Mineralys Therapeutics (NASDAQ:MLYS) Stock: Insider Jon Congleton Sells 75,000 Shares

Key Points

• CEO Jon Congleton sold 75,000 shares of Mineralys Therapeutics at an average price of $25.46, generating approximately $1.91 million. The transaction occurred under a pre-arranged Rule 10b5-1 trading plan, reducing his ownership by 12.43% to 528,621 shares.
• MLYS shares recently traded at $23.63, down 0.4%, and remain well below their 52-week high of $47.65. The company reported a quarterly loss of $2.85 per share, significantly missing the $0.55-per-share consensus estimate.
• Despite mixed analyst views—including a “strong sell” rating from Wall Street Zen—MarketBeat reports a consensus “Moderate Buy” rating and an average price target of $48.80; institutional investors own 84.46% of the stock.

Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Get Free Report) CEO Jon Congleton sold 75,000 shares of the company's stock in a transaction on Wednesday, September 30th. The stock was sold at an average price of $25.46, for a total value of $1,909,500.00. Following the sale, the chief executive officer owned 528,621 shares of the company's stock, valued at $13,458,690.66. This trade represents a 12.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Mineralys Therapeutics Stock Down 0.4%

Shares of Mineralys Therapeutics stock traded down $0.09 on Friday, reaching $23.63. The stock had a trading volume of 927,285 shares, compared to its average volume of 1,283,460. The company has a 50 day moving average price of $26.95 and a 200 day moving average price of $27.02. The company has a quick ratio of 34.46, a current ratio of 34.46 and a debt-to-equity ratio of 0.18. Mineralys Therapeutics, Inc. has a 1 year low of $22.30 and a 1 year high of $47.65. The stock has a market capitalization of $2.09 billion, a P/E ratio of -5.57 and a beta of 0.69.

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

Institutional Investors Weigh In On Mineralys Therapeutics

A number of hedge funds have recently modified their holdings of MLYS. Timothy G. Youngquist 2020 Irrevocable Trust purchased a new position in Mineralys Therapeutics during the second quarter worth approximately $2,721,000. Man Group plc purchased a new stake in Mineralys Therapeutics in the 2nd quarter valued at $1,609,000. TimesSquare Capital Management LLC acquired a new stake in shares of Mineralys Therapeutics in the 2nd quarter worth $6,363,000. Bank of America Corp DE increased its stake in shares of Mineralys Therapeutics by 11.5% in the 1st quarter. Bank of America Corp DE now owns 1,100,372 shares of the company's stock worth $29,809,000 after acquiring an additional 113,092 shares during the last quarter. Finally, Canada Pension Plan Investment Board purchased a new position in shares of Mineralys Therapeutics during the 2nd quarter worth $1,387,000. 84.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on MLYS. Weiss Ratings reiterated a "sell (d-)" rating on shares of Mineralys Therapeutics in a research report on Friday, July 17th. Wall Street Zen cut Mineralys Therapeutics from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 15th. Finally, Zacks Research upgraded Mineralys Therapeutics from a "strong sell" rating to a "hold" rating in a research note on Friday, September 11th. Five research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $48.80.

About Mineralys Therapeutics

Mineralys Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing medicines for hypertension and other cardiovascular and kidney-related conditions associated with excess aldosterone activity. The company is headquartered in Radnor, Pennsylvania.

Mineralys' lead product candidate is lorundrostat, an oral, highly selective aldosterone synthase inhibitor designed to reduce the production of aldosterone. The company is evaluating lorundrostat as a potential treatment for uncontrolled or resistant hypertension, including hypertension linked to abnormal activation of the renin-angiotensin-aldosterone system.

Mineralys was established to advance therapies targeting aldosterone-driven disease and became a publicly traded company on the Nasdaq exchange in 2023.

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