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

Shares of Mineralys Therapeutics, Inc. (NASDAQ:MLYS) gapped down prior to trading on Wednesday . The stock had previously closed at $28.85, but opened at $26.48. Mineralys Therapeutics shares last traded at $25.13, with a volume of 2,016,973 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on MLYS. Jefferies Financial Group reaffirmed a “hold” rating on shares of Mineralys Therapeutics in a research note on Monday. Bank of America increased their price objective on shares of Mineralys Therapeutics from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, March 13th. Wall Street Zen lowered Mineralys Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. HC Wainwright reissued a “buy” rating on shares of Mineralys Therapeutics in a research note on Monday. Finally, TD Cowen initiated coverage on shares of Mineralys Therapeutics in a research note on Monday, April 27th. They issued a “buy” rating on the stock. Six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $49.33.

Mineralys Therapeutics Stock Performance

The firm’s 50-day moving average is $27.80 and its 200 day moving average is $31.71. The firm has a market capitalization of $2.04 billion, a PE ratio of -12.08 and a beta of 0.57.

Mineralys Therapeutics (NASDAQ:MLYS) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($0.47) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.51) by $0.04. As a group, equities analysts anticipate that Mineralys Therapeutics, Inc. will post -2.3 earnings per share for the current year.

Insider Buying and Selling at Mineralys Therapeutics

In related news, Director Ra Capital Management, L.P. purchased 310,700 shares of Mineralys Therapeutics stock in a transaction that occurred on Friday, March 27th. The shares were purchased at an average cost of $23.67 per share, with a total value of $7,354,269.00. Following the transaction, the director owned 5,767,221 shares of the company’s stock, valued at approximately $136,510,121.07. The trade was a 5.69% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Daphne Karydas sold 3,000 shares of Mineralys Therapeutics stock in a transaction on Tuesday, March 31st. The stock was sold at an average price of $25.00, for a total transaction of $75,000.00. Following the sale, the director directly owned 6,200 shares in the company, valued at $155,000. This trade represents a 32.61% decrease in their position. 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 worth $4,353,683 in the last quarter. Company insiders own 18.94% of the company’s stock.

Institutional Trading of Mineralys Therapeutics

Several large investors have recently modified their holdings of the business. RA Capital Management L.P. lifted its stake in shares of Mineralys Therapeutics by 19.1% in the third quarter. RA Capital Management L.P. now owns 7,323,750 shares of the company’s stock worth $277,717,000 after acquiring an additional 1,176,470 shares in the last quarter. Vanguard Group Inc. grew its stake in Mineralys Therapeutics by 11.1% during the 4th quarter. Vanguard Group Inc. now owns 3,352,880 shares of the company’s stock valued at $121,676,000 after purchasing an additional 333,881 shares in the last quarter. State Street Corp increased its holdings in Mineralys Therapeutics by 144.4% during the 4th quarter. State Street Corp now owns 3,184,999 shares of the company’s stock worth $115,584,000 after purchasing an additional 1,881,976 shares during the last quarter. Caligan Partners LP increased its holdings in Mineralys Therapeutics by 37.4% during the 3rd quarter. Caligan Partners LP now owns 2,772,654 shares of the company’s stock worth $105,139,000 after purchasing an additional 755,302 shares during the last quarter. Finally, Suvretta Capital Management LLC raised its position in shares of Mineralys Therapeutics by 22.2% in the 3rd quarter. Suvretta Capital Management LLC now owns 2,132,133 shares of the company’s stock valued at $80,850,000 after purchasing an additional 387,641 shares in the last quarter. 84.46% of the stock is currently owned by institutional investors and hedge funds.

About Mineralys Therapeutics

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.