Mineralys Therapeutics (NASDAQ:MLYS) Shares Down 7.1% – Should You Sell?

Mineralys Therapeutics, Inc. (NASDAQ:MLYS)’s stock price was down 7.1% during trading on Monday. The stock traded as low as $17.11 and last traded at $16.8860. Approximately 447,832 shares changed hands during trading, a decline of 66% from the average daily volume of 1,301,500 shares. The stock had previously closed at $18.18.

Analyst Ratings Changes

A number of research firms have recently commented on MLYS. Zacks Research upgraded shares of Mineralys Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Friday, September 11th. UBS Group initiated coverage on Mineralys Therapeutics in a research report on Sunday, October 11th. They issued a “neutral” rating and a $29.00 target price on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Mineralys Therapeutics in a report on Thursday, October 15th. HC Wainwright reissued a “buy” rating and set a $56.00 price target on shares of Mineralys Therapeutics in a research report on Monday, October 12th. Finally, Wall Street Zen downgraded Mineralys Therapeutics from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 15th. Five investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Mineralys Therapeutics has a consensus rating of “Hold” and an average target price of $45.50.

Mineralys Therapeutics Price Performance

The stock has a market capitalization of $1.45 billion, a P/E ratio of -3.89 and a beta of 0.69. The company has a debt-to-equity ratio of 0.18, a current ratio of 34.46 and a quick ratio of 34.46. The company’s 50-day simple moving average is $24.78 and its 200-day simple moving average is $27.03.

Mineralys Therapeutics (NASDAQ:MLYS) last announced its quarterly earnings data on Wednesday, August 12th. The company reported ($2.85) EPS for the quarter, missing analysts’ consensus estimates of ($0.55) by ($2.30). As a group, sell-side analysts expect that Mineralys Therapeutics, Inc. will post -4.45 EPS for the current fiscal year.

Insiders Place Their Bets

In other Mineralys Therapeutics news, CEO Jon Congleton sold 75,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 30th. The stock was sold at an average price of $25.46, for a total value of $1,909,500.00. Following the sale, the chief executive officer owned 528,621 shares in the company, valued at $13,458,690.66. This represents a 12.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Rodman sold 2,170 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $27.09, for a total value of $58,785.30. Following the completion of the sale, the insider directly owned 51,384 shares of the company’s stock, valued at approximately $1,391,992.56. The trade was a 4.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 199,365 shares of company stock worth $5,461,854 in the last three months. Insiders own 18.94% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in MLYS. BlackRock Inc. bought a new position in shares of Mineralys Therapeutics in the second quarter valued at about $158,832,000. Orbimed Advisors LLC boosted its holdings in shares of Mineralys Therapeutics by 109.4% during 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 acquired a new position in Mineralys Therapeutics in the 2nd quarter valued at about $40,620,000. Jennison Associates LLC grew its stake in Mineralys Therapeutics by 0.6% in the 1st quarter. Jennison Associates LLC now owns 1,266,174 shares of the company’s stock valued at $34,301,000 after buying an additional 7,521 shares during the last quarter. Finally, Nantahala Capital Management LLC bought a new position in Mineralys Therapeutics in the 2nd quarter valued at about $22,136,577. 84.46% of the stock is owned by institutional investors and hedge funds.

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.