Mineralys Therapeutics (NASDAQ:MLYS) Shares Down 7.2% Following Insider Selling

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) shares traded down 7.2% during trading on Wednesday following insider selling activity. The stock traded as low as $27.71 and last traded at $27.14. 371,885 shares were traded during trading, a decline of 69% from the average session volume of 1,198,071 shares. The stock had previously closed at $29.26.

Specifically, insider David Malcom Rodman sold 6,348 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $29.36, for a total value of $186,377.28. Following the transaction, the insider owned 69,792 shares in the company, valued at approximately $2,049,093.12. This represents a 8.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Malcom Rodman sold 14,056 shares of the stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $28.58, for a total transaction of $401,720.48. Following the completion of the sale, the insider owned 63,443 shares of the company’s stock, valued at approximately $1,813,200.94. The trade was a 18.14% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In other news, insider David Malcom Rodman sold 2,171 shares of the business’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $29.71, for a total transaction of $64,500.41. Following the transaction, the insider directly owned 69,792 shares in the company, valued at $2,073,520.32. The trade was a 3.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Wall Street Analysts Forecast Growth

MLYS has been the subject of several recent research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Mineralys Therapeutics in a report on Tuesday, April 21st. TD Cowen assumed coverage on Mineralys Therapeutics in a research report on Monday, April 27th. They issued a “buy” rating on the stock. Wall Street Zen downgraded Mineralys Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Bank of America lifted their price target on Mineralys Therapeutics from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, March 13th. Finally, Jefferies Financial Group reissued a “hold” rating and issued a $30.00 price target on shares of Mineralys Therapeutics in a research note on Friday, March 13th. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Mineralys Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $49.33.

Mineralys Therapeutics Trading Down 1.3%

The company has a market cap of $2.22 billion, a price-to-earnings ratio of -13.16 and a beta of 0.49. The company has a fifty day moving average price of $27.09 and a two-hundred day moving average price of $32.67.

Mineralys Therapeutics (NASDAQ:MLYS) last issued its earnings results on Wednesday, May 6th. The company reported ($0.47) EPS for the quarter, topping the consensus estimate of ($0.51) by $0.04. Sell-side analysts anticipate that Mineralys Therapeutics, Inc. will post -2.3 EPS for the current fiscal year.

Institutional Trading of Mineralys Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Navalign LLC bought a new position in Mineralys Therapeutics during the fourth quarter worth about $33,000. Smartleaf Asset Management LLC grew its stake in shares of Mineralys Therapeutics by 198.2% in the 3rd quarter. Smartleaf Asset Management LLC now owns 1,017 shares of the company’s stock valued at $40,000 after purchasing an additional 676 shares during the period. KBC Group NV acquired a new position in shares of Mineralys Therapeutics in the 1st quarter worth approximately $33,000. Royal Bank of Canada lifted its position 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 during the period. Finally, 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 period. Institutional investors own 84.46% of the company’s stock.

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.