Mineralys Therapeutics (NASDAQ:MLYS) Shares Down 5.5% – Should You Sell?

Mineralys Therapeutics, Inc. (NASDAQ:MLYS)’s share price fell 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 trading, a decline of 60% from the average daily volume of 1,400,185 shares. The stock had previously closed at $30.40.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Wall Street Zen downgraded shares of Mineralys Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Mineralys Therapeutics in a research note on Tuesday, April 21st. TD Cowen began coverage on Mineralys Therapeutics in a research report on Monday, April 27th. They set a “buy” rating for the company. Bank of America boosted their price target on Mineralys Therapeutics from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, March 13th. Finally, HC Wainwright reissued a “buy” rating on shares of Mineralys Therapeutics in a report on Monday, June 1st. Six analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $49.33.

Mineralys Therapeutics Trading Down 2.0%

The firm has a 50-day simple moving average of $27.33 and a two-hundred day simple moving average of $28.91. The company has a market capitalization of $2.34 billion, a price-to-earnings ratio of -13.84 and a beta of 0.66.

Mineralys Therapeutics (NASDAQ:MLYS) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($0.47) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.51) by $0.04. Equities research analysts anticipate that Mineralys Therapeutics, Inc. will post -2.3 EPS for the current year.

Insider Buying and Selling

In related news, insider David Malcom Rodman sold 2,171 shares of the business’s stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $30.30, for a total value of $65,781.30. Following the completion of the transaction, the insider directly owned 57,733 shares in the company, valued at $1,749,309.90. The trade was a 3.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Jon Congleton sold 75,000 shares of the stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $26.14, for a total transaction of $1,960,500.00. Following the sale, the chief executive officer directly owned 614,321 shares in the company, valued at $16,058,350.94. This trade represents a 10.88% 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. In the last quarter, insiders have sold 266,832 shares of company stock worth $7,002,196. 18.94% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Mineralys Therapeutics

Several hedge funds have recently modified their holdings of the company. State Street Corp increased its stake in shares of Mineralys Therapeutics by 144.4% in the 4th quarter. State Street Corp now owns 3,184,999 shares of the company’s stock valued at $115,584,000 after purchasing an additional 1,881,976 shares in the last quarter. Farallon Capital Management LLC acquired a new stake in Mineralys Therapeutics in the third quarter valued at approximately $63,442,000. Price T Rowe Associates Inc. MD grew its holdings in Mineralys Therapeutics by 6,097.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,325,120 shares of the company’s stock valued at $48,089,000 after purchasing an additional 1,303,737 shares during the period. Holocene Advisors LP acquired a new stake in Mineralys Therapeutics in the third quarter valued at approximately $45,708,000. Finally, Janus Henderson Group PLC increased its position in shares of Mineralys Therapeutics by 6,012.8% in the fourth quarter. Janus Henderson Group PLC now owns 1,213,265 shares of the company’s stock valued at $44,005,000 after buying an additional 1,193,417 shares in the last quarter. 84.46% of the stock is owned by hedge funds and other institutional investors.

About Mineralys Therapeutics

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.