Mineralys Therapeutics (NASDAQ:MLYS) Shares Gap Down After Analyst Downgrade

Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Get Free Report) shares gapped down prior to trading on Thursday after The Goldman Sachs Group lowered their price target on the stock from $28.00 to $24.00. The stock had previously closed at $10.63, but opened at $10.15. The Goldman Sachs Group currently has a buy rating on the stock. Mineralys Therapeutics shares last traded at $10.28, with a volume of 14,179 shares trading hands.

Separately, HC Wainwright reissued a "buy" rating and set a $30.00 price target on shares of Mineralys Therapeutics in a research report on Thursday.

Insider Activity

In other news, CEO Jon Congleton sold 18,333 shares of the company's stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $9.06, for a total value of $166,096.98. Following the sale, the chief executive officer now directly owns 877,608 shares of the company's stock, valued at approximately $7,951,128.48. This represents a 2.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Adam Scott Levy sold 10,757 shares of the company's stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $9.10, for a total transaction of $97,888.70. Following the completion of the sale, the chief financial officer now directly owns 226,097 shares in the company, valued at approximately $2,057,482.70. The trade was a 4.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 33.24% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. BNP Paribas Financial Markets acquired a new position in Mineralys Therapeutics in the 4th quarter valued at about $48,000. SG Americas Securities LLC bought a new stake in shares of Mineralys Therapeutics during the 3rd quarter worth approximately $110,000. China Universal Asset Management Co. Ltd. lifted its holdings in shares of Mineralys Therapeutics by 64.0% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 9,564 shares of the company's stock worth $116,000 after acquiring an additional 3,732 shares during the period. ProShare Advisors LLC bought a new position in Mineralys Therapeutics in the 4th quarter valued at approximately $128,000. Finally, The Manufacturers Life Insurance Company bought a new position in Mineralys Therapeutics in the 2nd quarter valued at approximately $145,000. Institutional investors and hedge funds own 84.46% of the company's stock.

Mineralys Therapeutics Stock Performance

The firm has a market cap of $509.64 million, a P/E ratio of -3.13 and a beta of 1.44. The company's 50 day moving average is $11.11 and its 200 day moving average is $11.99.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) last released its quarterly earnings results on Wednesday, February 12th. The company reported ($0.98) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.00) by $0.02. On average, equities research analysts anticipate that Mineralys Therapeutics, Inc. will post -3.63 EPS for the current year.

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.