Mineralys Therapeutics (NASDAQ:MLYS) Shares Down 6.2% - Time to Sell?

Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Get Free Report)'s share price traded down 6.2% during trading on Monday . The stock traded as low as $13.44 and last traded at $13.64. 116,483 shares changed hands during trading, a decline of 87% from the average session volume of 901,379 shares. The stock had previously closed at $14.54.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on MLYS shares. Jefferies Financial Group initiated coverage on shares of Mineralys Therapeutics in a research report on Tuesday, June 10th. They issued a "hold" rating and a $15.00 target price on the stock. 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. HC Wainwright reiterated a "buy" rating and set a $42.00 price objective on shares of Mineralys Therapeutics in a research note on Tuesday, June 17th. Finally, Wall Street Zen cut Mineralys Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday, June 14th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $32.25.

Mineralys Therapeutics Stock Performance

The stock has a fifty day simple moving average of $14.94 and a 200 day simple moving average of $12.98. The firm has a market cap of $886.12 million, a P/E ratio of -3.64 and a beta of -0.30.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) last issued its earnings results on Monday, May 12th. The company reported ($0.79) earnings per share for the quarter, topping analysts' consensus estimates of ($1.02) by $0.23. Research analysts predict that Mineralys Therapeutics, Inc. will post -4.23 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Adam Scott Levy sold 10,757 shares of Mineralys Therapeutics stock in a transaction on Friday, April 11th. The stock was 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 owned 215,340 shares of the company's stock, 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 at this link. Also, insider David Malcom Rodman sold 11,366 shares of the company's stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $15.29, for a total value of $173,786.14. Following the sale, the insider owned 106,669 shares of the company's stock, 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. Over the last quarter, insiders have sold 48,808 shares of company stock worth $655,402. 33.24% of the stock is owned by insiders.

Institutional Investors Weigh In On Mineralys Therapeutics

A number of large investors have recently made changes to their positions in MLYS. RA Capital Management L.P. boosted its holdings in shares of Mineralys Therapeutics by 26.7% in the first quarter. RA Capital Management L.P. now owns 6,147,280 shares of the company's stock worth $97,619,000 after buying an additional 1,296,296 shares during the last quarter. SR One Capital Management LP boosted its stake in shares of Mineralys Therapeutics by 55.1% during the 1st quarter. SR One Capital Management LP now owns 3,127,933 shares of the company's stock worth $49,672,000 after acquiring an additional 1,111,111 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Mineralys Therapeutics by 42.1% during the 1st quarter. Vanguard Group Inc. now owns 2,035,506 shares of the company's stock valued at $32,324,000 after acquiring an additional 603,464 shares during the period. Jennison Associates LLC raised its holdings in Mineralys Therapeutics by 82.9% in the 1st quarter. Jennison Associates LLC now owns 1,979,033 shares of the company's stock worth $31,427,000 after purchasing an additional 897,027 shares during the period. Finally, Millennium Management LLC raised its holdings in Mineralys Therapeutics by 1,015.8% in the 4th quarter. Millennium Management LLC now owns 1,101,674 shares of the company's stock worth $13,562,000 after purchasing an additional 1,002,941 shares during the period. 84.46% of the stock is currently owned by institutional investors.

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.

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