Mineralys Therapeutics (NASDAQ:MLYS) Shares Down 5.6% - Here's Why

Mineralys Therapeutics, Inc. (NASDAQ:MLYS - Get Free Report)'s stock price dropped 5.6% during trading on Wednesday . The company traded as low as $10.88 and last traded at $11.12. Approximately 102,711 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 392,812 shares. The stock had previously closed at $11.77.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Guggenheim reiterated a "buy" rating on shares of Mineralys Therapeutics in a report on Monday, February 24th. HC Wainwright boosted their price objective on shares of Mineralys Therapeutics from $30.00 to $42.00 and gave the company a "buy" rating in a research report on Wednesday, April 2nd. Finally, The Goldman Sachs Group cut their target price on shares of Mineralys Therapeutics from $28.00 to $24.00 and set a "buy" rating on the stock in a report on Thursday, February 13th.

Mineralys Therapeutics Stock Performance

The stock has a market capitalization of $873.97 million, a price-to-earnings ratio of -3.82 and a beta of -0.39. The business's 50 day simple moving average is $12.21 and its 200-day simple moving average is $12.31.

Mineralys Therapeutics (NASDAQ:MLYS - Get Free Report) last announced its 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. As a group, sell-side analysts expect that Mineralys Therapeutics, Inc. will post -4.23 EPS for the current year.

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Insider Buying and Selling

In related news, insider David Malcom Rodman sold 55,771 shares of Mineralys Therapeutics stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $15.76, for a total transaction of $878,950.96. Following the transaction, the insider now directly owns 116,704 shares of the company's stock, valued at $1,839,255.04. The trade was a 32.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ra Capital Management, L.P. purchased 1,296,296 shares of the firm's stock in a transaction on Thursday, March 13th. The stock was acquired at an average price of $13.50 per share, for a total transaction of $17,499,996.00. Following the transaction, the director now owns 4,280,051 shares of the company's stock, valued at $57,780,688.50. The trade was a 43.45 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 33.24% of the company's stock.

Institutional Investors Weigh In On Mineralys Therapeutics

Hedge funds have recently modified their holdings of the stock. Jennison Associates LLC boosted its position in shares of Mineralys Therapeutics by 55.4% in the fourth quarter. Jennison Associates LLC now owns 1,082,006 shares of the company's stock worth $13,319,000 after buying an additional 385,726 shares during the period. Barclays PLC increased its position in Mineralys Therapeutics by 281.8% during the third quarter. Barclays PLC now owns 38,218 shares of the company's stock worth $463,000 after acquiring an additional 28,208 shares during the period. Wellington Management Group LLP acquired a new position in Mineralys Therapeutics in the 3rd quarter valued at approximately $775,000. Proficio Capital Partners LLC bought a new position in shares of Mineralys Therapeutics during the 4th quarter worth about $285,000. Finally, State Street Corp boosted its stake in Mineralys Therapeutics by 4.0% in the 3rd quarter. State Street Corp now owns 483,766 shares of the company's stock valued at $5,858,000 after buying an additional 18,627 shares in 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.