Mineralys Therapeutics (NASDAQ:MLYS) Hits New 52-Week Low - What's Next?

Key Points

• Mineralys Therapeutics shares fell 6.1% to a new 52-week low of $21.22, below the stock’s 50-day and 200-day moving averages.
• Analyst views remain mixed: the consensus rating is “Hold” with an average price target of $45.50, while targets range from UBS’s $29 to HC Wainwright’s $56.
• The company reported a quarterly loss of $2.85 per share, missing estimates by $2.30, and insiders sold about $5.7 million in shares during the past quarter.

Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Get Free Report)'s share price reached a new 52-week low during mid-day trading on Tuesday. The company traded as low as $21.22 and last traded at $21.1750, with a volume of 1,234,950 shares. The stock had previously closed at $22.23.

Wall Street Analyst Weigh In

Several analysts recently issued reports on MLYS shares. HC Wainwright reaffirmed a "buy" rating and set a $56.00 price objective on shares of Mineralys Therapeutics in a research note on Monday. Weiss Ratings reissued a "sell (d-)" rating on shares of Mineralys Therapeutics in a research note on Friday, July 17th. Zacks Research upgraded Mineralys Therapeutics from a "strong sell" rating to a "hold" rating in a report on Friday, September 11th. UBS Group assumed coverage on Mineralys Therapeutics in a research report on Sunday. They issued a "neutral" rating and a $29.00 price target for the company. Finally, Wall Street Zen cut Mineralys Therapeutics from a "sell" rating to a "strong sell" rating in a report on Saturday, August 15th. Five equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $45.50.

Mineralys Therapeutics Trading Down 6.1%

The firm has a market capitalization of $1.85 billion, a price-to-earnings ratio of -4.92 and a beta of 0.69. The business's 50-day simple moving average is $26.43 and its two-hundred day simple moving average is $26.95. The company has a quick ratio of 34.46, a current ratio of 34.46 and a debt-to-equity ratio of 0.18.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) last issued its quarterly earnings data on Wednesday, August 12th. The company reported ($2.85) EPS for the quarter, missing the consensus estimate of ($0.55) by ($2.30). Equities analysts forecast that Mineralys Therapeutics, Inc. will post -4.45 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Brian Slingsby sold 104,320 shares of the firm's stock in a transaction on Tuesday, September 22nd. The stock was sold at an average price of $28.81, for a total transaction of $3,005,459.20. Following the completion of the transaction, the director directly owned 7,805,718 shares in the company, valued at $224,882,735.58. This trade represents a 1.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Daphne Karydas sold 3,000 shares of Mineralys Therapeutics stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $28.58, for a total value of $85,740.00. Following the completion of the sale, the director directly owned 6,200 shares of the company's stock, valued at $177,196. The trade was a 32.61% 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. Insiders have sold 206,803 shares of company stock valued at $5,661,713 over the last quarter. 18.94% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Mineralys Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. KBC Group NV acquired a new position in Mineralys Therapeutics in the 1st quarter valued at about $33,000. FNY Investment Advisers LLC lifted its position in shares of Mineralys Therapeutics by 400.0% during the second 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. Quantinno Capital Management LP lifted its position in shares of Mineralys Therapeutics by 12.6% during the first quarter. Quantinno Capital Management LP now owns 20,541 shares of the company's stock worth $556,000 after purchasing an additional 2,298 shares in the last quarter. Arizona State Retirement System boosted its stake in shares of Mineralys Therapeutics by 22.4% in the second quarter. Arizona State Retirement System now owns 15,357 shares of the company's stock valued at $414,000 after purchasing an additional 2,815 shares during the period. Finally, Sei Investments Co. boosted its stake in shares of Mineralys Therapeutics by 33.2% in the first quarter. Sei Investments Co. now owns 11,692 shares of the company's stock valued at $317,000 after purchasing an additional 2,912 shares during the period. 84.46% of the stock is currently owned by hedge funds and other institutional investors.

About Mineralys Therapeutics

Mineralys Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing medicines for hypertension and other cardiovascular and kidney-related conditions associated with excess aldosterone activity. The company is headquartered in Radnor, Pennsylvania.

Mineralys' lead product candidate is lorundrostat, an oral, highly selective aldosterone synthase inhibitor designed to reduce the production of aldosterone. The company is evaluating lorundrostat as a potential treatment for uncontrolled or resistant hypertension, including hypertension linked to abnormal activation of the renin-angiotensin-aldosterone system.

Mineralys was established to advance therapies targeting aldosterone-driven disease and became a publicly traded company on the Nasdaq exchange in 2023.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.