Mineralys Therapeutics (NASDAQ:MLYS) Shares Down 9.6% – Here’s Why

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) was down 9.6% on Wednesday . The stock traded as low as $11.63 and last traded at $11.73. Approximately 163,131 shares changed hands during mid-day trading, a decline of 8% from the average daily volume of 177,245 shares. The stock had previously closed at $12.98.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright restated a “buy” rating and set a $30.00 price target on shares of Mineralys Therapeutics in a research note on Tuesday, November 12th.

Mineralys Therapeutics Stock Performance

The business’s 50 day moving average price is $12.81 and its 200-day moving average price is $12.57. The company has a market cap of $556.92 million, a price-to-earnings ratio of -3.42 and a beta of 1.49.

Mineralys Therapeutics (NASDAQ:MLYS) last posted its quarterly earnings results on Monday, November 11th. The company reported ($1.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.83) by ($0.30). During the same period in the previous year, the business earned ($0.57) EPS. On average, equities research analysts expect that Mineralys Therapeutics, Inc. will post -3.63 earnings per share for the current fiscal year.

Insider Activity at Mineralys Therapeutics

In related news, CFO Adam Scott Levy sold 10,757 shares of the stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $13.57, for a total transaction of $145,972.49. Following the completion of the sale, the chief financial officer now owns 236,854 shares in the company, valued at $3,214,108.78. This trade represents a 4.34 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Jon Congleton sold 15,271 shares of Mineralys Therapeutics stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $13.52, for a total transaction of $206,463.92. Following the transaction, the chief executive officer now directly owns 895,941 shares of the company’s stock, valued at $12,113,122.32. This represents a 1.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 51,510 shares of company stock valued at $735,431 in the last 90 days. 33.24% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Mineralys Therapeutics

A number of large investors have recently bought and sold shares of the business. China Universal Asset Management Co. Ltd. grew its holdings in shares of Mineralys Therapeutics by 64.0% during the third quarter. China Universal Asset Management Co. Ltd. now owns 9,564 shares of the company’s stock worth $116,000 after purchasing an additional 3,732 shares during the last quarter. Federated Hermes Inc. grew its stake in shares of Mineralys Therapeutics by 100.0% during the second quarter. Federated Hermes Inc. now owns 12,000 shares of the company’s stock valued at $140,000 after purchasing an additional 6,000 shares during the last quarter. Verition Fund Management LLC increased its holdings in shares of Mineralys Therapeutics by 30.6% in the third quarter. Verition Fund Management LLC now owns 27,361 shares of the company’s stock valued at $331,000 after purchasing an additional 6,408 shares in the last quarter. SG Americas Securities LLC bought a new position in Mineralys Therapeutics in the 3rd quarter worth approximately $110,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Mineralys Therapeutics by 4.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 213,599 shares of the company’s stock worth $2,587,000 after buying an additional 9,664 shares in the last quarter. 84.46% of the stock is currently owned by institutional investors.

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.