Mineralys Therapeutics (NASDAQ:MLYS) Shares Down 5.2% – What’s Next?

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) shares dropped 5.2% on Friday . The stock traded as low as $38.12 and last traded at $38.36. Approximately 528,411 shares changed hands during trading, a decline of 53% from the average daily volume of 1,113,225 shares. The stock had previously closed at $40.46.

Analyst Upgrades and Downgrades

MLYS has been the subject of several research reports. Wells Fargo & Company raised their price objective on Mineralys Therapeutics from $26.00 to $50.00 and gave the stock an “overweight” rating in a research note on Thursday, September 11th. Bank of America raised their price objective on Mineralys Therapeutics from $38.00 to $43.00 and gave the stock a “buy” rating in a research note on Thursday, August 28th. HC Wainwright reissued a “buy” rating and set a $42.00 price objective on shares of Mineralys Therapeutics in a research note on Monday, September 8th. The Goldman Sachs Group raised their price objective on Mineralys Therapeutics from $32.00 to $52.00 and gave the stock a “buy” rating in a research note on Tuesday, September 9th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Mineralys Therapeutics in a report on Saturday, September 27th. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $43.50.

Mineralys Therapeutics Price Performance

The company has a fifty day simple moving average of $25.26 and a two-hundred day simple moving average of $18.24. The company has a market capitalization of $2.52 billion, a P/E ratio of -10.69 and a beta of 0.40.

Mineralys Therapeutics (NASDAQ:MLYS) last posted its earnings results on Tuesday, August 12th. The company reported ($0.66) earnings per share for the quarter, beating the consensus estimate of ($0.78) by $0.12. Equities analysts anticipate that Mineralys Therapeutics, Inc. will post -4.23 earnings per share for the current year.

Insider Activity at Mineralys Therapeutics

In related news, Director Ra Capital Management, L.P. bought 1,176,470 shares of the business’s stock in a transaction on Thursday, September 4th. The shares were bought at an average cost of $25.50 per share, for a total transaction of $29,999,985.00. Following the completion of the acquisition, the director directly owned 5,456,521 shares in the company, valued at approximately $139,141,285.50. This represents a 27.49% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Adam Scott Levy sold 59,925 shares of the firm’s stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $14.76, for a total value of $884,493.00. Following the transaction, the chief financial officer owned 132,934 shares in the company, valued at approximately $1,962,105.84. This trade represents a 31.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 134,418 shares of company stock valued at $2,185,474. Insiders own 25.56% of the company’s stock.

Institutional Investors Weigh In On Mineralys Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the business. SBI Securities Co. Ltd. grew its position in shares of Mineralys Therapeutics by 297.5% in the first quarter. SBI Securities Co. Ltd. now owns 1,590 shares of the company’s stock valued at $25,000 after purchasing an additional 1,190 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Mineralys Therapeutics by 51.0% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,518 shares of the company’s stock valued at $34,000 after purchasing an additional 850 shares during the last quarter. Ameritas Investment Partners Inc. grew its position in shares of Mineralys Therapeutics by 42.8% in the second quarter. Ameritas Investment Partners Inc. now owns 3,995 shares of the company’s stock valued at $54,000 after purchasing an additional 1,197 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in shares of Mineralys Therapeutics in the second quarter valued at about $91,000. Finally, Quarry LP acquired a new stake in shares of Mineralys Therapeutics in the first quarter valued at about $111,000. 84.46% of the stock is owned by institutional investors and hedge funds.

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.