Mineralys Therapeutics (NASDAQ:MLYS) Reaches New 1-Year Low – Time to Sell?

Mineralys Therapeutics, Inc. (NASDAQ:MLYS)’s share price hit a new 52-week low on Friday. The stock traded as low as $19.91 and last traded at $19.5960, with a volume of 170,750 shares trading hands. The stock had previously closed at $21.24.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Wall Street Zen downgraded shares of Mineralys Therapeutics from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 15th. UBS Group started coverage on Mineralys Therapeutics in a research note on Sunday, October 11th. They issued a “neutral” rating and a $29.00 target price for the company. HC Wainwright reaffirmed a “buy” rating and issued a $56.00 target price on shares of Mineralys Therapeutics in a report on Monday, October 12th. Zacks Research upgraded shares of Mineralys Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Friday, September 11th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Mineralys Therapeutics in a research report on Thursday, October 15th. Five analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Mineralys Therapeutics currently has a consensus rating of “Hold” and a consensus target price of $45.50.

Mineralys Therapeutics Stock Down 10.1%

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 stock has a market cap of $1.69 billion, a P/E ratio of -4.52 and a beta of 0.69. The stock’s fifty day simple moving average is $24.93 and its 200-day simple moving average is $27.10.

Mineralys Therapeutics (NASDAQ:MLYS) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($2.85) EPS for the quarter, missing analysts’ consensus estimates of ($0.55) by ($2.30). As a group, research analysts forecast that Mineralys Therapeutics, Inc. will post -4.45 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Eric Warren sold 7,438 shares of the company’s stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $28.12, for a total transaction of $209,156.56. Following the transaction, the insider owned 38,400 shares in the company, valued at approximately $1,079,808. This represents a 16.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Brian Slingsby sold 104,320 shares of the stock in a transaction on Tuesday, September 22nd. The stock was sold at an average price of $28.81, for a total value of $3,005,459.20. Following the completion of the transaction, the director owned 7,805,718 shares in the company, valued at approximately $224,882,735.58. This represents a 1.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 199,365 shares of company stock worth $5,461,854 over the last ninety days. 18.94% of the stock is owned by company insiders.

Institutional Investors Weigh In On Mineralys Therapeutics

Several institutional investors have recently added to or reduced their stakes in MLYS. BlackRock Inc. purchased a new position in shares of Mineralys Therapeutics during the 2nd quarter valued at $158,832,000. Bank of America Corp DE purchased a new position in shares of Mineralys Therapeutics during the second quarter valued at about $40,620,000. Orbimed Advisors LLC lifted its position in Mineralys Therapeutics by 109.4% during the first quarter. Orbimed Advisors LLC now owns 2,052,900 shares of the company’s stock valued at $55,613,000 after buying an additional 1,072,500 shares during the period. Nantahala Capital Management LLC purchased a new stake in shares of Mineralys Therapeutics in the second quarter worth $22,136,577. Finally, Troluce Capital Advisors LLC purchased a new stake in shares of Mineralys Therapeutics during the first quarter valued at approximately $17,744,000. 84.46% of the stock is owned by hedge funds and other institutional investors.

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.