Mineralys Therapeutics, Inc. $MLYS Stake Decreased by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA lessened its stake in Mineralys Therapeutics, Inc. (NASDAQ:MLYS) by 3.8% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 1,376,686 shares of the company’s stock after selling 53,963 shares during the period. Pictet Asset Management Holding SA owned about 1.56% of Mineralys Therapeutics worth $34,596,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new stake in Mineralys Therapeutics during the 2nd quarter worth approximately $158,832,000. Bank of America Corp DE acquired a new stake in Mineralys Therapeutics during the 2nd quarter worth approximately $40,620,000. Orbimed Advisors LLC lifted its holdings in Mineralys Therapeutics by 109.4% during the 1st quarter. Orbimed Advisors LLC now owns 2,052,900 shares of the company’s stock worth $55,613,000 after buying an additional 1,072,500 shares in the last quarter. Nantahala Capital Management LLC purchased a new position in Mineralys Therapeutics in the 2nd quarter valued at approximately $22,136,577. Finally, Troluce Capital Advisors LLC purchased a new position in Mineralys Therapeutics in the 1st quarter valued at approximately $17,744,000. Institutional investors and hedge funds own 84.46% of the company’s stock.

Insider Activity

In other news, CEO Jon Congleton sold 75,000 shares of Mineralys Therapeutics stock in a transaction on Wednesday, September 30th. The shares were sold at an average price of $25.46, for a total transaction of $1,909,500.00. Following the completion of the sale, the chief executive officer directly owned 528,621 shares of the company’s stock, valued at approximately $13,458,690.66. The trade was a 12.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Warren sold 7,438 shares of the business’s stock in a transaction 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. The trade was a 16.23% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 197,195 shares of company stock valued at $5,403,069 over the last quarter. Company insiders own 18.94% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on MLYS shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Mineralys Therapeutics in a research report on Thursday, October 15th. Zacks Research upgraded Mineralys Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Friday, September 11th. Wall Street Zen lowered Mineralys Therapeutics from a “sell” rating to a “strong sell” rating in a report on Saturday, August 15th. UBS Group began coverage on Mineralys Therapeutics in a report on Sunday, October 11th. They issued a “neutral” rating and a $29.00 target price for the company. Finally, HC Wainwright reissued a “buy” rating and set a $56.00 target price on shares of Mineralys Therapeutics in a research note on Monday, October 12th. Four investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $43.60.

Mineralys Therapeutics Stock Performance

Shares of NASDAQ:MLYS opened at $15.52 on Wednesday. Mineralys Therapeutics, Inc. has a fifty-two week low of $14.91 and a fifty-two week high of $47.65. The firm’s 50 day moving average price is $23.38 and its 200 day moving average price is $26.44. The company has a quick ratio of 11.83, a current ratio of 11.83 and a debt-to-equity ratio of 0.15.

Mineralys Therapeutics (NASDAQ:MLYS) last posted its quarterly earnings results on Wednesday, November 4th. The company reported ($0.64) EPS for the quarter, missing the consensus estimate of ($0.55) by ($0.09). Equities research analysts predict that Mineralys Therapeutics, Inc. will post -4.64 EPS for the current fiscal year.

Mineralys Therapeutics Profile

Mineralys Therapeutics is a clinical-stage biopharmaceutical company developing treatments for hypertension and other cardiovascular and kidney conditions associated with excess aldosterone. The company is based in Radnor, Pennsylvania, and was founded in 2019. Its lead product candidate, lorundrostat, is an investigational oral inhibitor of aldosterone synthase. Mineralys is studying the drug as a potential treatment for difficult-to-control hypertension and conditions related to excess aldosterone; it is not an approved or marketed therapy.