Greenland Capital Management LP Sells 53,500 Shares of Mineralys Therapeutics, Inc. $MLYS

Key Points

• Greenland Capital Management cut its Mineralys Therapeutics stake by 64.1% in the second quarter, selling 53,500 shares and retaining 30,000 shares valued at approximately $809,000.
• Institutional ownership remains high at 84.46%, although insider selling has also been notable: executives sold 224,333 shares worth roughly $5.8 million over the past 90 days.
• Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $49.33; the company also missed quarterly EPS estimates by $2.30, reporting a loss of $2.85 per share.

Greenland Capital Management LP reduced its holdings in Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Free Report) by 64.1% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 30,000 shares of the company's stock after selling 53,500 shares during the period. Greenland Capital Management LP's holdings in Mineralys Therapeutics were worth $809,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in MLYS. Pale Fire Capital SE raised its position in shares of Mineralys Therapeutics by 68.0% during the 2nd quarter. Pale Fire Capital SE now owns 614,284 shares of the company's stock valued at $16,573,000 after buying an additional 248,658 shares in the last quarter. Nantahala Capital Management LLC bought a new stake in Mineralys Therapeutics during the second quarter worth approximately $22,136,577. Capstone Investment Advisors LLC purchased a new stake in Mineralys Therapeutics during the second quarter valued at approximately $226,000. Artia Global Partners LP bought a new stake in shares of Mineralys Therapeutics in the 2nd quarter valued at approximately $3,718,000. Finally, Bank of America Corp DE bought a new stake in shares of Mineralys Therapeutics in the 2nd quarter valued at approximately $40,620,000. 84.46% of the stock is currently owned by institutional investors.

Insider Activity at Mineralys Therapeutics

In other news, insider Eric Warren sold 7,437 shares of the firm's stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $25.98, for a total transaction of $193,213.26. Following the transaction, the insider directly owned 38,400 shares of the company's stock, valued at approximately $997,632. This trade represents a 16.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Jon Congleton sold 75,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $26.14, for a total transaction of $1,960,500.00. Following 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 224,333 shares of company stock worth $5,806,213. Corporate insiders own 18.94% of the company's stock.

Analysts Set New Price Targets

MLYS has been the topic of several analyst reports. Zacks Research downgraded Mineralys Therapeutics from a "hold" rating to a "strong sell" rating in a research report on Thursday, August 13th. HC Wainwright reaffirmed a "buy" rating on shares of Mineralys Therapeutics in a research note on Monday, June 1st. 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 reiterated a "sell (d-)" rating on shares of Mineralys Therapeutics in a research report on Friday, July 17th. Finally, Jefferies Financial Group reissued a "hold" rating on shares of Mineralys Therapeutics in a research note on Monday, June 1st. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, Mineralys Therapeutics presently has a consensus rating of "Hold" and an average price target of $49.33.

Mineralys Therapeutics Stock Performance

Shares of Mineralys Therapeutics stock opened at $28.21 on Monday. The company has a quick ratio of 34.46, a current ratio of 34.46 and a debt-to-equity ratio of 0.18. The stock's fifty day moving average is $27.02 and its two-hundred day moving average is $27.09. Mineralys Therapeutics, Inc. has a 52 week low of $22.30 and a 52 week high of $47.65. The company has a market capitalization of $2.49 billion, a PE ratio of -6.65 and a beta of 0.68.

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

Mineralys Therapeutics 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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