Insider Selling: Mineralys Therapeutics (NASDAQ:MLYS) CEO Sells $1,960,500.00 in Stock

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) CEO Jon Congleton sold 75,000 shares of Mineralys Therapeutics stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $26.14, for a total transaction of $1,960,500.00. Following the sale, the chief executive officer directly owned 614,321 shares in the company, valued at $16,058,350.94. This trade represents a 10.88% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Jon Congleton also recently made the following trade(s):

• On Monday, April 13th, Jon Congleton sold 15,730 shares of Mineralys Therapeutics stock. The shares were sold at an average price of $26.83, for a total transaction of $422,035.90.

Mineralys Therapeutics Stock Up 0.4%

Shares of Mineralys Therapeutics stock traded up $0.10 during trading hours on Tuesday, hitting $26.98. 2,030,353 shares of the company’s stock traded hands, compared to its average volume of 1,415,698. The stock has a 50 day simple moving average of $27.26 and a 200-day simple moving average of $29.37. The company has a market cap of $2.23 billion, a PE ratio of -13.16 and a beta of 0.56. Mineralys Therapeutics, Inc. has a twelve month low of $12.59 and a twelve month high of $47.65.

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

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of MLYS. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Mineralys Therapeutics by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,085 shares of the company’s stock worth $271,000 after acquiring an additional 702 shares during the last quarter. Navalign LLC bought a new stake in Mineralys Therapeutics in the 4th quarter valued at about $33,000. Velan Capital Investment Management LP boosted its stake in Mineralys Therapeutics by 0.6% during the 3rd quarter. Velan Capital Investment Management LP now owns 175,600 shares of the company’s stock valued at $6,659,000 after purchasing an additional 1,000 shares during the period. Royal Bank of Canada boosted its stake in Mineralys Therapeutics by 262.3% during the 4th quarter. Royal Bank of Canada now owns 1,529 shares of the company’s stock valued at $56,000 after purchasing an additional 1,107 shares during the period. Finally, KBC Group NV bought a new position in Mineralys Therapeutics in the 1st quarter worth about $33,000. Institutional investors own 84.46% of the company’s stock.

Analysts Set New Price Targets

MLYS has been the topic of a number of recent analyst reports. TD Cowen began coverage on Mineralys Therapeutics in a research report on Monday, April 27th. They issued a “buy” rating on the stock. Wall Street Zen downgraded shares of Mineralys Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. HC Wainwright restated a “buy” rating on shares of Mineralys Therapeutics in a research note on Monday, June 1st. Jefferies Financial Group reiterated a “hold” rating on shares of Mineralys Therapeutics in a research note on Monday, June 1st. Finally, Bank of America raised their price objective on shares of Mineralys Therapeutics from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, March 13th. Six equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $49.33.

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.