Mineralys Therapeutics (NASDAQ:MLYS) Cut to Strong Sell at Wall Street Zen

Wall Street Zen lowered shares of Mineralys Therapeutics (NASDAQ:MLYS) from a sell rating to a strong sell rating in a research note published on Saturday morning.

Several other research analysts have also recently issued reports on the company. HC Wainwright restated a “buy” rating on shares of Mineralys Therapeutics in a research note on Monday, June 1st. TD Cowen started coverage on Mineralys Therapeutics in a research report on Monday, April 27th. They issued a “buy” rating on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Mineralys Therapeutics in a report on Friday, July 17th. Finally, Jefferies Financial Group reissued a “hold” rating on shares of Mineralys Therapeutics in a research report on Monday, June 1st. Six equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $49.33.

Mineralys Therapeutics Price Performance

NASDAQ MLYS opened at $26.05 on Friday. The company has a debt-to-equity ratio of 0.18, a current ratio of 34.46 and a quick ratio of 34.46. The stock’s fifty day moving average price is $26.55 and its 200 day moving average price is $27.45. Mineralys Therapeutics has a 1 year low of $14.26 and a 1 year high of $47.65. The company has a market cap of $2.30 billion, a price-to-earnings ratio of -6.14 and a beta of 0.68.

Mineralys Therapeutics (NASDAQ:MLYS) last issued its earnings results on Wednesday, August 12th. The company reported ($2.85) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.55) by ($2.30). As a group, equities research analysts forecast that Mineralys Therapeutics will post -4.46 earnings per share for the current year.

Insider Activity

In related news, Director Daphne Karydas sold 3,000 shares of the stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $25.00, for a total transaction of $75,000.00. Following the sale, the director directly owned 6,200 shares of the company’s stock, valued at approximately $155,000. This represents a 32.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Jon Congleton sold 75,000 shares of the firm’s stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $26.14, for a total transaction of $1,960,500.00. Following the sale, the chief executive officer owned 614,321 shares in the company, valued at approximately $16,058,350.94. This represents a 10.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 216,896 shares of company stock valued at $5,613,000. 18.94% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. RA Capital Management L.P. grew its position in shares of Mineralys Therapeutics by 19.1% during the 3rd quarter. RA Capital Management L.P. now owns 7,323,750 shares of the company’s stock valued at $277,717,000 after acquiring an additional 1,176,470 shares during the period. BlackRock Inc. purchased a new position in shares of Mineralys Therapeutics in the 2nd quarter valued at about $158,832,000. Vanguard Group Inc. raised its holdings in Mineralys Therapeutics by 11.1% in the 4th quarter. Vanguard Group Inc. now owns 3,352,880 shares of the company’s stock worth $121,676,000 after purchasing an additional 333,881 shares during the period. State Street Corp raised its holdings in Mineralys Therapeutics by 144.4% in the 4th quarter. State Street Corp now owns 3,184,999 shares of the company’s stock worth $115,584,000 after purchasing an additional 1,881,976 shares during the period. Finally, Caligan Partners LP boosted its position in Mineralys Therapeutics by 37.4% during the third quarter. Caligan Partners LP now owns 2,772,654 shares of the company’s stock worth $105,139,000 after purchasing an additional 755,302 shares in the last quarter. Institutional investors and hedge funds 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.