Mineralys Therapeutics (NASDAQ:MLYS) Stock Price Down 6.7%

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) shares dropped 6.7% on Wednesday . The stock traded as low as $11.22 and last traded at $11.35. Approximately 184,284 shares changed hands during trading, an increase of 16% from the average daily volume of 159,126 shares. The stock had previously closed at $12.17.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Lifesci Capital reiterated an “outperform” rating on shares of Mineralys Therapeutics in a report on Tuesday, March 26th. The Goldman Sachs Group started coverage on shares of Mineralys Therapeutics in a research note on Tuesday, April 2nd. They issued a “buy” rating and a $30.00 price target for the company.

Mineralys Therapeutics Stock Performance

The stock’s 50 day simple moving average is $12.58 and its 200 day simple moving average is $11.98.

Mineralys Therapeutics (NASDAQ:MLYS) last posted its earnings results on Thursday, May 9th. The company reported ($0.70) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.02). On average, equities research analysts forecast that Mineralys Therapeutics, Inc. will post -2.94 earnings per share for the current fiscal year.

Insider Transactions at Mineralys Therapeutics

In other Mineralys Therapeutics news, CEO Jon Congleton sold 16,229 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $12.52, for a total value of $203,187.08. Following the completion of the sale, the chief executive officer now directly owns 976,271 shares of the company’s stock, valued at approximately $12,222,912.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Mineralys Therapeutics news, CFO Adam Scott Levy sold 96,815 shares of the stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $12.94, for a total transaction of $1,252,786.10. Following the completion of the transaction, the chief financial officer now directly owns 255,462 shares of the company’s stock, valued at $3,305,678.28. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Jon Congleton sold 16,229 shares of the business’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $12.52, for a total value of $203,187.08. Following the completion of the sale, the chief executive officer now owns 976,271 shares in the company, valued at $12,222,912.92. The disclosure for this sale can be found here. Insiders sold a total of 129,751 shares of company stock worth $1,669,545 in the last quarter. 33.24% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Mineralys Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. RA Capital Management L.P. raised its stake in shares of Mineralys Therapeutics by 52.6% during the 1st quarter. RA Capital Management L.P. now owns 4,850,984 shares of the company’s stock valued at $62,626,000 after purchasing an additional 1,672,508 shares during the period. Bellevue Group AG bought a new stake in shares of Mineralys Therapeutics during the first quarter valued at about $119,000. Affinity Asset Advisors LLC bought a new position in shares of Mineralys Therapeutics in the first quarter valued at approximately $4,234,000. SR One Capital Management LP increased its holdings in Mineralys Therapeutics by 12.4% during the 1st quarter. SR One Capital Management LP now owns 2,016,822 shares of the company’s stock worth $26,037,000 after acquiring an additional 222,222 shares during the period. Finally, Vanguard Group Inc. lifted its stake in Mineralys Therapeutics by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 982,932 shares of the company’s stock worth $12,690,000 after purchasing an additional 4,952 shares in the last quarter. Institutional investors own 84.46% of the company’s stock.

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.