Mineralys Therapeutics (NASDAQ:MLYS) Shares Gap Down After Earnings Miss

Mineralys Therapeutics, Inc. (NASDAQ:MLYS)’s stock price gapped down before the market opened on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $27.33, but opened at $25.12. Mineralys Therapeutics shares last traded at $27.0920, with a volume of 128,970 shares traded.

The company reported ($2.85) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.55) by ($2.30).

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Mineralys Therapeutics in a report on Friday, July 17th. Jefferies Financial Group reissued a “hold” rating on shares of Mineralys Therapeutics in a research note on Monday, June 1st. TD Cowen initiated coverage on Mineralys Therapeutics in a research note on Monday, April 27th. They issued a “buy” rating on the stock. Wall Street Zen cut Mineralys Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Finally, HC Wainwright reissued a “buy” rating on shares of Mineralys Therapeutics in a research report on Monday, June 1st. Six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $49.33.

Insider Activity

In related news, CEO Jon Congleton sold 75,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $26.14, for a total transaction of $1,960,500.00. Following the sale, the chief executive officer owned 614,321 shares in the company, valued at approximately $16,058,350.94. This trade represents a 10.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Daphne Karydas sold 3,000 shares of Mineralys Therapeutics stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $25.00, for a total transaction of $75,000.00. Following the completion of the sale, the director directly owned 6,200 shares of the company’s stock, valued at $155,000. The trade was a 32.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 215,143 shares of company stock worth $5,565,703. 18.94% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Mineralys Therapeutics

Several institutional investors have recently added to or reduced their stakes in MLYS. BlackRock Inc. acquired a new stake in Mineralys Therapeutics in the 2nd quarter worth about $158,832,000. State Street Corp boosted its position in shares of Mineralys Therapeutics by 144.4% in the fourth quarter. State Street Corp now owns 3,184,999 shares of the company’s stock worth $115,584,000 after acquiring an additional 1,881,976 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Mineralys Therapeutics by 6,097.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,325,120 shares of the company’s stock valued at $48,089,000 after purchasing an additional 1,303,737 shares during the period. Janus Henderson Group PLC increased its position in Mineralys Therapeutics by 6,012.8% during the fourth quarter. Janus Henderson Group PLC now owns 1,213,265 shares of the company’s stock worth $44,005,000 after purchasing an additional 1,193,417 shares during the last quarter. Finally, RA Capital Management L.P. increased its position in Mineralys Therapeutics by 19.1% during the third quarter. RA Capital Management L.P. now owns 7,323,750 shares of the company’s stock worth $277,717,000 after purchasing an additional 1,176,470 shares during the last quarter. 84.46% of the stock is currently owned by institutional investors and hedge funds.

Mineralys Therapeutics Stock Down 0.8%

The company has a market cap of $2.24 billion, a PE ratio of -13.15 and a beta of 0.68. The stock’s 50 day simple moving average is $26.38 and its two-hundred day simple moving average is $27.65.

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. The company was formerly known as Catalys SC1, Inc and changed its name to Mineralys Therapeutics, Inc in May 2020. The company was incorporated in 2019 and is headquartered in Radnor, Pennsylvania.