Mineralys Therapeutics (NASDAQ:MLYS) Shares Down 4% – Here’s Why

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) was down 4% during mid-day trading on Wednesday . The company traded as low as $27.34 and last traded at $27.37. Approximately 352,910 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 1,118,766 shares. The stock had previously closed at $28.51.

Wall Street Analyst Weigh In

MLYS has been the subject of several analyst reports. Wells Fargo & Company raised their price objective on Mineralys Therapeutics from $50.00 to $55.00 and gave the company an “overweight” rating in a report on Tuesday, November 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Mineralys Therapeutics in a research note on Thursday, January 22nd. Stifel Nicolaus increased their price target on shares of Mineralys Therapeutics from $45.00 to $52.00 and gave the company a “buy” rating in a research note on Friday, December 19th. Finally, HC Wainwright upped their target price on shares of Mineralys Therapeutics from $52.00 to $56.00 and gave the company a “buy” rating in a report on Wednesday, November 12th. Six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $47.43.

Mineralys Therapeutics Price Performance

The stock’s 50-day moving average price is $31.93 and its 200-day moving average price is $34.95. The company has a market cap of $2.27 billion, a P/E ratio of -9.72 and a beta of 0.57.

Insiders Place Their Bets

In other news, CFO Adam Scott Levy sold 10,758 shares of the firm’s stock in a transaction that occurred on Monday, January 12th. The shares were sold at an average price of $32.14, for a total transaction of $345,762.12. Following the transaction, the chief financial officer directly owned 8,638 shares of the company’s stock, valued at approximately $277,625.32. This trade represents a 55.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider David Malcom Rodman sold 192,715 shares of the business’s stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $35.02, for a total value of $6,748,879.30. Following the completion of the sale, the insider owned 61,804 shares of the company’s stock, valued at approximately $2,164,376.08. This trade represents a 75.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 340,748 shares of company stock worth $11,697,169 in the last quarter. Corporate insiders own 33.24% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Navalign LLC acquired a new position in Mineralys Therapeutics during the fourth quarter valued at approximately $33,000. Smartleaf Asset Management LLC raised its holdings in shares of Mineralys Therapeutics by 198.2% during the 3rd quarter. Smartleaf Asset Management LLC now owns 1,017 shares of the company’s stock worth $40,000 after buying an additional 676 shares in the last quarter. Royal Bank of Canada raised its holdings in shares of Mineralys Therapeutics by 262.3% during the 4th quarter. Royal Bank of Canada now owns 1,529 shares of the company’s stock worth $56,000 after buying an additional 1,107 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its position in shares of Mineralys Therapeutics by 1,845.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,101 shares of the company’s stock worth $76,000 after buying an additional 1,993 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in Mineralys Therapeutics by 14,091.3% in the third quarter. Russell Investments Group Ltd. now owns 3,264 shares of the company’s stock valued at $124,000 after buying an additional 3,241 shares in the last quarter. 84.46% of the stock is owned by institutional investors.

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. 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.