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

Key Points

• Shares gapped down: MLYS opened at $25.46 after a $26.99 close and last traded around $25.64 on volume of 28,415 shares, roughly a 2.2% intraday decline.
• Analyst backdrop: Coverage is mixed but the consensus is a "Moderate Buy" with a $49.14 average price target (seven Buys, one Hold, one Sell).
• Insider activity: CEO Jon Congleton sold 75,000 shares under a Rule 10b5-1 plan while Ra Capital bought 310,700 shares; insiders have sold 162,291 shares in the past three months and own about 18.94%.

Shares of Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $26.99, but opened at $25.46. Mineralys Therapeutics shares last traded at $25.6380, with a volume of 28,415 shares trading hands.

Wall Street Analyst Weigh In

MLYS has been the topic of a number of research analyst reports. Jefferies Financial Group reiterated a "hold" rating and set a $30.00 price target on shares of Mineralys Therapeutics in a report on Friday, March 13th. Wall Street Zen upgraded Mineralys Therapeutics from a "sell" rating to a "hold" rating in a report on Sunday, March 15th. HC Wainwright set a $56.00 price objective on Mineralys Therapeutics and gave the company a "buy" rating in a research report on Tuesday, March 10th. Weiss Ratings reissued a "sell (d-)" rating on shares of Mineralys Therapeutics in a research report on Tuesday, April 21st. Finally, TD Cowen initiated coverage on shares of Mineralys Therapeutics in a research note on Monday. They issued a "buy" rating for the company. Seven research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Mineralys Therapeutics currently has an average rating of "Moderate Buy" and a consensus price target of $49.14.

Mineralys Therapeutics Trading Down 2.2%

The firm has a market cap of $2.09 billion, a price-to-earnings ratio of -10.70 and a beta of 0.69. The firm has a 50-day moving average of $27.18 and a two-hundred day moving average of $33.67.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) last posted its quarterly earnings data on Thursday, March 12th. The company reported ($0.40) earnings per share for the quarter, topping the consensus estimate of ($0.57) by $0.17. As a group, equities analysts anticipate that Mineralys Therapeutics, Inc. will post -2.28 EPS for the current year.

Insider Transactions at Mineralys Therapeutics

In other news, CEO Jon Congleton sold 75,000 shares of the company's stock in a transaction that occurred on Tuesday, March 31st. The stock was sold at an average price of $26.27, for a total value of $1,970,250.00. Following the sale, the chief executive officer directly owned 705,051 shares in the company, valued at approximately $18,521,689.77. This represents a 9.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ra Capital Management, L.P. acquired 310,700 shares of the stock in a transaction dated Friday, March 27th. The stock was bought at an average price of $23.67 per share, for a total transaction of $7,354,269.00. Following the completion of the purchase, the director owned 5,767,221 shares in the company, valued at approximately $136,510,121.07. This trade represents a 5.69% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders have sold 162,291 shares of company stock valued at $4,336,414. 18.94% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Mineralys Therapeutics

Several large investors have recently modified their holdings of MLYS. Navalign LLC bought a new stake in shares of Mineralys Therapeutics in the 4th quarter valued at approximately $33,000. Smartleaf Asset Management LLC grew its position 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 acquiring an additional 676 shares during the last quarter. Royal Bank of Canada grew its position in Mineralys Therapeutics by 262.3% during the 4th quarter. Royal Bank of Canada now owns 1,529 shares of the company's stock worth $56,000 after acquiring an additional 1,107 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its position in Mineralys Therapeutics by 1,845.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,101 shares of the company's stock worth $76,000 after acquiring an additional 1,993 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its position in Mineralys Therapeutics by 14,091.3% during the 3rd quarter. Russell Investments Group Ltd. now owns 3,264 shares of the company's stock worth $124,000 after acquiring an additional 3,241 shares during the last quarter. 84.46% of the stock is currently owned by institutional investors.

Mineralys Therapeutics Company Profile

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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