Mineralys Therapeutics (NASDAQ:MLYS) Shares Gap Down – Time to Sell?

Mineralys Therapeutics, Inc. (NASDAQ:MLYS)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $27.24, but opened at $26.45. Mineralys Therapeutics shares last traded at $27.7590, with a volume of 1,449,829 shares changing hands.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Mineralys Therapeutics in a research report on Thursday, January 22nd. HC Wainwright set a $56.00 price target on Mineralys Therapeutics and gave the company a “buy” rating in a research note on Tuesday. Wells Fargo & Company lifted their price target on Mineralys Therapeutics from $50.00 to $55.00 and gave the stock an “overweight” rating in a report on Tuesday, November 11th. Stifel Nicolaus upped their price objective on Mineralys Therapeutics from $45.00 to $52.00 and gave the stock a “buy” rating in a research report on Friday, December 19th. Finally, Wall Street Zen downgraded Mineralys Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday. Six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.43.

Mineralys Therapeutics Trading Up 6.3%

The stock has a market cap of $2.29 billion, a PE ratio of -9.81 and a beta of 0.57. The business has a 50 day moving average of $31.14 and a 200-day moving average of $35.30.

Insiders Place Their Bets

In other news, CEO Jon Congleton sold 16,236 shares of the stock in a transaction dated Monday, January 12th. The shares were sold at an average price of $32.62, for a total transaction of $529,618.32. Following the completion of the sale, the chief executive officer owned 639,151 shares in the company, valued at approximately $20,849,105.62. This represents a 2.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider David Malcom Rodman sold 192,715 shares of the firm’s stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $35.02, for a total value of $6,748,879.30. Following the transaction, the insider directly owned 61,804 shares in the company, valued at approximately $2,164,376.08. This represents a 75.72% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 340,748 shares of company stock valued at $11,697,169. Insiders own 33.24% of the company’s stock.

Institutional Trading of Mineralys Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the stock. State Street Corp grew its stake in shares of Mineralys Therapeutics by 144.4% in the 4th quarter. State Street Corp now owns 3,184,999 shares of the company’s stock valued at $115,584,000 after purchasing an additional 1,881,976 shares during the last quarter. Farallon Capital Management LLC purchased a new stake in shares of Mineralys Therapeutics during the third quarter worth approximately $63,442,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Mineralys Therapeutics by 6,097.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,325,120 shares of the company’s stock worth $48,089,000 after purchasing an additional 1,303,737 shares during the period. Holocene Advisors LP purchased a new position in Mineralys Therapeutics in the 3rd quarter valued at $45,708,000. Finally, Janus Henderson Group PLC grew its position in Mineralys Therapeutics by 6,012.8% in the 4th quarter. Janus Henderson Group PLC now owns 1,213,265 shares of the company’s stock valued at $44,005,000 after buying an additional 1,193,417 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.