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

Mineralys Therapeutics, Inc. (NASDAQ:MLYS)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $26.99, but opened at $25.46. Mineralys Therapeutics shares last traded at $25.6380, with a volume of 28,415 shares changing hands.

Analyst Upgrades and Downgrades

A number of research firms recently commented on MLYS. Jefferies Financial Group reiterated a “hold” rating and set a $30.00 price objective on shares of Mineralys Therapeutics in a research report on Friday, March 13th. Wall Street Zen upgraded Mineralys Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, March 15th. HC Wainwright set a $56.00 price objective on Mineralys Therapeutics and gave the company a “buy” rating in a research report on Tuesday, March 10th. Bank of America upped their price objective on Mineralys Therapeutics from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, March 13th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Mineralys Therapeutics in a research report on Tuesday, April 21st. Seven equities research 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. Based on data from MarketBeat.com, Mineralys Therapeutics presently has an average rating of “Moderate Buy” and an average price target of $49.14.

Mineralys Therapeutics Stock Performance

The stock has a fifty day moving average of $27.11 and a 200 day moving average of $33.56. The company has a market capitalization of $2.20 billion, a P/E ratio of -11.24 and a beta of 0.69.

Mineralys Therapeutics (NASDAQ:MLYS) last announced its earnings results on Thursday, March 12th. The company reported ($0.40) EPS for the quarter, topping analysts’ consensus estimates of ($0.57) by $0.17. Research analysts anticipate that Mineralys Therapeutics, Inc. will post -2.23 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Ra Capital Management, L.P. bought 310,700 shares of the firm’s stock in a transaction that occurred on Friday, March 27th. The shares were bought at an average cost of $23.67 per share, with a total value of $7,354,269.00. Following the acquisition, the director owned 5,767,221 shares in the company, valued at $136,510,121.07. This trade represents a 5.69% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Daphne Karydas sold 3,000 shares of the firm’s stock in a transaction on Tuesday, March 31st. The stock was sold at an average price of $25.00, for a total value of $75,000.00. Following the completion of the transaction, the director directly owned 6,200 shares in the company, valued at approximately $155,000. This represents a 32.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 162,291 shares of company stock valued at $4,336,414 in the last 90 days. 18.94% of the stock is owned by company insiders.

Institutional Investors Weigh In On Mineralys Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the business. Navalign LLC bought a new stake in Mineralys Therapeutics during the fourth quarter valued at about $33,000. Smartleaf Asset Management LLC raised its holdings in Mineralys Therapeutics by 198.2% during the third quarter. Smartleaf Asset Management LLC now owns 1,017 shares of the company’s stock valued at $40,000 after acquiring an additional 676 shares during the period. Royal Bank of Canada raised its holdings in Mineralys Therapeutics by 262.3% during the fourth quarter. Royal Bank of Canada now owns 1,529 shares of the company’s stock valued at $56,000 after acquiring an additional 1,107 shares during the period. Caitong International Asset Management Co. Ltd raised its holdings in Mineralys Therapeutics by 1,845.4% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,101 shares of the company’s stock valued at $76,000 after acquiring an additional 1,993 shares during the period. Finally, Russell Investments Group Ltd. raised its holdings in Mineralys Therapeutics by 14,091.3% during the third quarter. Russell Investments Group Ltd. now owns 3,264 shares of the company’s stock valued at $124,000 after acquiring an additional 3,241 shares during the period. 84.46% of the stock is owned by institutional investors.

Mineralys Therapeutics Company Profile

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.