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

Shares of Mineralys Therapeutics, Inc. (NASDAQ:MLYS) 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 restated a “buy” rating and issued a $30.00 price target on shares of Mineralys Therapeutics in a research note on Thursday.

Insiders Place Their Bets

In other news, CEO Jon Congleton sold 18,333 shares of the 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 completion of the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Adam Scott Levy sold 10,757 shares of the stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $9.10, for a total transaction of $97,888.70. Following the completion of the transaction, the chief financial officer now directly owns 226,097 shares of the company’s stock, valued at $2,057,482.70. This trade represents a 4.54 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 33.24% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. SG Americas Securities LLC bought a new position in shares of Mineralys Therapeutics in the third quarter worth about $110,000. China Universal Asset Management Co. Ltd. lifted its holdings in shares of Mineralys Therapeutics by 64.0% in the third 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 last quarter. The Manufacturers Life Insurance Company bought a new position in shares of Mineralys Therapeutics in the second quarter worth about $145,000. PDT Partners LLC bought a new position in shares of Mineralys Therapeutics in the third quarter worth about $148,000. Finally, EntryPoint Capital LLC bought a new position in shares of Mineralys Therapeutics in the fourth quarter worth about $154,000. Institutional investors own 84.46% of the company’s stock.

Mineralys Therapeutics Price Performance

The business’s fifty day moving average price is $11.21 and its 200 day moving average price is $12.03. The stock has a market cap of $509.55 million, a P/E ratio of -3.14 and a beta of 1.44.

Mineralys Therapeutics (NASDAQ:MLYS) last issued its quarterly earnings data on Wednesday, February 12th. The company reported ($0.98) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.00) by $0.02. On average, analysts predict that Mineralys Therapeutics, Inc. will post -3.63 earnings per share for the current fiscal 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.