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

Mineralys Therapeutics logo with Medical background

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.

Read Our Latest Report on MLYS

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

(Get Free Report)

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.

Further Reading

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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