Mineralys Therapeutics (NASDAQ:MLYS) Trading Down 5.5% - What's Next?

Key Points

• Mineralys Therapeutics shares fell 5.5% in mid-day trading, with the stock last trading around $28.71 after opening the day at $30.40. Volume was also well below normal at 560,271 shares, versus an average of about 1.4 million.
• Analyst sentiment remains mostly positive despite the dip: Bank of America raised its price target to $51 and several firms reiterated buy ratings, giving the stock a Moderate Buy consensus with an average target of $49.33.
• The company recently reported a smaller-than-expected quarterly loss of ($0.47) EPS, but insider selling has been notable, including a large June sale by Eric Warren and 264,661 shares sold by insiders over the past three months.

Shares of Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Get Free Report) traded down 5.5% during mid-day trading on Thursday . The company traded as low as $29.00 and last traded at $28.7140. 560,271 shares were traded during mid-day trading, a decline of 60% from the average session volume of 1,400,185 shares. The stock had previously closed at $30.40.

Analysts Set New Price Targets

A number of equities analysts have weighed in on MLYS shares. Bank of America upped their target price on Mineralys Therapeutics from $46.00 to $51.00 and gave the stock a "buy" rating in a research note on Friday, March 13th. HC Wainwright reissued a "buy" rating on shares of Mineralys Therapeutics in a report on Monday, June 1st. Wall Street Zen cut shares of Mineralys Therapeutics from a "hold" rating to a "sell" rating in a research report on Saturday, May 9th. Weiss Ratings restated 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, April 27th. They issued a "buy" rating on the stock. Six investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $49.33.

Mineralys Therapeutics Price Performance

The stock has a market capitalization of $2.39 billion, a PE ratio of -14.15 and a beta of 0.66. The firm's 50 day simple moving average is $27.21 and its 200 day simple moving average is $28.97.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($0.47) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.51) by $0.04. Analysts expect that Mineralys Therapeutics, Inc. will post -2.3 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Eric Warren sold 104,124 shares of the business's stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $25.90, for a total value of $2,696,811.60. Following the completion of the sale, the insider owned 38,400 shares of the company's stock, valued at approximately $994,560. The trade was a 73.06% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Malcom Rodman sold 14,058 shares of the stock in a transaction dated Monday, April 13th. The shares were sold at an average price of $26.54, for a total value of $373,099.32. Following the sale, the insider owned 76,140 shares of the company's stock, valued at $2,020,755.60. This represents a 15.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 264,661 shares of company stock valued at $6,936,415. 18.94% of the stock is currently owned by insiders.

Institutional Trading of Mineralys Therapeutics

Institutional investors have recently made changes to their positions in the stock. Navalign LLC purchased a new position in shares of Mineralys Therapeutics in the fourth quarter worth $33,000. KBC Group NV purchased a new stake in Mineralys Therapeutics during the 1st quarter valued at $33,000. Royal Bank of Canada boosted 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 valued at $56,000 after buying an additional 1,107 shares during the period. FNY Investment Advisers LLC grew its holdings in Mineralys Therapeutics by 400.0% in the 2nd quarter. FNY Investment Advisers LLC now owns 2,500 shares of the company's stock worth $67,000 after acquiring an additional 2,000 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd grew its holdings in Mineralys Therapeutics by 1,845.4% in 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. 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. 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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