Mineralys Therapeutics (NASDAQ:MLYS) Stock Price Down 4% – Should You Sell?

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) traded down 4% during trading on Wednesday . The company traded as low as $27.34 and last traded at $27.37. 352,910 shares traded hands during mid-day trading, a decline of 68% from the average session volume of 1,118,766 shares. The stock had previously closed at $28.51.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on MLYS. HC Wainwright raised their price objective on shares of Mineralys Therapeutics from $52.00 to $56.00 and gave the stock a “buy” rating in a report on Wednesday, November 12th. Wells Fargo & Company raised their price target on shares of Mineralys Therapeutics from $50.00 to $55.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 11th. Stifel Nicolaus upped their price objective on Mineralys Therapeutics from $45.00 to $52.00 and gave the company a “buy” rating in a research note on Friday, December 19th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Mineralys Therapeutics in a research note on Thursday, January 22nd. Six analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $47.43.

Mineralys Therapeutics Price Performance

The company’s 50 day simple moving average is $31.93 and its 200 day simple moving average is $34.95. The stock has a market cap of $2.27 billion, a P/E ratio of -9.72 and a beta of 0.57.

Insiders Place Their Bets

In other Mineralys Therapeutics news, CFO Adam Scott Levy sold 10,758 shares of the business’s stock in a transaction dated Monday, January 12th. The stock was sold at an average price of $32.14, for a total value of $345,762.12. Following the completion of the transaction, the chief financial officer directly owned 8,638 shares of the company’s stock, valued at approximately $277,625.32. The trade was a 55.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jon Congleton sold 16,236 shares of the firm’s stock in a transaction dated Monday, January 12th. The stock was sold at an average price of $32.62, for a total value of $529,618.32. Following the sale, the chief executive officer directly owned 639,151 shares in the company, valued at approximately $20,849,105.62. This represents a 2.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 340,748 shares of company stock worth $11,697,169. Corporate insiders own 33.24% of the company’s stock.

Hedge Funds Weigh In On Mineralys Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Navalign LLC acquired a new stake in shares of Mineralys Therapeutics in the 4th quarter valued at about $33,000. Smartleaf Asset Management LLC raised its position in Mineralys Therapeutics by 198.2% in the 3rd quarter. Smartleaf Asset Management LLC now owns 1,017 shares of the company’s stock valued at $40,000 after buying an additional 676 shares during the last quarter. Royal Bank of Canada raised its position in Mineralys Therapeutics by 262.3% in the 4th quarter. Royal Bank of Canada now owns 1,529 shares of the company’s stock valued at $56,000 after buying an additional 1,107 shares during the last quarter. Caitong International Asset Management Co. Ltd lifted its stake in Mineralys Therapeutics by 1,845.4% in the 4th 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 in the last quarter. Finally, Russell Investments Group Ltd. boosted its position in Mineralys Therapeutics by 14,091.3% during the 3rd quarter. Russell Investments Group Ltd. now owns 3,264 shares of the company’s stock worth $124,000 after acquiring an additional 3,241 shares during the last quarter. 84.46% of the stock is 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. 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.