Mineralys Therapeutics (NASDAQ:MLYS) Shares Gap Down – Time to Sell?

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) gapped down prior to trading on Wednesday . The stock had previously closed at $14.30, but opened at $12.59. Mineralys Therapeutics shares last traded at $13.25, with a volume of 2,172,308 shares changing hands.

Analyst Ratings Changes

MLYS has been the subject of several research analyst reports. The Goldman Sachs Group lowered their price target on Mineralys Therapeutics from $28.00 to $24.00 and set a “buy” rating for the company in a research report on Thursday, February 13th. HC Wainwright reiterated a “buy” rating and set a $30.00 price target on shares of Mineralys Therapeutics in a research note on Monday. Finally, Guggenheim reissued a “buy” rating on shares of Mineralys Therapeutics in a research report on Monday, February 24th.

Mineralys Therapeutics Stock Performance

The company has a 50 day moving average of $10.39 and a 200 day moving average of $11.92. The stock has a market capitalization of $672.79 million, a price-to-earnings ratio of -3.71 and a beta of 1.50.

Mineralys Therapeutics (NASDAQ:MLYS) last announced its quarterly earnings data on Wednesday, February 12th. The company reported ($0.98) earnings per share 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 news, CFO Adam Scott Levy sold 10,757 shares of the company’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $9.10, for a total value of $97,888.70. Following the completion of the transaction, the chief financial officer now owns 226,097 shares in the company, valued at approximately $2,057,482.70. This represents a 4.54 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Jon Congleton sold 18,333 shares of the stock in a transaction on Monday, January 13th. The shares were sold at an average price of $9.06, for a total transaction of $166,096.98. Following the completion of the transaction, the chief executive officer now directly owns 877,608 shares in the company, valued at $7,951,128.48. This trade represents a 2.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 33.24% of the stock is owned by company insiders.

Hedge Funds Weigh In On Mineralys Therapeutics

Institutional investors have recently modified their holdings of the business. Polar Asset Management Partners Inc. purchased a new position in Mineralys Therapeutics during the 3rd quarter worth $490,000. Jennison Associates LLC grew its holdings in shares of Mineralys Therapeutics by 55.4% during the fourth quarter. Jennison Associates LLC now owns 1,082,006 shares of the company’s stock worth $13,319,000 after buying an additional 385,726 shares during the last quarter. Barclays PLC increased its position in 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 acquiring an additional 28,208 shares during the period. Wellington Management Group LLP purchased a new stake in Mineralys Therapeutics during the 3rd quarter valued at approximately $775,000. Finally, State Street Corp raised its stake in Mineralys Therapeutics by 4.0% during the 3rd quarter. State Street Corp now owns 483,766 shares of the company’s stock valued at $5,858,000 after acquiring an additional 18,627 shares during the last quarter. 84.46% of the stock is 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.