Mineralys Therapeutics (NASDAQ:MLYS) Shares Gap Down – Here’s What Happened

Mineralys Therapeutics, Inc. (NASDAQ:MLYS)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $28.85, but opened at $26.48. Mineralys Therapeutics shares last traded at $25.13, with a volume of 2,016,973 shares traded.

Wall Street Analysts Forecast Growth

MLYS has been the topic of a number of research analyst reports. Jefferies Financial Group reiterated a “hold” rating on shares of Mineralys Therapeutics in a research note on Monday. Weiss Ratings reissued a “sell (d-)” rating on shares of Mineralys Therapeutics in a research report on Tuesday, April 21st. HC Wainwright restated a “buy” rating on shares of Mineralys Therapeutics in a research note on Monday. Wall Street Zen cut shares of Mineralys Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Finally, TD Cowen assumed coverage on Mineralys Therapeutics in a report on Monday, April 27th. They issued a “buy” rating for the company. Six investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $49.33.

Mineralys Therapeutics Trading Down 14.1%

The firm has a market cap of $2.04 billion, a price-to-earnings ratio of -12.08 and a beta of 0.57. The stock has a 50-day moving average of $27.80 and a 200-day moving average of $31.71.

Mineralys Therapeutics (NASDAQ:MLYS) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($0.47) EPS for the quarter, topping the consensus estimate of ($0.51) by $0.04. As a group, research analysts expect that Mineralys Therapeutics, Inc. will post -2.3 earnings per share for the current fiscal year.

Insider Activity at Mineralys Therapeutics

In related news, Director Daphne Karydas sold 3,000 shares of the stock in a transaction dated Tuesday, March 31st. The shares were sold at an average price of $25.00, for a total value of $75,000.00. Following the completion of the transaction, the director owned 6,200 shares in the company, valued at $155,000. This represents a 32.61% decrease in their position. 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, insider David Malcom Rodman sold 14,056 shares of the firm’s stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $28.58, for a total transaction of $401,720.48. Following the transaction, the insider directly owned 63,443 shares in the company, valued at approximately $1,813,200.94. The trade was a 18.14% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 162,291 shares of company stock worth $4,353,683. 18.94% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Hudson Bay Capital Management LP acquired a new stake in shares of Mineralys Therapeutics during the third quarter worth $2,873,000. SG Americas Securities LLC grew its position in Mineralys Therapeutics by 130.7% during the fourth quarter. SG Americas Securities LLC now owns 230,795 shares of the company’s stock valued at $8,376,000 after purchasing an additional 130,758 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Mineralys Therapeutics by 29.8% during the 3rd quarter. Vanguard Group Inc. now owns 3,018,999 shares of the company’s stock valued at $114,480,000 after acquiring an additional 692,550 shares in the last quarter. Citigroup Inc. increased its position in Mineralys Therapeutics by 501.7% in the 3rd quarter. Citigroup Inc. now owns 163,168 shares of the company’s stock worth $6,187,000 after purchasing an additional 136,050 shares during the last quarter. Finally, Jennison Associates LLC increased its holdings in Mineralys Therapeutics by 234.4% in the fourth quarter. Jennison Associates LLC now owns 1,258,653 shares of the company’s stock worth $45,677,000 after buying an additional 882,307 shares during the last quarter. 84.46% of the stock is owned by institutional investors and hedge funds.

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.