Mineralys Therapeutics (NASDAQ:MLYS) Trading Down 3.5% - Time to Sell?

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

Wall Street Analysts Forecast Growth

MLYS has been the topic of a number of recent analyst reports. 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. The Goldman Sachs Group reduced their price objective on shares of Mineralys Therapeutics from $28.00 to $24.00 and set a "buy" rating on the stock in a research note on Thursday, February 13th. Finally, Guggenheim reissued a "buy" rating on shares of Mineralys Therapeutics in a report on Monday, February 24th.

Mineralys Therapeutics Stock Performance

The company has a market cap of $941.78 million, a P/E ratio of -4.12 and a beta of 1.50. The business has a fifty day simple moving average of $11.38 and a 200 day simple moving average of $12.18.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) 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. Equities research analysts expect that Mineralys Therapeutics, Inc. will post -4.23 EPS for the current year.

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Insider Activity at Mineralys Therapeutics

In related news, CFO Adam Scott Levy sold 10,757 shares of the business's stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $9.10, for a total transaction of $97,888.70. Following the completion of the transaction, the chief financial officer now owns 226,097 shares in the company, valued at $2,057,482.70. The trade was a 4.54 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Ra Capital Management, L.P. bought 1,296,296 shares of the company's stock in a transaction on Thursday, March 13th. The stock was bought at an average cost of $13.50 per share, for a total transaction of $17,499,996.00. Following the completion of the transaction, the director now directly 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 ownership of the stock. The disclosure for this purchase can be found here. Insiders own 33.24% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. increased its stake in shares of Mineralys Therapeutics by 4.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 213,599 shares of the company's stock valued at $2,587,000 after purchasing an additional 9,664 shares during the period. FMR LLC increased its position in Mineralys Therapeutics by 12.0% in the 3rd quarter. FMR LLC now owns 303,758 shares of the company's stock valued at $3,679,000 after acquiring an additional 32,663 shares during the period. Martingale Asset Management L P bought a new stake in Mineralys Therapeutics during the 3rd quarter valued at $181,000. Verition Fund Management LLC boosted its position in Mineralys Therapeutics by 30.6% during the 3rd quarter. Verition Fund Management LLC now owns 27,361 shares of the company's stock worth $331,000 after acquiring an additional 6,408 shares during the period. Finally, PDT Partners LLC acquired a new position in Mineralys Therapeutics during the 3rd quarter worth $148,000. 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.