Mineralys Therapeutics (NASDAQ:MLYS) Stock Price Down 5% - What's Next?

Key Points

• Mineralys Therapeutics shares decreased by 5% during trading, closing at $35.26, with a significant drop in trading volume by 96% from the average.
• Equities research analysts have a generally positive outlook, with a consensus average rating of "Moderate Buy" and an average price target of $43.50.
• Insider trading activity shows CEO Jon Congleton sold shares, while Director Srinivas Akkaraju purchased a substantial amount, indicating mixed sentiments among the company's leadership.

Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Get Free Report) fell 5% on Monday . The stock traded as low as $35.90 and last traded at $35.26. 38,609 shares changed hands during trading, a decline of 96% from the average session volume of 1,072,742 shares. The stock had previously closed at $37.10.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on MLYS. Wells Fargo & Company increased their target price on Mineralys Therapeutics from $26.00 to $50.00 and gave the stock an "overweight" rating in a research report on Thursday, September 11th. The Goldman Sachs Group increased their price objective on shares of Mineralys Therapeutics from $32.00 to $52.00 and gave the stock a "buy" rating in a report on Tuesday, September 9th. Bank of America upped their price target on Mineralys Therapeutics from $38.00 to $43.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. HC Wainwright restated a "buy" rating and issued a $42.00 price objective on shares of Mineralys Therapeutics in a report on Monday, September 8th. Finally, Jefferies Financial Group increased their target price on shares of Mineralys Therapeutics from $15.00 to $26.00 and gave the stock a "hold" rating in a research report on Wednesday, September 3rd. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, Mineralys Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus price target of $43.50.

Mineralys Therapeutics Price Performance

The firm has a 50-day simple moving average of $20.30 and a 200 day simple moving average of $16.45.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) last released its quarterly earnings data on Tuesday, August 12th. The company reported ($0.66) EPS for the quarter, beating the consensus estimate of ($0.78) by $0.12. As a group, equities research analysts anticipate that Mineralys Therapeutics, Inc. will post -4.23 EPS for the current fiscal year.

Insider Buying and Selling at Mineralys Therapeutics

In other Mineralys Therapeutics news, CEO Jon Congleton sold 15,884 shares of the company's stock in a transaction dated 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 directly owned 846,405 shares of the company's stock, valued at $12,281,336.55. This represents a 1.84% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Adam Scott Levy sold 59,925 shares of the firm's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $14.76, for a total value of $884,493.00. Following the sale, the chief financial officer owned 132,934 shares of the company's stock, valued at $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. In the last 90 days, insiders sold 134,418 shares of company stock worth $2,185,474. 25.56% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Mineralys Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the business. China Universal Asset Management Co. Ltd. raised its position in shares of Mineralys Therapeutics by 31.0% in the 2nd quarter. China Universal Asset Management Co. Ltd. now owns 13,090 shares of the company's stock valued at $177,000 after purchasing an additional 3,094 shares in the last quarter. Rafferty Asset Management LLC bought a new stake in shares of Mineralys Therapeutics in the second quarter worth $776,000. Man Group plc increased its stake in shares of Mineralys Therapeutics by 50.1% in the second quarter. Man Group plc now owns 21,852 shares of the company's stock worth $296,000 after buying an additional 7,293 shares during the last quarter. Balyasny Asset Management L.P. increased its stake in shares of Mineralys Therapeutics by 37.8% in the second quarter. Balyasny Asset Management L.P. now owns 205,723 shares of the company's stock worth $2,783,000 after buying an additional 56,450 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in shares of Mineralys Therapeutics by 78.9% in the second quarter. Bank of America Corp DE now owns 263,356 shares of the company's stock worth $3,563,000 after buying an additional 116,134 shares during the last quarter. 84.46% of the stock is currently owned by hedge funds and other 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.