Mineralys Therapeutics (NASDAQ:MLYS) Sets New 52-Week Low – Time to Sell?

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) shares reached a new 52-week low on Tuesday. The stock traded as low as $22.16 and last traded at $22.17, with a volume of 416960 shares changing hands. The stock had previously closed at $23.30.

Wall Street Analyst Weigh In

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

Mineralys Therapeutics Price Performance

The company has a market capitalization of $1.97 billion, a P/E ratio of -5.25 and a beta of 0.69. 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 firm’s 50-day moving average is $26.81 and its 200-day moving average is $26.99.

Mineralys Therapeutics (NASDAQ:MLYS) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($2.85) earnings per share for the quarter, missing the consensus estimate of ($0.55) by ($2.30). Analysts predict that Mineralys Therapeutics, Inc. will post -4.45 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Brian Slingsby sold 104,320 shares of the firm’s stock in a transaction dated Tuesday, September 22nd. The stock was sold at an average price of $28.81, for a total value of $3,005,459.20. Following the transaction, the director owned 7,805,718 shares of the company’s stock, valued at $224,882,735.58. This trade represents a 1.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Eric Warren sold 7,438 shares of Mineralys Therapeutics stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $28.12, for a total value of $209,156.56. Following the transaction, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 208,974 shares of company stock valued at $5,727,495. 18.94% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Mineralys Therapeutics

Several large investors have recently added to or reduced their stakes in MLYS. BlackRock Inc. purchased a new stake in shares of Mineralys Therapeutics in the second quarter worth $158,832,000. Orbimed Advisors LLC lifted its stake in shares of Mineralys Therapeutics by 109.4% during the 1st quarter. Orbimed Advisors LLC now owns 2,052,900 shares of the company’s stock valued at $55,613,000 after buying an additional 1,072,500 shares in the last quarter. Polar Capital Holdings Plc boosted its holdings in Mineralys Therapeutics by 32.3% in the 4th quarter. Polar Capital Holdings Plc now owns 1,401,141 shares of the company’s stock worth $50,847,000 after buying an additional 342,365 shares during the period. Bank of America Corp DE bought a new position in Mineralys Therapeutics in the 2nd quarter worth $40,620,000. Finally, Jennison Associates LLC increased its stake in Mineralys Therapeutics by 0.6% in the 1st quarter. Jennison Associates LLC now owns 1,266,174 shares of the company’s stock worth $34,301,000 after buying an additional 7,521 shares in the last quarter. Hedge funds and other institutional investors own 84.46% of the company’s stock.

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.