Mineralys Therapeutics (NASDAQ:MLYS) Trading Down 3.8% - Here's Why

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)'s stock price dropped 3.8% on Monday . The company traded as low as $13.28 and last traded at $13.16. Approximately 211,906 shares were traded during trading, a decline of 76% from the average daily volume of 873,510 shares. The stock had previously closed at $13.67.

Analysts Set New Price Targets

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

Mineralys Therapeutics Trading Down 0.5%

The company has a market capitalization of $835.09 million, a price-to-earnings ratio of -3.44 and a beta of -0.29. The stock's fifty day simple moving average is $14.31 and its 200-day simple moving average is $13.37.

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

Insider Buying and Selling at Mineralys Therapeutics

In related news, CEO Jon Congleton sold 15,884 shares of Mineralys Therapeutics stock in a transaction that occurred on Friday, July 11th. The shares were sold at an average price of $14.51, for a total value of $230,476.84. Following the completion of the transaction, the chief executive officer owned 846,405 shares in the company, valued at $12,281,336.55. The trade was 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 through this hyperlink. Also, insider David Malcom Rodman sold 11,366 shares of the business's stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $14.59, for a total transaction of $165,829.94. Following the transaction, the insider owned 97,907 shares of the company's stock, valued at $1,428,463.13. This trade represents a 10.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 123,052 shares of company stock valued at $1,803,099 in the last quarter. Corporate insiders own 25.56% of the company's stock.

Hedge Funds Weigh In On Mineralys Therapeutics

Large investors have recently bought and sold shares of the business. Wellington Management Group LLP boosted its position in shares of Mineralys Therapeutics by 43.0% during the 4th quarter. Wellington Management Group LLP now owns 91,529 shares of the company's stock worth $1,127,000 after acquiring an additional 27,531 shares in the last quarter. Dimensional Fund Advisors LP purchased a new stake in Mineralys Therapeutics during the fourth quarter worth approximately $202,000. GAMMA Investing LLC boosted its holdings in Mineralys Therapeutics by 9,602.2% in the first quarter. GAMMA Investing LLC now owns 8,829 shares of the company's stock valued at $140,000 after purchasing an additional 8,738 shares in the last quarter. BNP Paribas Financial Markets purchased a new position in Mineralys Therapeutics in the fourth quarter valued at approximately $48,000. Finally, JPMorgan Chase & Co. raised its holdings in Mineralys Therapeutics by 2,251.5% during the fourth quarter. JPMorgan Chase & Co. now owns 503,590 shares of the company's stock worth $6,199,000 after purchasing an additional 482,174 shares in the last quarter. 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.