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

Shares of Mineralys Therapeutics, Inc. (NASDAQ:MLYS) 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 trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. HC Wainwright restated a “buy” rating on shares of Mineralys Therapeutics in a research note on Monday. Weiss Ratings restated a “sell (d-)” rating on shares of Mineralys Therapeutics in a research note on Tuesday, April 21st. Bank of America upped their price target on shares of Mineralys Therapeutics from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, March 13th. Jefferies Financial Group restated a “hold” rating on shares of Mineralys Therapeutics in a research note on Monday. Finally, Wall Street Zen downgraded shares of Mineralys Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $49.33.

Mineralys Therapeutics Price Performance

The company’s 50-day moving average is $27.97 and its two-hundred day moving average is $31.33. The firm has a market cap of $2.07 billion, a P/E ratio of -12.22 and a beta of 0.57.

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

Insider Activity

In related news, Director Daphne Karydas sold 3,000 shares of the company’s stock in a transaction dated Tuesday, March 31st. The shares were sold at an average price of $25.00, for a total transaction of $75,000.00. Following the completion of the sale, the director owned 6,200 shares of the company’s stock, valued at $155,000. This represents a 32.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Malcom Rodman sold 14,056 shares of the company’s stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $28.58, for a total transaction of $401,720.48. Following the sale, the insider directly owned 63,443 shares of the company’s stock, valued at $1,813,200.94. This represents 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

Institutional investors and hedge funds have recently made changes to their positions in the stock. Navalign LLC bought a new position in shares of Mineralys Therapeutics in the fourth quarter worth about $33,000. KBC Group NV bought a new position in shares of Mineralys Therapeutics in the first quarter worth about $33,000. Smartleaf Asset Management LLC lifted its holdings in shares of Mineralys Therapeutics by 198.2% in the third quarter. Smartleaf Asset Management LLC now owns 1,017 shares of the company’s stock worth $40,000 after acquiring an additional 676 shares during the last quarter. Royal Bank of Canada lifted its holdings in shares of Mineralys Therapeutics by 262.3% in the fourth quarter. Royal Bank of Canada now owns 1,529 shares of the company’s stock worth $56,000 after acquiring an additional 1,107 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd lifted its holdings in shares of Mineralys Therapeutics by 1,845.4% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,101 shares of the company’s stock worth $76,000 after acquiring an additional 1,993 shares during the last quarter. Institutional investors own 84.46% of the company’s stock.

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.