Mineralys Therapeutics (NASDAQ:MLYS) Trading Down 5.2% - Here's Why

Key Points

• Mineralys Therapeutics shares fell 5.2% during trading, reaching a low of $38.12, with trading volume down 53% compared to the average.
• Bank of America raised its price target on the stock from $38.00 to $43.00, maintaining a "buy" rating, while Weiss Ratings issued a "sell" rating.
• Insider activity showed significant stock sales, with the CFO selling nearly 60,000 shares, reflecting a 31.07% decrease in ownership.

Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Get Free Report) was down 5.2% during trading on Friday . The company traded as low as $38.12 and last traded at $38.36. Approximately 528,411 shares were traded during mid-day trading, a decline of 53% from the average daily volume of 1,113,225 shares. The stock had previously closed at $40.46.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on MLYS shares. Bank of America boosted their price target on Mineralys Therapeutics from $38.00 to $43.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Jefferies Financial Group boosted their target price on Mineralys Therapeutics from $15.00 to $26.00 and gave the company a "hold" rating in a research report on Wednesday, September 3rd. Weiss Ratings reissued a "sell (d-)" rating on shares of Mineralys Therapeutics in a research report on Saturday, September 27th. HC Wainwright reissued a "buy" rating and set a $42.00 target price on shares of Mineralys Therapeutics in a research report on Monday, September 8th. Finally, Wells Fargo & Company boosted their target price on Mineralys Therapeutics from $26.00 to $50.00 and gave the company an "overweight" rating in a research report on Thursday, September 11th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $43.50.

Mineralys Therapeutics Trading Down 5.9%

The company has a 50-day moving average of $25.26 and a 200-day moving average of $18.23. The company has a market capitalization of $2.52 billion, a price-to-earnings ratio of -10.69 and a beta of 0.40.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) last announced its quarterly earnings data on Tuesday, August 12th. The company reported ($0.66) earnings per share for the quarter, beating analysts' consensus estimates of ($0.78) by $0.12. On average, research analysts expect that Mineralys Therapeutics, Inc. will post -4.23 EPS for the current year.

Insider Activity

In related news, CFO Adam Scott Levy sold 59,925 shares of the firm's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $14.76, for a total transaction of $884,493.00. Following the sale, the chief financial officer directly owned 132,934 shares of the company's stock, valued at $1,962,105.84. This trade represents a 31.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jon Congleton sold 15,884 shares of the firm's stock in a transaction dated Friday, July 11th. The stock was sold at an average price of $14.51, for a total value of $230,476.84. Following the sale, the chief executive officer directly owned 846,405 shares in the company, valued at approximately $12,281,336.55. This trade represents a 1.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 134,418 shares of company stock valued at $2,185,474 over the last 90 days. Company insiders own 25.56% of the company's stock.

Hedge Funds Weigh In On Mineralys Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the company. RA Capital Management L.P. lifted its position 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 acquiring an additional 1,296,296 shares in the last quarter. SR One Capital Management LP lifted its position 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 acquiring an additional 1,111,111 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Mineralys Therapeutics by 42.1% in the first quarter. Vanguard Group Inc. now owns 2,035,506 shares of the company's stock valued at $32,324,000 after acquiring an additional 603,464 shares in the last quarter. Jennison Associates LLC lifted its position in shares of Mineralys Therapeutics by 82.9% in the first quarter. Jennison Associates LLC now owns 1,979,033 shares of the company's stock valued at $31,427,000 after acquiring an additional 897,027 shares in the last quarter. Finally, Franklin Resources Inc. lifted its position in shares of Mineralys Therapeutics by 1.3% in the second quarter. Franklin Resources Inc. now owns 1,803,597 shares of the company's stock valued at $24,403,000 after acquiring an additional 23,556 shares in the last quarter. Hedge funds and other institutional investors own 84.46% of the company's stock.

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.

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