Mineralys Therapeutics (NASDAQ:MLYS) Stock Price Down 6.1% – Here’s Why

Mineralys Therapeutics, Inc. (NASDAQ:MLYS)’s stock price was down 6.1% during trading on Thursday. The stock traded as low as $23.76 and last traded at $23.5970. Approximately 930,153 shares traded hands during trading, a decline of 27% from the average daily volume of 1,281,213 shares. The stock had previously closed at $25.13.

Analyst Ratings Changes

A number of brokerages have issued reports on MLYS. Zacks Research raised shares of Mineralys Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Friday, September 11th. Wall Street Zen cut shares of Mineralys Therapeutics from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 15th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Mineralys Therapeutics in a research note on Friday, July 17th. Five research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $48.80.

Mineralys Therapeutics Price Performance

The company has a 50 day moving average of $27.02 and a 200 day moving average of $27.03. The company has a current ratio of 34.46, a quick ratio of 34.46 and a debt-to-equity ratio of 0.18. The firm has a market cap of $2.10 billion, a price-to-earnings ratio of -5.60 and a beta of 0.68.

Mineralys Therapeutics (NASDAQ:MLYS) last posted 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). Equities research analysts predict that Mineralys Therapeutics, Inc. will post -4.45 EPS for the current fiscal year.

Insider Buying and Selling at Mineralys Therapeutics

In other Mineralys Therapeutics news, insider Eric Warren sold 7,438 shares of Mineralys Therapeutics stock in a transaction on Monday, September 21st. The shares were sold at an average price of $28.12, for a total value of $209,156.56. Following the sale, the insider directly 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 is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Daphne Karydas sold 3,000 shares of the business’s stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $28.58, for a total transaction of $85,740.00. Following the sale, the director directly owned 6,200 shares in the company, valued at $177,196. This trade represents a 32.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 133,974 shares of company stock worth $3,817,995. Company insiders own 18.94% of the company’s stock.

Institutional Trading of Mineralys Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the stock. Timothy G. Youngquist 2020 Irrevocable Trust acquired a new position in Mineralys Therapeutics during the second quarter worth $2,721,000. Man Group plc acquired a new stake in shares of Mineralys Therapeutics in the second quarter valued at approximately $1,609,000. TimesSquare Capital Management LLC bought a new stake in Mineralys Therapeutics in the 2nd quarter valued at $6,363,000. Bank of America Corp DE raised its position in shares of Mineralys Therapeutics by 11.5% in the first quarter. Bank of America Corp DE now owns 1,100,372 shares of the company’s stock valued at $29,809,000 after purchasing an additional 113,092 shares during the period. Finally, Renaissance Technologies LLC lifted its stake in shares of Mineralys Therapeutics by 18.8% during the 1st quarter. Renaissance Technologies LLC now owns 382,800 shares of the company’s stock worth $10,370,000 after buying an additional 60,700 shares during the last quarter. Institutional investors own 84.46% of the company’s stock.

Mineralys Therapeutics Company Profile

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.