Mineralys Therapeutics (NASDAQ:MLYS) Shares Gap Down - Here's What Happened

Key Points

• Shares of Mineralys Therapeutics (MLYS) gapped down before Tuesday trading, opening at $26.45 vs. the prior close of $27.24 and trading with heavy volume (last trade $27.7590; volume ~1.45 million).
• Analyst sentiment is mostly positive — six Buys, one Hold and one Sell — with a consensus rating of "Moderate Buy" and an average price target of $47.43 (range includes $56, $55 and $52 targets from individual firms).
• Insiders have been net sellers recently, disposing of 340,748 shares worth about $11.7 million over the last quarter (notable sales by David Rodman and CFO Adam Levy), while institutions/hedge funds reportedly own about 84.46% of the stock.

Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Get Free Report)'s share price gapped down prior to trading on Tuesday . The stock had previously closed at $27.24, but opened at $26.45. Mineralys Therapeutics shares last traded at $27.7590, with a volume of 1,449,829 shares trading hands.

Wall Street Analyst Weigh In

A number of research analysts recently commented on MLYS shares. HC Wainwright set a $56.00 price objective on Mineralys Therapeutics and gave the company a "buy" rating in a report on Tuesday. Weiss Ratings reiterated a "sell (d-)" rating on shares of Mineralys Therapeutics in a report on Thursday, January 22nd. Wells Fargo & Company boosted their price objective on shares of Mineralys Therapeutics from $50.00 to $55.00 and gave the company an "overweight" rating in a report on Tuesday, November 11th. Wall Street Zen cut shares of Mineralys Therapeutics from a "hold" rating to a "sell" rating in a research report on Saturday. Finally, Stifel Nicolaus lifted their price target on shares of Mineralys Therapeutics from $45.00 to $52.00 and gave the company a "buy" rating in a research report on Friday, December 19th. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $47.43.

Mineralys Therapeutics Trading Up 6.3%

The company has a fifty day moving average of $31.14 and a 200-day moving average of $35.30. The stock has a market cap of $2.29 billion, a PE ratio of -9.81 and a beta of 0.57.

Insider Transactions at Mineralys Therapeutics

In other news, insider David Malcom Rodman sold 14,055 shares of the firm's stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $27.44, for a total value of $385,669.20. Following the completion of the transaction, the insider owned 44,089 shares of the company's stock, valued at approximately $1,209,802.16. This trade represents a 24.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Adam Scott Levy sold 10,758 shares of Mineralys Therapeutics stock in a transaction that occurred on Monday, January 12th. The shares were sold at an average price of $32.14, for a total transaction of $345,762.12. Following the completion of the transaction, the chief financial officer owned 8,638 shares of the company's stock, valued at $277,625.32. This trade represents a 55.47% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 340,748 shares of company stock valued at $11,697,169. 33.24% of the stock is currently owned by corporate insiders.

Institutional Trading of Mineralys Therapeutics

A number of large investors have recently modified their holdings of the stock. Navalign LLC purchased a new position in Mineralys Therapeutics in the fourth quarter valued at $33,000. Smartleaf Asset Management LLC increased its holdings in Mineralys Therapeutics by 198.2% during the 3rd quarter. Smartleaf Asset Management LLC now owns 1,017 shares of the company's stock worth $40,000 after purchasing an additional 676 shares during the period. Ameritas Investment Partners Inc. raised its position in Mineralys Therapeutics by 42.8% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,995 shares of the company's stock valued at $54,000 after purchasing an additional 1,197 shares in the last quarter. Royal Bank of Canada raised its position in Mineralys Therapeutics by 262.3% in the 4th quarter. Royal Bank of Canada now owns 1,529 shares of the company's stock valued at $56,000 after purchasing an additional 1,107 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd boosted its stake in shares of Mineralys Therapeutics by 1,845.4% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,101 shares of the company's stock valued at $76,000 after buying an additional 1,993 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. 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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