Mineralys Therapeutics (NASDAQ:MLYS) Shares Down 3.5% – Here’s Why

Mineralys Therapeutics, Inc. (NASDAQ:MLYS)’s stock price dropped 3.5% during trading on Monday . The stock traded as low as $16.49 and last traded at $16.28. 613,262 shares were traded during mid-day trading, an increase of 88% from the average session volume of 326,909 shares. The stock had previously closed at $16.87.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on MLYS. Guggenheim restated a “buy” rating on shares of Mineralys Therapeutics in a research note on Monday, February 24th. The Goldman Sachs Group decreased their target price on Mineralys Therapeutics from $28.00 to $24.00 and set a “buy” rating for the company in a research report on Thursday, February 13th. Finally, HC Wainwright reissued a “buy” rating and issued a $30.00 price target on shares of Mineralys Therapeutics in a report on Monday, March 10th.

Mineralys Therapeutics Stock Down 4.1 %

The firm has a market capitalization of $1.02 billion, a PE ratio of -4.44 and a beta of 1.50. The stock has a 50-day simple moving average of $10.86 and a 200-day simple moving average of $12.07.

Mineralys Therapeutics (NASDAQ:MLYS) last announced its quarterly earnings data on Wednesday, February 12th. The company reported ($0.98) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.00) by $0.02. Equities analysts forecast that Mineralys Therapeutics, Inc. will post -4.23 earnings per share for the current fiscal year.

Insider Activity at Mineralys Therapeutics

In other news, Director Ra Capital Management, L.P. acquired 1,296,296 shares of the business’s stock in a transaction dated Thursday, March 13th. The stock was bought at an average cost of $13.50 per share, for a total transaction of $17,499,996.00. Following the completion of the transaction, the director now owns 4,280,051 shares of the company’s stock, valued at $57,780,688.50. The trade was a 43.45 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Samsara Biocapital Gp, Llc bought 600,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 13th. The shares were purchased at an average cost of $13.50 per share, for a total transaction of $8,100,000.00. Following the acquisition, the insider now directly owns 5,674,916 shares in the company, valued at $76,611,366. This trade represents a 11.82 % increase in their position. The disclosure for this purchase can be found here. 33.24% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. BNP Paribas Financial Markets purchased a new stake in shares of Mineralys Therapeutics in the fourth quarter worth $48,000. ProShare Advisors LLC purchased a new stake in shares of Mineralys Therapeutics in the 4th quarter valued at about $128,000. China Universal Asset Management Co. Ltd. raised its holdings in shares of Mineralys Therapeutics by 10.3% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 10,553 shares of the company’s stock valued at $130,000 after acquiring an additional 989 shares in the last quarter. Price T Rowe Associates Inc. MD purchased a new position in shares of Mineralys Therapeutics during the fourth quarter worth about $145,000. Finally, PDT Partners LLC bought a new position in shares of Mineralys Therapeutics in the third quarter worth approximately $148,000. 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.