Mineralys Therapeutics (NASDAQ:MLYS) Shares Gap Down - Time to Sell?

Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Get Free Report) gapped down prior to trading 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 changing hands.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on MLYS. The Goldman Sachs Group decreased their target price 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 restated a "buy" rating on shares of Mineralys Therapeutics in a report on Monday, February 24th. Finally, HC Wainwright restated a "buy" rating and set a $30.00 target price on shares of Mineralys Therapeutics in a report on Monday, March 10th.

Mineralys Therapeutics Stock Performance

The firm's 50 day moving average price is $10.42 and its two-hundred day moving average price is $11.94. The firm has a market cap of $710.16 million, a PE ratio of -3.91 and a beta of 1.50.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) last posted its quarterly earnings results on Wednesday, February 12th. The company reported ($0.98) earnings per share for the quarter, beating the consensus estimate of ($1.00) by $0.02. On average, analysts forecast that Mineralys Therapeutics, Inc. will post -4.23 earnings per share for the current year.

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Insider Buying and Selling at Mineralys Therapeutics

In other Mineralys Therapeutics news, CFO Adam Scott Levy sold 10,757 shares of Mineralys Therapeutics 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 $2,057,482.70. This trade represents a 4.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jon Congleton sold 18,333 shares of Mineralys Therapeutics stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $9.06, for a total transaction of $166,096.98. Following the sale, the chief executive officer now owns 877,608 shares of the company's stock, valued at approximately $7,951,128.48. This represents a 2.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 33.24% of the company's stock.

Institutional Trading of Mineralys Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of MLYS. BNP Paribas Financial Markets purchased a new stake in Mineralys Therapeutics during the fourth quarter worth about $48,000. ProShare Advisors LLC purchased a new position in shares of Mineralys Therapeutics in the 4th quarter valued at about $128,000. China Universal Asset Management Co. Ltd. boosted its stake in shares of 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 period. Price T Rowe Associates Inc. MD acquired a new position in shares of Mineralys Therapeutics during the fourth quarter worth about $145,000. Finally, PDT Partners LLC purchased a new stake in shares of Mineralys Therapeutics during the third quarter worth approximately $148,000. 84.46% of the stock is currently 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.