Mineralys Therapeutics (NASDAQ:MLYS) Stock Price Down 6.2% - Here's Why

Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Get Free Report)'s stock price dropped 6.2% during trading on Friday . The company traded as low as $13.04 and last traded at $13.21. Approximately 133,749 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 936,298 shares. The stock had previously closed at $14.09.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MLYS. The Goldman Sachs Group reduced 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. Guggenheim reaffirmed a "buy" rating on shares of Mineralys Therapeutics in a research report on Monday, February 24th. Finally, HC Wainwright upped their price target on Mineralys Therapeutics from $30.00 to $42.00 and gave the stock a "buy" rating in a research report on Wednesday, April 2nd.

Mineralys Therapeutics Stock Up 1.6 %

The firm has a market capitalization of $879.72 million, a price-to-earnings ratio of -3.73 and a beta of -0.39. The business has a 50-day moving average price of $12.92 and a 200-day moving average price of $12.35.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) 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. On average, equities research analysts forecast that Mineralys Therapeutics, Inc. will post -4.23 earnings per share for the current year.

Insider Activity

In other Mineralys Therapeutics news, Director Ra Capital Management, L.P. purchased 1,296,296 shares of the stock in a transaction on Thursday, March 13th. The shares were bought at an average cost of $13.50 per share, with a total value of $17,499,996.00. Following the completion of the acquisition, the director now owns 4,280,051 shares in the company, valued at $57,780,688.50. This trade represents a 43.45 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Adam Scott Levy sold 10,757 shares of the company's stock in a transaction on Friday, April 11th. The shares were sold at an average price of $12.06, for a total transaction of $129,729.42. Following the completion of the sale, the chief financial officer now directly owns 215,340 shares in the company, valued at approximately $2,597,000.40. The trade was a 4.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 93,213 shares of company stock valued at $1,360,567 over the last ninety days. 33.24% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Mineralys Therapeutics

Several hedge funds have recently added to or reduced their stakes in MLYS. State Street Corp boosted its stake in shares of Mineralys Therapeutics by 4.0% during the 3rd quarter. State Street Corp now owns 483,766 shares of the company's stock worth $5,858,000 after acquiring an additional 18,627 shares in the last quarter. Barclays PLC boosted its stake in Mineralys Therapeutics by 281.8% during the third quarter. Barclays PLC now owns 38,218 shares of the company's stock worth $463,000 after buying an additional 28,208 shares during the last quarter. Geode Capital Management LLC boosted its stake in Mineralys Therapeutics by 6.6% during the third quarter. Geode Capital Management LLC now owns 620,853 shares of the company's stock worth $7,520,000 after buying an additional 38,527 shares during the last quarter. Franklin Resources Inc. boosted its stake in Mineralys Therapeutics by 17.7% during the third quarter. Franklin Resources Inc. now owns 1,745,513 shares of the company's stock worth $21,138,000 after buying an additional 262,922 shares during the last quarter. Finally, SG Americas Securities LLC boosted its stake in Mineralys Therapeutics by 119.0% during the fourth quarter. SG Americas Securities LLC now owns 19,961 shares of the company's stock worth $246,000 after buying an additional 10,845 shares during the last quarter. 84.46% of the stock is owned by hedge funds and other 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.