Mineralys Therapeutics (NASDAQ:MLYS) Shares Down 3.8% - Here's What Happened

Key Points

• Mineralys Therapeutics' stock (NASDAQ:MLYS) dropped by 3.8% during trading, reaching a low of $13.28, with a significant decrease in trading volume.
• Wall Street analysts have mixed ratings for the stock, with one sell, one hold, and three buy ratings, leading to an average rating of "Hold" and a consensus price target of $32.25.
• Insider trading activity has been significant, with CEO Jon Congleton and CFO Adam Scott Levy both selling a combined total of over 75,809 shares recently, indicating potential concerns among company leadership.

Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Get Free Report) dropped 3.8% during mid-day trading on Monday . The stock traded as low as $13.28 and last traded at $13.16. Approximately 211,906 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 873,510 shares. The stock had previously closed at $13.67.

Wall Street Analysts Forecast Growth

MLYS has been the topic of several analyst reports. HC Wainwright reaffirmed a "buy" rating and issued a $42.00 price target on shares of Mineralys Therapeutics in a report on Tuesday, June 17th. Guggenheim set a $48.00 price target on shares of Mineralys Therapeutics and gave the company a "buy" rating in a research note on Wednesday, May 14th. Jefferies Financial Group assumed coverage on shares of Mineralys Therapeutics in a research note on Tuesday, June 10th. They issued a "hold" rating and a $15.00 price objective on the stock. Finally, Wall Street Zen downgraded shares of Mineralys Therapeutics from a "hold" rating to a "sell" rating in a report on Saturday, June 14th. One 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's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $32.25.

Mineralys Therapeutics Price Performance

The company's fifty day simple moving average is $14.41 and its 200-day simple moving average is $13.35. The firm has a market capitalization of $880.78 million, a PE ratio of -3.64 and a beta of -0.29.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) last released its quarterly earnings data on Monday, May 12th. The company reported ($0.79) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.02) by $0.23. Analysts forecast that Mineralys Therapeutics, Inc. will post -4.23 earnings per share for the current year.

Insider Buying and Selling

In other Mineralys Therapeutics news, CEO Jon Congleton sold 15,884 shares of Mineralys Therapeutics stock in a transaction dated Friday, July 11th. The shares were sold at an average price of $14.51, for a total transaction of $230,476.84. Following the completion of the sale, the chief executive officer directly owned 846,405 shares in the company, valued at $12,281,336.55. This trade represents a 1.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Adam Scott Levy sold 59,925 shares of Mineralys Therapeutics stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $14.76, for a total transaction of $884,493.00. Following the sale, the chief financial officer owned 132,934 shares of the company's stock, valued at approximately $1,962,105.84. This represents a 31.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 123,052 shares of company stock worth $1,803,099. Insiders own 33.24% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in MLYS. RA Capital Management L.P. grew 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 valued at $97,619,000 after purchasing an additional 1,296,296 shares in the last quarter. SR One Capital Management LP grew its holdings in shares of Mineralys Therapeutics by 55.1% in the first quarter. SR One Capital Management LP now owns 3,127,933 shares of the company's stock valued at $49,672,000 after purchasing an additional 1,111,111 shares in the last quarter. Millennium Management LLC lifted its position in shares of Mineralys Therapeutics by 1,015.8% during 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 last quarter. Jennison Associates LLC lifted its position in shares of Mineralys Therapeutics by 82.9% during 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 last quarter. Finally, Vanguard Group Inc. lifted 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 worth $32,324,000 after purchasing an additional 603,464 shares during the last quarter. Institutional investors and hedge funds 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.