Mineralys Therapeutics (NASDAQ:MLYS) Shares Down 3.5% – Here’s What Happened

Mineralys Therapeutics, Inc. (NASDAQ:MLYS)’s share price dropped 3.5% on Monday . The stock traded as low as $16.49 and last traded at $16.28. Approximately 613,262 shares were traded during trading, an increase of 88% from the average daily volume of 326,909 shares. The stock had previously closed at $16.87.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Guggenheim reiterated a “buy” rating on shares of Mineralys Therapeutics in a research report on Monday, February 24th. The Goldman Sachs Group dropped their price target on Mineralys Therapeutics from $28.00 to $24.00 and set a “buy” rating for the company in a research note on Thursday, February 13th. Finally, HC Wainwright reiterated a “buy” rating and set a $30.00 price objective on shares of Mineralys Therapeutics in a research report on Monday, March 10th.

Mineralys Therapeutics Trading Down 4.1 %

The stock has a market capitalization of $1.02 billion, a P/E ratio of -4.44 and a beta of 1.50. The stock’s fifty day moving average price is $10.86 and its two-hundred day moving average price is $12.07.

Mineralys Therapeutics (NASDAQ:MLYS) last released its earnings results on Wednesday, February 12th. The company reported ($0.98) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.00) by $0.02. As a group, analysts expect that Mineralys Therapeutics, Inc. will post -4.23 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Mineralys Therapeutics news, CFO Adam Scott Levy sold 10,757 shares of the stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $9.10, for a total value of $97,888.70. Following the completion of the sale, the chief financial officer now owns 226,097 shares in the company, valued at approximately $2,057,482.70. This trade represents a 4.54 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Jon Congleton sold 18,333 shares of Mineralys Therapeutics stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $9.06, for a total value of $166,096.98. Following the completion of the sale, the chief executive officer now owns 877,608 shares in the company, valued at approximately $7,951,128.48. This represents a 2.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 33.24% of the stock is owned by insiders.

Institutional Trading of Mineralys Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. China Universal Asset Management Co. Ltd. boosted its holdings in Mineralys Therapeutics by 10.3% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 10,553 shares of the company’s stock valued at $130,000 after acquiring an additional 989 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Mineralys Therapeutics by 0.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 214,906 shares of the company’s stock valued at $2,645,000 after purchasing an additional 1,307 shares in the last quarter. Northern Trust Corp boosted its stake in shares of Mineralys Therapeutics by 0.7% during the 4th quarter. Northern Trust Corp now owns 246,113 shares of the company’s stock valued at $3,030,000 after purchasing an additional 1,688 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Mineralys Therapeutics by 2.7% during the fourth quarter. Bank of New York Mellon Corp now owns 65,318 shares of the company’s stock valued at $804,000 after buying an additional 1,711 shares during the period. Finally, Wells Fargo & Company MN raised its stake in Mineralys Therapeutics by 19.1% in the fourth quarter. Wells Fargo & Company MN now owns 23,714 shares of the company’s stock worth $292,000 after buying an additional 3,802 shares in 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.