Mineralys Therapeutics (NASDAQ:MLYS) Stock Price Down 4.5% - Here's What Happened

Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Get Free Report)'s stock price traded down 4.5% during trading on Monday . The stock traded as low as $13.78 and last traded at $13.67. 448,285 shares changed hands during trading, a decline of 12% from the average session volume of 510,065 shares. The stock had previously closed at $14.32.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Wall Street Zen cut shares of Mineralys Therapeutics from a "hold" rating to a "sell" rating in a report on Saturday, June 14th. HC Wainwright reissued a "buy" rating and issued a $42.00 price target on shares of Mineralys Therapeutics in a research report on Tuesday. Guggenheim set a $48.00 price target on Mineralys Therapeutics and gave the stock a "buy" rating in a research note on Wednesday, May 14th. Finally, Jefferies Financial Group initiated coverage on Mineralys Therapeutics in a research note on Tuesday, June 10th. They issued a "hold" rating and a $15.00 target price on the stock. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Mineralys Therapeutics has an average rating of "Hold" and an average target price of $32.25.

Mineralys Therapeutics Stock Down 0.4%

The firm's fifty day simple moving average is $14.84 and its 200-day simple moving average is $12.86. The firm has a market capitalization of $894.92 million, a PE ratio of -3.68 and a beta of -0.17.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) last announced its quarterly earnings results on Monday, May 12th. The company reported ($0.79) earnings per share for the quarter, beating the consensus estimate of ($1.02) by $0.23. As a group, analysts predict that Mineralys Therapeutics, Inc. will post -4.23 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Adam Scott Levy sold 10,757 shares of Mineralys Therapeutics stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $12.06, for a total value of $129,729.42. Following the completion of the sale, the chief financial officer now directly owns 215,340 shares in the company, valued at $2,597,000.40. The trade was a 4.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider David Malcom Rodman sold 11,366 shares of the stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $15.29, for a total transaction of $173,786.14. Following the transaction, the insider now owns 106,669 shares in the company, valued at approximately $1,630,969.01. This trade represents a 9.63% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 104,579 shares of company stock valued at $1,534,353. Corporate insiders own 25.56% of the company's stock.

Institutional Investors Weigh In On Mineralys Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. SBI Securities Co. Ltd. boosted its position in Mineralys Therapeutics by 297.5% in the first quarter. SBI Securities Co. Ltd. now owns 1,590 shares of the company's stock worth $25,000 after purchasing an additional 1,190 shares during the last quarter. BNP Paribas Financial Markets bought a new position in shares of Mineralys Therapeutics in the 4th quarter worth approximately $48,000. Quarry LP bought a new position in shares of Mineralys Therapeutics in the 1st quarter worth approximately $111,000. ProShare Advisors LLC purchased a new position in shares of Mineralys Therapeutics in the fourth quarter worth approximately $128,000. Finally, CWM LLC grew its position in Mineralys Therapeutics by 59.3% during the first quarter. CWM LLC now owns 8,342 shares of the company's stock valued at $132,000 after buying an additional 3,105 shares during the period. Hedge funds and other institutional investors own 84.46% of the company's stock.

About Mineralys Therapeutics

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.