Mineralys Therapeutics (NASDAQ:MLYS) Stock Price Down 3.8% - Here's Why

Shares of Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Get Free Report) were down 3.8% during trading on Wednesday . The stock traded as low as $11.88 and last traded at $11.88. Approximately 1,695 shares traded hands during trading, a decline of 99% from the average daily volume of 178,093 shares. The stock had previously closed at $12.35.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright restated a "buy" rating and issued a $30.00 price objective on shares of Mineralys Therapeutics in a research report on Tuesday, November 12th.

Mineralys Therapeutics Stock Performance

The firm has a fifty day simple moving average of $13.19 and a two-hundred day simple moving average of $12.59. The firm has a market cap of $579.31 million, a PE ratio of -3.56 and a beta of 1.55.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) last posted its earnings results on Monday, November 11th. The company reported ($1.13) earnings per share for the quarter, missing analysts' consensus estimates of ($0.83) by ($0.30). During the same quarter in the previous year, the firm earned ($0.57) EPS. Equities analysts forecast that Mineralys Therapeutics, Inc. will post -3.63 EPS for the current fiscal year.

Insider Activity

In related news, insider David Malcom Rodman sold 25,482 shares of the business's stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $15.03, for a total value of $382,994.46. Following the completion of the sale, the insider now owns 135,974 shares in the company, valued at approximately $2,043,689.22. The trade was a 15.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Adam Scott Levy sold 10,757 shares of the stock in a transaction on Friday, October 11th. The stock was sold at an average price of $13.57, for a total value of $145,972.49. Following the transaction, the chief financial officer now directly owns 236,854 shares in the company, valued at $3,214,108.78. The trade was a 4.34 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 51,510 shares of company stock worth $735,431. 33.24% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Mineralys Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Polar Asset Management Partners Inc. purchased a new stake in shares of Mineralys Therapeutics during the 3rd quarter worth $490,000. Driehaus Capital Management LLC raised its holdings in Mineralys Therapeutics by 40.4% in the second quarter. Driehaus Capital Management LLC now owns 257,371 shares of the company's stock worth $3,011,000 after purchasing an additional 74,074 shares in the last quarter. Nantahala Capital Management LLC lifted its position in shares of Mineralys Therapeutics by 60.1% during the second quarter. Nantahala Capital Management LLC now owns 532,506 shares of the company's stock valued at $6,230,000 after buying an additional 200,000 shares during the last quarter. The Manufacturers Life Insurance Company bought a new stake in shares of Mineralys Therapeutics in the 2nd quarter valued at about $145,000. Finally, Caligan Partners LP grew its position in shares of Mineralys Therapeutics by 31.6% in the 3rd quarter. Caligan Partners LP now owns 981,155 shares of the company's stock worth $11,882,000 after buying an additional 235,397 shares during the last quarter. 84.46% of the stock is currently owned by 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.