Mineralys Therapeutics (NASDAQ:MLYS) Stock Falls 6.1% – Here’s What Happened

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) fell 6.1% during trading on Thursday. The company traded as low as $23.76 and last traded at $23.5970. Approximately 930,153 shares were traded during mid-day trading, a decline of 27% from the average session volume of 1,281,213 shares. The stock had previously closed at $25.13.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on MLYS shares. Wall Street Zen downgraded Mineralys Therapeutics from a “sell” rating to a “strong sell” rating in a report on Saturday, August 15th. Weiss Ratings restated a “sell (d-)” rating on shares of Mineralys Therapeutics in a research note on Friday, July 17th. Finally, Zacks Research raised shares of Mineralys Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Friday, September 11th. Five investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $48.80.

Mineralys Therapeutics Trading Down 0.4%

The stock has a market capitalization of $2.09 billion, a P/E ratio of -5.57 and a beta of 0.69. The company has a current ratio of 34.46, a quick ratio of 34.46 and a debt-to-equity ratio of 0.18. The business has a 50-day moving average price of $26.89 and a two-hundred day moving average price of $26.99.

Mineralys Therapeutics (NASDAQ:MLYS) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($2.85) EPS for the quarter, missing analysts’ consensus estimates of ($0.55) by ($2.30). On average, analysts expect that Mineralys Therapeutics, Inc. will post -4.45 EPS for the current fiscal year.

Insider Activity at Mineralys Therapeutics

In other Mineralys Therapeutics news, CEO Jon Congleton sold 75,000 shares of Mineralys Therapeutics stock in a transaction dated Wednesday, September 30th. The stock was sold at an average price of $25.46, for a total value of $1,909,500.00. Following the transaction, the chief executive officer owned 528,621 shares in the company, valued at $13,458,690.66. The trade was a 12.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Warren sold 7,438 shares of the company’s stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $28.12, for a total transaction of $209,156.56. Following the transaction, the insider owned 38,400 shares of the company’s stock, valued at approximately $1,079,808. This represents a 16.23% 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 have sold a total of 208,974 shares of company stock worth $5,727,495 in the last 90 days. Corporate insiders own 18.94% of the company’s stock.

Institutional Trading of Mineralys Therapeutics

Hedge funds have recently added to or reduced their stakes in the stock. Timothy G. Youngquist 2020 Irrevocable Trust bought a new position in shares of Mineralys Therapeutics in the 2nd quarter valued at $2,721,000. Man Group plc bought a new stake in Mineralys Therapeutics during the 2nd quarter worth $1,609,000. TimesSquare Capital Management LLC acquired a new position in Mineralys Therapeutics in the 2nd quarter worth about $6,363,000. Bank of America Corp DE increased its holdings in Mineralys Therapeutics by 11.5% in the 1st quarter. Bank of America Corp DE now owns 1,100,372 shares of the company’s stock worth $29,809,000 after purchasing an additional 113,092 shares in the last quarter. Finally, Canada Pension Plan Investment Board bought a new position in Mineralys Therapeutics in the second quarter valued at about $1,387,000. Institutional investors and hedge funds own 84.46% of the company’s stock.

About Mineralys Therapeutics

Mineralys Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing medicines for hypertension and other cardiovascular and kidney-related conditions associated with excess aldosterone activity. The company is headquartered in Radnor, Pennsylvania.

Mineralys’ lead product candidate is lorundrostat, an oral, highly selective aldosterone synthase inhibitor designed to reduce the production of aldosterone. The company is evaluating lorundrostat as a potential treatment for uncontrolled or resistant hypertension, including hypertension linked to abnormal activation of the renin-angiotensin-aldosterone system.

Mineralys was established to advance therapies targeting aldosterone-driven disease and became a publicly traded company on the Nasdaq exchange in 2023.