Mineralys Therapeutics (NASDAQ:MLYS) Shares Gap Down - Here's What Happened

Shares of Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $14.30, but opened at $12.59. Mineralys Therapeutics shares last traded at $13.25, with a volume of 2,172,308 shares traded.

Analysts Set New Price Targets

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

Mineralys Therapeutics Stock Performance

The stock's 50-day moving average is $10.42 and its 200 day moving average is $11.93. The stock has a market capitalization of $710.16 million, a PE ratio of -3.91 and a beta of 1.50.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) last released its quarterly earnings data 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. Analysts expect that Mineralys Therapeutics, Inc. will post -4.23 earnings per share for the current year.

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Insider Activity at Mineralys Therapeutics

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

Hedge Funds Weigh In On Mineralys Therapeutics

Several institutional investors have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets acquired a new stake in Mineralys Therapeutics during the 4th quarter worth approximately $48,000. ProShare Advisors LLC acquired a new stake in shares of Mineralys Therapeutics during the fourth quarter worth $128,000. China Universal Asset Management Co. Ltd. grew its position in Mineralys Therapeutics by 10.3% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 10,553 shares of the company's stock valued at $130,000 after buying an additional 989 shares during the last quarter. Price T Rowe Associates Inc. MD purchased a new position in Mineralys Therapeutics in the 4th quarter valued at $145,000. Finally, PDT Partners LLC acquired a new position in Mineralys Therapeutics in the 3rd quarter valued at $148,000. Institutional investors and hedge funds 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.