Mineralys Therapeutics (NASDAQ:MLYS) Rating Lowered to Sell at Wall Street Zen

Mineralys Therapeutics (NASDAQ:MLYS) was downgraded by analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report released on Saturday.

Several other brokerages have also weighed in on MLYS. Weiss Ratings reiterated a “sell (d-)” rating on shares of Mineralys Therapeutics in a research report on Thursday, January 22nd. HC Wainwright raised their price target on Mineralys Therapeutics from $52.00 to $56.00 and gave the company a “buy” rating in a report on Wednesday, November 12th. Stifel Nicolaus raised their price objective on shares of Mineralys Therapeutics from $45.00 to $52.00 and gave the company a “buy” rating in a research report on Friday, December 19th. Finally, Wells Fargo & Company boosted their target price on shares of Mineralys Therapeutics from $50.00 to $55.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 11th. Six research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.43.

Mineralys Therapeutics Price Performance

NASDAQ MLYS opened at $26.59 on Friday. The company’s fifty day moving average is $31.33 and its two-hundred day moving average is $34.93. The firm has a market capitalization of $2.10 billion, a price-to-earnings ratio of -9.01 and a beta of 0.57. Mineralys Therapeutics has a 52-week low of $10.19 and a 52-week high of $47.65.

Insider Transactions at Mineralys Therapeutics

In related news, CEO Jon Congleton sold 16,236 shares of the firm’s stock in a transaction on Monday, January 12th. The shares were sold at an average price of $32.62, for a total transaction of $529,618.32. Following the sale, the chief executive officer directly owned 639,151 shares in the company, valued at $20,849,105.62. This trade represents a 2.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Adam Scott Levy sold 10,758 shares of the stock in a transaction dated Monday, January 12th. The stock was sold at an average price of $32.14, for a total value of $345,762.12. Following the transaction, the chief financial officer owned 8,638 shares of the company’s stock, valued at approximately $277,625.32. The trade was a 55.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 340,748 shares of company stock valued at $11,697,169 over the last quarter. Corporate insiders own 25.56% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Simplify Asset Management Inc. acquired a new stake in shares of Mineralys Therapeutics in the third quarter valued at approximately $8,294,000. Geode Capital Management LLC boosted its stake in shares of Mineralys Therapeutics by 19.0% during the 2nd quarter. Geode Capital Management LLC now owns 954,560 shares of the company’s stock worth $12,917,000 after acquiring an additional 152,560 shares during the period. Citigroup Inc. increased its holdings in shares of Mineralys Therapeutics by 501.7% during the 3rd quarter. Citigroup Inc. now owns 163,168 shares of the company’s stock worth $6,187,000 after acquiring an additional 136,050 shares during the last quarter. Vanguard Group Inc. raised its stake in Mineralys Therapeutics by 29.8% in the 3rd quarter. Vanguard Group Inc. now owns 3,018,999 shares of the company’s stock valued at $114,480,000 after acquiring an additional 692,550 shares during the period. Finally, 22NW LP raised its stake in Mineralys Therapeutics by 21.4% in the 2nd quarter. 22NW LP now owns 560,042 shares of the company’s stock valued at $7,577,000 after acquiring an additional 98,698 shares during the period. 84.46% of the stock is currently owned by institutional investors and hedge funds.

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.