Mineralys Therapeutics (NASDAQ:MLYS) Stock Price Down 9.6% - Here's Why

Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Get Free Report) was down 9.6% on Wednesday . The stock traded as low as $11.63 and last traded at $11.73. Approximately 163,131 shares were traded 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.

Analyst Ratings Changes

Separately, HC Wainwright reissued 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 Trading Down 13.7 %

The firm has a market cap of $557.41 million, a P/E ratio of -3.43 and a beta of 1.49. The business has a 50-day moving average price of $12.81 and a 200-day moving average price of $12.57.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) last announced its 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 quarter last year, the company earned ($0.57) earnings per share. On average, equities analysts anticipate that Mineralys Therapeutics, Inc. will post -3.63 earnings per share for the current fiscal year.

Insider Buying and Selling at Mineralys Therapeutics

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

Hedge Funds Weigh In On Mineralys Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the business. Franklin Resources Inc. lifted its position in Mineralys Therapeutics by 17.7% in the third quarter. Franklin Resources Inc. now owns 1,745,513 shares of the company's stock valued at $21,138,000 after buying an additional 262,922 shares during the last quarter. Caligan Partners LP raised its holdings in Mineralys Therapeutics by 31.6% in the third quarter. Caligan Partners LP now owns 981,155 shares of the company's stock valued at $11,882,000 after acquiring an additional 235,397 shares in the last quarter. Nantahala Capital Management LLC lifted its position in shares of Mineralys Therapeutics by 60.1% during the 2nd quarter. Nantahala Capital Management LLC now owns 532,506 shares of the company's stock worth $6,230,000 after purchasing an additional 200,000 shares during the last quarter. Ikarian Capital LLC acquired a new position in shares of Mineralys Therapeutics during the 3rd quarter worth about $2,180,000. Finally, Driehaus Capital Management LLC lifted its position in shares of Mineralys Therapeutics by 40.4% during the 2nd quarter. Driehaus Capital Management LLC now owns 257,371 shares of the company's stock worth $3,011,000 after buying an additional 74,074 shares during the last quarter. 84.46% of the stock is owned by hedge funds and other institutional investors.

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.