Mineralys Therapeutics (NASDAQ:MLYS) Trading Down 9.5% – Should You Sell?

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) shares fell 9.5% on Tuesday . The stock traded as low as $13.45 and last traded at $13.54. 1,279,112 shares traded hands during mid-day trading, an increase of 94% from the average session volume of 659,898 shares. The stock had previously closed at $14.96.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on MLYS. Guggenheim reissued a “buy” rating on shares of Mineralys Therapeutics in a report on Monday, February 24th. HC Wainwright reissued a “buy” rating and issued a $30.00 target price on shares of Mineralys Therapeutics in a research note on Monday. Finally, The Goldman Sachs Group dropped their price target on Mineralys Therapeutics from $28.00 to $24.00 and set a “buy” rating on the stock in a research report on Thursday, February 13th.

Mineralys Therapeutics Stock Performance

The firm has a market capitalization of $712.65 million, a P/E ratio of -3.93 and a beta of 1.50. The firm’s 50-day moving average is $10.31 and its 200 day moving average is $11.88.

Mineralys Therapeutics (NASDAQ:MLYS) last issued its quarterly earnings results on Wednesday, February 12th. The company reported ($0.98) EPS for the quarter, beating analysts’ consensus estimates of ($1.00) by $0.02. As a group, research analysts expect that Mineralys Therapeutics, Inc. will post -4.23 EPS for the current fiscal year.

Insiders Place Their Bets

In other Mineralys Therapeutics news, CEO Jon Congleton sold 18,333 shares of Mineralys Therapeutics stock in a transaction on Monday, January 13th. The shares were sold at an average price of $9.06, for a total value of $166,096.98. Following the sale, the chief executive officer now directly owns 877,608 shares in the company, valued at approximately $7,951,128.48. The trade was a 2.05 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Adam Scott Levy sold 10,757 shares of the stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $9.10, for a total transaction of $97,888.70. Following the transaction, the chief financial officer now owns 226,097 shares of the company’s stock, valued at approximately $2,057,482.70. This represents a 4.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 33.24% of the company’s stock.

Institutional Trading of Mineralys Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Polar Asset Management Partners Inc. acquired a new position in Mineralys Therapeutics during the third quarter valued at approximately $490,000. Jennison Associates LLC raised its stake in shares of Mineralys Therapeutics by 55.4% during the 4th quarter. Jennison Associates LLC now owns 1,082,006 shares of the company’s stock worth $13,319,000 after purchasing an additional 385,726 shares in the last quarter. Barclays PLC boosted its holdings in shares of Mineralys Therapeutics by 281.8% in the 3rd quarter. Barclays PLC now owns 38,218 shares of the company’s stock valued at $463,000 after buying an additional 28,208 shares during the last quarter. Wellington Management Group LLP bought a new position in shares of Mineralys Therapeutics in the third quarter valued at $775,000. Finally, State Street Corp increased its holdings in Mineralys Therapeutics by 4.0% during the third quarter. State Street Corp now owns 483,766 shares of the company’s stock worth $5,858,000 after buying an additional 18,627 shares during the last quarter. Institutional investors and hedge funds own 84.46% of the company’s stock.

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.