Mineralys Therapeutics (NASDAQ:MLYS) Hits New 1-Year Low – Should You Sell?

Mineralys Therapeutics, Inc. (NASDAQ:MLYS)’s share price reached a new 52-week low during mid-day trading on Tuesday. The company traded as low as $21.22 and last traded at $21.1750, with a volume of 1,234,950 shares. The stock had previously closed at $22.23.

Wall Street Analyst Weigh In

Several brokerages have commented on MLYS. HC Wainwright reissued a “buy” rating and issued a $56.00 price target on shares of Mineralys Therapeutics in a research report on Monday. UBS Group started coverage on Mineralys Therapeutics in a research report on Sunday. They set a “neutral” rating and a $29.00 price objective on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Mineralys Therapeutics in a research note on Friday, July 17th. Zacks Research upgraded Mineralys Therapeutics from a “strong sell” rating to a “hold” rating in a report on Friday, September 11th. Finally, Wall Street Zen lowered Mineralys Therapeutics from a “sell” rating to a “strong sell” rating in a report on Saturday, August 15th. Five investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $45.50.

Mineralys Therapeutics Trading Down 6.1%

The firm has a market capitalization of $1.85 billion, a PE ratio of -4.92 and a beta of 0.69. The company’s 50-day moving average price is $26.43 and its 200-day moving average price is $26.95. The company has a debt-to-equity ratio of 0.18, a quick ratio of 34.46 and a current ratio of 34.46.

Mineralys Therapeutics (NASDAQ:MLYS) last issued its 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). On average, sell-side analysts expect that Mineralys Therapeutics, Inc. will post -4.45 earnings per share for the current year.

Insider Activity at Mineralys Therapeutics

In other news, insider Eric Warren sold 7,438 shares of the business’s stock in a transaction that occurred on Monday, September 21st. The shares were sold at an average price of $28.12, for a total transaction of $209,156.56. Following the completion of the sale, the insider owned 38,400 shares in the company, valued at approximately $1,079,808. The trade was a 16.23% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 company’s stock in a transaction on Tuesday, September 22nd. The shares were sold at an average price of $28.81, for a total transaction of $3,005,459.20. Following the completion of the transaction, the director owned 7,805,718 shares of the company’s stock, valued at $224,882,735.58. This represents a 1.32% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 206,803 shares of company stock worth $5,661,713 over the last three months. Company insiders own 18.94% of the company’s stock.

Hedge Funds Weigh In On Mineralys Therapeutics

A number of hedge funds have recently modified their holdings of MLYS. KBC Group NV acquired a new position in Mineralys Therapeutics in the first quarter valued at $33,000. FNY Investment Advisers LLC boosted its stake in shares of Mineralys Therapeutics by 400.0% in the second quarter. FNY Investment Advisers LLC now owns 2,500 shares of the company’s stock valued at $67,000 after buying an additional 2,000 shares in the last quarter. Quantinno Capital Management LP grew its stake in shares of Mineralys Therapeutics by 12.6% during the 1st quarter. Quantinno Capital Management LP now owns 20,541 shares of the company’s stock worth $556,000 after purchasing an additional 2,298 shares during the period. Arizona State Retirement System grew its position in Mineralys Therapeutics by 22.4% during the second quarter. Arizona State Retirement System now owns 15,357 shares of the company’s stock worth $414,000 after buying an additional 2,815 shares during the period. Finally, Sei Investments Co. grew its holdings in shares of Mineralys Therapeutics by 33.2% in the 1st quarter. Sei Investments Co. now owns 11,692 shares of the company’s stock worth $317,000 after acquiring an additional 2,912 shares during the period. 84.46% of the stock is currently owned by hedge funds and other institutional investors.

About Mineralys Therapeutics

Mineralys Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing medicines for hypertension and other cardiovascular and kidney-related conditions associated with excess aldosterone activity. The company is headquartered in Radnor, Pennsylvania.

Mineralys’ lead product candidate is lorundrostat, an oral, highly selective aldosterone synthase inhibitor designed to reduce the production of aldosterone. The company is evaluating lorundrostat as a potential treatment for uncontrolled or resistant hypertension, including hypertension linked to abnormal activation of the renin-angiotensin-aldosterone system.

Mineralys was established to advance therapies targeting aldosterone-driven disease and became a publicly traded company on the Nasdaq exchange in 2023.