Mineralys Therapeutics (NASDAQ:MLYS) Shares Down 9.6% – Here’s Why

Shares of Mineralys Therapeutics, Inc. (NASDAQ:MLYS) fell 9.6% during trading on Wednesday . The company traded as low as $11.63 and last traded at $11.73. 163,131 shares changed hands during mid-day trading, a decline of 8% from the average session volume of 177,245 shares. The stock had previously closed at $12.98.

Analysts Set New Price Targets

Separately, HC Wainwright restated a “buy” rating and set a $30.00 target price on shares of Mineralys Therapeutics in a research report on Tuesday, November 12th.

Mineralys Therapeutics Trading Down 13.8 %

The company has a market cap of $556.92 million, a price-to-earnings ratio of -3.42 and a beta of 1.49. The stock has a 50 day moving average price of $12.81 and a two-hundred day moving average price of $12.57.

Mineralys Therapeutics (NASDAQ:MLYS) last posted its earnings results on Monday, November 11th. The company reported ($1.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.83) by ($0.30). During the same period in the prior year, the business posted ($0.57) earnings per share. On average, equities analysts forecast that Mineralys Therapeutics, Inc. will post -3.63 EPS for the current fiscal year.

Insider Buying and Selling at Mineralys Therapeutics

In other news, CFO Adam Scott Levy sold 10,757 shares of the business’s stock in a transaction on Friday, October 11th. The shares were sold at an average price of $13.57, for a total value of $145,972.49. Following the completion of the transaction, the chief financial officer now owns 236,854 shares of the company’s stock, valued at $3,214,108.78. The trade was a 4.34 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jon Congleton sold 15,271 shares of the firm’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $13.52, for a total value of $206,463.92. Following the sale, the chief executive officer now directly owns 895,941 shares in the company, valued at $12,113,122.32. The trade was a 1.68 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 51,510 shares of company stock valued at $735,431. Corporate insiders own 33.24% of the company’s stock.

Hedge Funds Weigh In On Mineralys Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the business. SG Americas Securities LLC acquired a new stake in Mineralys Therapeutics during the 3rd quarter worth approximately $110,000. China Universal Asset Management Co. Ltd. increased its position in shares of Mineralys Therapeutics by 64.0% during the third quarter. China Universal Asset Management Co. Ltd. now owns 9,564 shares of the company’s stock worth $116,000 after acquiring an additional 3,732 shares in the last quarter. Federated Hermes Inc. raised its holdings in shares of Mineralys Therapeutics by 100.0% during the second quarter. Federated Hermes Inc. now owns 12,000 shares of the company’s stock worth $140,000 after acquiring an additional 6,000 shares during the period. PDT Partners LLC bought a new stake in Mineralys Therapeutics in the 3rd quarter valued at $148,000. Finally, The Manufacturers Life Insurance Company acquired a new position in Mineralys Therapeutics in the 2nd quarter worth $145,000. 84.46% of the stock is currently owned by institutional investors and hedge funds.

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.