Mineralys Therapeutics (NASDAQ:MLYS) Shares Gap Down Following Analyst Downgrade

Shares of Mineralys Therapeutics, Inc. (NASDAQ:MLYS) gapped down prior to trading on Thursday after The Goldman Sachs Group lowered their price target on the stock from $28.00 to $24.00. The stock had previously closed at $10.63, but opened at $10.15. The Goldman Sachs Group currently has a buy rating on the stock. Mineralys Therapeutics shares last traded at $10.28, with a volume of 14,179 shares traded.

Separately, HC Wainwright reissued a “buy” rating and issued a $30.00 price objective on shares of Mineralys Therapeutics in a research report on Thursday.

Insiders Place Their Bets

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

Institutional Trading of Mineralys Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Franklin Resources Inc. increased its holdings in shares of Mineralys Therapeutics by 17.7% in the third quarter. Franklin Resources Inc. now owns 1,745,513 shares of the company’s stock valued at $21,138,000 after purchasing an additional 262,922 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Mineralys Therapeutics by 5.0% in the fourth quarter. Vanguard Group Inc. now owns 1,432,042 shares of the company’s stock valued at $17,628,000 after purchasing an additional 68,811 shares during the last quarter. Jennison Associates LLC increased its holdings in shares of Mineralys Therapeutics by 55.4% in the fourth quarter. Jennison Associates LLC now owns 1,082,006 shares of the company’s stock valued at $13,319,000 after purchasing an additional 385,726 shares during the last quarter. Caligan Partners LP increased its holdings in shares of Mineralys Therapeutics by 31.6% in the third quarter. Caligan Partners LP now owns 981,155 shares of the company’s stock valued at $11,882,000 after purchasing an additional 235,397 shares during the last quarter. Finally, ADAR1 Capital Management LLC increased its holdings in shares of Mineralys Therapeutics by 15.4% in the fourth quarter. ADAR1 Capital Management LLC now owns 841,541 shares of the company’s stock valued at $10,359,000 after purchasing an additional 112,140 shares during the last quarter. 84.46% of the stock is owned by institutional investors.

Mineralys Therapeutics Stock Down 3.7 %

The stock has a market capitalization of $509.55 million, a price-to-earnings ratio of -3.14 and a beta of 1.44. The company’s fifty day simple moving average is $11.21 and its 200 day simple moving average is $12.03.

Mineralys Therapeutics (NASDAQ:MLYS) last released its quarterly earnings data on Wednesday, February 12th. The company reported ($0.98) EPS for the quarter, beating the consensus estimate of ($1.00) by $0.02. As a group, analysts anticipate that Mineralys Therapeutics, Inc. will post -3.63 earnings per share for the current year.

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.