Mineralys Therapeutics (NASDAQ:MLYS) Hits New 1-Year Low Following Weak Earnings

Key Points

• Shares hit a new 52-week low, falling 10.4% to about $15.25 after Mineralys reported a quarterly loss of $0.64 per share, worse than analysts’ $0.55 loss estimate.
• Analysts have a consensus Hold rating and an average price target of $45.50, though ratings vary from Buy to Sell.
• Company insiders sold a combined 199,365 shares worth about $5.46 million over the past 90 days; the CEO’s sale was made under a pre-arranged trading plan.

Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Get Free Report)'s stock price hit a new 52-week low on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $15.25 and last traded at $15.2520, with a volume of 1,746,113 shares traded. The stock had previously closed at $17.00.

The company reported ($0.64) earnings per share for the quarter, missing the consensus estimate of ($0.55) by ($0.09).

Analyst Ratings Changes

Several research analysts have commented on MLYS shares. Zacks Research raised Mineralys Therapeutics from a "strong sell" rating to a "hold" rating in a report on Friday, September 11th. HC Wainwright restated a "buy" rating and set a $56.00 price objective on shares of Mineralys Therapeutics in a research report on Monday, October 12th. Wall Street Zen lowered Mineralys Therapeutics from a "sell" rating to a "strong sell" rating in a research note on Saturday, August 15th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Mineralys Therapeutics in a report on Thursday, October 15th. Finally, UBS Group initiated coverage on Mineralys Therapeutics in a report on Sunday, October 11th. They issued a "neutral" rating and a $29.00 target price on the stock. Five equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $45.50.

Insider Activity

In other news, CEO Jon Congleton sold 75,000 shares of the company's stock in a transaction on Wednesday, September 30th. The shares were sold at an average price of $25.46, for a total value of $1,909,500.00. Following the completion of the sale, the chief executive officer owned 528,621 shares in the company, valued at $13,458,690.66. This represents a 12.43% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Warren sold 7,438 shares of the company's stock in a transaction dated Monday, September 21st. The stock was sold at an average price of $28.12, for a total transaction of $209,156.56. Following the completion of the sale, the insider directly owned 38,400 shares of the company's stock, valued at $1,079,808. The trade was a 16.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 199,365 shares of company stock worth $5,461,854. Company insiders own 18.94% of the company's stock.

Institutional Trading of Mineralys Therapeutics

Hedge funds have recently made changes to their positions in the company. KBC Group NV purchased a new position in shares of Mineralys Therapeutics in the first quarter valued at $33,000. Sterling Capital Management LLC lifted its holdings in Mineralys Therapeutics by 902.0% during the 3rd quarter. Sterling Capital Management LLC now owns 2,024 shares of the company's stock worth $51,000 after purchasing an additional 1,822 shares in the last quarter. FNY Investment Advisers LLC lifted its holdings in Mineralys Therapeutics by 400.0% during the 2nd quarter. FNY Investment Advisers LLC now owns 2,500 shares of the company's stock worth $67,000 after purchasing an additional 2,000 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Mineralys Therapeutics during the 3rd quarter worth about $114,000. Finally, Capstone Investment Advisors LLC bought a new position in Mineralys Therapeutics in the 2nd quarter worth about $226,000. 84.46% of the stock is currently owned by institutional investors.

Mineralys Therapeutics Trading Down 10.4%

The firm has a 50 day simple moving average of $24.20 and a 200 day simple moving average of $26.78. The company has a debt-to-equity ratio of 0.18, a quick ratio of 34.46 and a current ratio of 34.46. The firm has a market cap of $1.35 billion, a P/E ratio of -3.59 and a beta of 0.83.

About Mineralys Therapeutics

Mineralys Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for cardiovascular and kidney diseases associated with excess aldosterone activity. The company's research centers on selectively targeting aldosterone production, a mechanism involved in blood-pressure regulation and organ damage.

Mineralys' lead product candidate is lorundrostat, an oral, selective aldosterone synthase inhibitor being evaluated as a potential treatment for uncontrolled and resistant hypertension.

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