Mineralys Therapeutics (NASDAQ:MLYS) Sets New 52-Week Low After Earnings Miss

Shares of Mineralys Therapeutics, Inc. (NASDAQ:MLYS) hit a new 52-week low on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $15.25 and last traded at $15.2520, with a volume of 1,746,113 shares trading hands. The stock had previously closed at $17.00.

The company reported ($0.64) earnings per share for the quarter, missing the consensus estimate of ($0.55) by ($0.09).

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on MLYS shares. Weiss Ratings restated a “sell (d-)” rating on shares of Mineralys Therapeutics in a research report on Thursday, October 15th. HC Wainwright reissued a “buy” rating and issued a $56.00 target price on shares of Mineralys Therapeutics in a research note on Monday, October 12th. UBS Group started coverage on shares of Mineralys Therapeutics in a research report on Sunday, October 11th. They set a “neutral” rating and a $29.00 price objective on the stock. Wall Street Zen cut Mineralys Therapeutics from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 15th. Finally, Zacks Research upgraded shares of 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, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Mineralys Therapeutics currently has an average rating of “Hold” and an average target price of $45.50.

Insider Activity

In related news, Director Brian Slingsby sold 104,320 shares of the business’s stock in a transaction that occurred on Tuesday, September 22nd. The stock was sold at an average price of $28.81, for a total transaction of $3,005,459.20. Following the completion of the transaction, the director directly owned 7,805,718 shares in the company, valued at approximately $224,882,735.58. The trade was a 1.32% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider David Rodman sold 2,170 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $27.09, for a total transaction of $58,785.30. Following the sale, the insider owned 51,384 shares in the company, valued at approximately $1,391,992.56. The trade was a 4.05% decrease in their position. 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 quarter, insiders sold 199,365 shares of company stock worth $5,461,854. 18.94% of the stock is currently owned by corporate insiders.

Institutional Trading of Mineralys Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. bought a new stake in shares of Mineralys Therapeutics during the 2nd quarter valued at $158,832,000. Orbimed Advisors LLC boosted its holdings in Mineralys Therapeutics by 109.4% in the 1st quarter. Orbimed Advisors LLC now owns 2,052,900 shares of the company’s stock worth $55,613,000 after buying an additional 1,072,500 shares during the period. Bank of America Corp DE bought a new position in Mineralys Therapeutics in the 2nd quarter worth $40,620,000. Jennison Associates LLC boosted its holdings 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 during the period. Finally, Nantahala Capital Management LLC purchased a new stake in Mineralys Therapeutics in the 2nd quarter worth $22,136,577. 84.46% of the stock is owned by hedge funds and other institutional investors.

Mineralys Therapeutics Price Performance

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 stock has a 50 day simple moving average of $24.20 and a 200-day simple moving average of $26.78. The firm has a market cap of $1.35 billion, a PE ratio of -3.59 and a beta of 0.83.

Mineralys Therapeutics Company Profile

Mineralys Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for cardiovascular and kidney diseases associated with excess aldosterone activity. The company’s research centers on selectively targeting aldosterone production, a mechanism involved in blood-pressure regulation and organ damage.

Mineralys’ lead product candidate is lorundrostat, an oral, selective aldosterone synthase inhibitor being evaluated as a potential treatment for uncontrolled and resistant hypertension.