8 million over the past three months.

BlackRock Inc. purchased a new position in shares of Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 5,887,038 shares of the company's stock, valued at approximately $158,832,000. BlackRock Inc. owned approximately 7.14% of Mineralys Therapeutics as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Navalign LLC acquired a new position in shares of Mineralys Therapeutics during the fourth quarter worth $33,000. KBC Group NV acquired a new stake in Mineralys Therapeutics during the 1st quarter valued at $33,000. Royal Bank of Canada increased its stake in Mineralys Therapeutics by 262.3% during the 4th quarter. Royal Bank of Canada now owns 1,529 shares of the company's stock worth $56,000 after buying an additional 1,107 shares during the period. Caitong International Asset Management Co. Ltd increased its stake in Mineralys Therapeutics by 1,845.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,101 shares of the company's stock worth $76,000 after buying an additional 1,993 shares during the period. Finally, FNY Investment Advisers LLC increased its stake in Mineralys Therapeutics by 400.0% during the 2nd quarter. FNY Investment Advisers LLC now owns 2,500 shares of the company's stock worth $67,000 after buying an additional 2,000 shares during the period. Hedge funds and other institutional investors own 84.46% of the company's stock.

Mineralys Therapeutics Trading Down 1.6%

MLYS opened at $25.60 on Friday. Mineralys Therapeutics, Inc. has a 12-month low of $14.94 and a 12-month high of $47.65. The company has a debt-to-equity ratio of 0.18, a current ratio of 34.46 and a quick ratio of 34.46. The stock has a market capitalization of $2.26 billion, a PE ratio of -6.04 and a beta of 0.68. The firm's fifty day moving average price is $26.88 and its 200 day moving average price is $27.17.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) last announced its quarterly earnings data on Wednesday, August 12th. The company reported ($2.85) earnings per share for the quarter, missing the consensus estimate of ($0.55) by ($2.30). As a group, research analysts expect that Mineralys Therapeutics, Inc. will post -4.45 EPS for the current fiscal year.

Wall Street Analyst Weigh In

MLYS has been the subject of a number of analyst reports. Wall Street Zen cut shares of Mineralys Therapeutics from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 15th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Mineralys Therapeutics in a research report on Friday, July 17th. HC Wainwright reaffirmed a "buy" rating on shares of Mineralys Therapeutics in a research report on Monday, June 1st. Zacks Research cut Mineralys Therapeutics from a "hold" rating to a "strong sell" rating in a research note on Thursday, August 13th. Finally, Jefferies Financial Group reissued a "hold" rating on shares of Mineralys Therapeutics in a report on Monday, June 1st. Six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $49.33.

Insider Activity at Mineralys Therapeutics

In related news, CEO Jon Congleton sold 75,000 shares of Mineralys Therapeutics stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $26.14, for a total value of $1,960,500.00. Following the completion of the transaction, the chief executive officer directly owned 614,321 shares in the company, valued at approximately $16,058,350.94. This trade represents a 10.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Warren sold 104,124 shares of the business's stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $25.90, for a total value of $2,696,811.60. Following the completion of the sale, the insider directly owned 38,400 shares of the company's stock, valued at approximately $994,560. This represents a 73.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 224,333 shares of company stock worth $5,806,213. 18.94% of the stock is currently owned by company insiders.

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.

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