Mineralys Therapeutics (NASDAQ:MLYS) Shares Down 3.5% – Here’s Why

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) shares dropped 3.5% during trading on Monday . The company traded as low as $16.49 and last traded at $16.28. Approximately 613,262 shares were traded during mid-day trading, an increase of 88% from the average daily volume of 326,909 shares. The stock had previously closed at $16.87.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. The Goldman Sachs Group decreased their target price on Mineralys Therapeutics from $28.00 to $24.00 and set a “buy” rating for the company in a research note on Thursday, February 13th. HC Wainwright reaffirmed a “buy” rating and issued a $30.00 target price on shares of Mineralys Therapeutics in a research report on Monday, March 10th. Finally, Guggenheim reissued a “buy” rating on shares of Mineralys Therapeutics in a research report on Monday, February 24th.

Mineralys Therapeutics Price Performance

The stock has a market cap of $1.01 billion, a PE ratio of -4.44 and a beta of 1.50. The company has a 50-day simple moving average of $11.15 and a 200-day simple moving average of $12.13.

Mineralys Therapeutics (NASDAQ:MLYS) last released its quarterly earnings data on Wednesday, February 12th. The company reported ($0.98) EPS for the quarter, topping analysts’ consensus estimates of ($1.00) by $0.02. On average, equities analysts expect that Mineralys Therapeutics, Inc. will post -4.23 EPS for the current fiscal year.

Insider Buying and Selling

In other Mineralys Therapeutics news, Director Ra Capital Management, L.P. bought 1,296,296 shares of the company’s stock in a transaction that occurred on Thursday, March 13th. The stock was purchased at an average cost of $13.50 per share, for a total transaction of $17,499,996.00. Following the completion of the purchase, the director now owns 4,280,051 shares of the company’s stock, valued at $57,780,688.50. This trade represents a 43.45 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Samsara Biocapital Gp, Llc purchased 600,000 shares of the firm’s stock in a transaction on Thursday, March 13th. The stock was acquired at an average cost of $13.50 per share, for a total transaction of $8,100,000.00. Following the completion of the purchase, the insider now owns 5,674,916 shares in the company, valued at $76,611,366. The trade was a 11.82 % increase in their position. The disclosure for this purchase can be found here. 33.24% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Mineralys Therapeutics

Hedge funds have recently made changes to their positions in the business. Millennium Management LLC increased its holdings in Mineralys Therapeutics by 1,015.8% in the 4th quarter. Millennium Management LLC now owns 1,101,674 shares of the company’s stock valued at $13,562,000 after purchasing an additional 1,002,941 shares in the last quarter. Integral Health Asset Management LLC boosted its position in shares of Mineralys Therapeutics by 145.8% in the fourth quarter. Integral Health Asset Management LLC now owns 875,000 shares of the company’s stock worth $10,771,000 after buying an additional 519,000 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Mineralys Therapeutics by 2,251.5% in the fourth quarter. JPMorgan Chase & Co. now owns 503,590 shares of the company’s stock valued at $6,199,000 after buying an additional 482,174 shares in the last quarter. Stempoint Capital LP purchased a new stake in shares of Mineralys Therapeutics during the 4th quarter valued at about $4,925,000. Finally, Jennison Associates LLC lifted its position in 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 acquiring an additional 385,726 shares in the last quarter. Hedge funds and other institutional investors own 84.46% of the company’s stock.

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.