Mineralys Therapeutics (NASDAQ:MLYS) Shares Gap Down on Disappointing Earnings

Mineralys Therapeutics, Inc. (NASDAQ:MLYS)’s share price gapped down prior to trading on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $14.92, but opened at $13.51. Mineralys Therapeutics shares last traded at $13.90, with a volume of 24,076 shares changing hands.

The company reported ($1.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.83) by ($0.30). During the same quarter last year, the firm posted ($0.57) earnings per share.

Analysts Set New Price Targets

Separately, HC Wainwright reiterated a “buy” rating and set a $30.00 target price on shares of Mineralys Therapeutics in a research report on Tuesday.

Insider Activity

In other news, CEO Jon Congleton sold 15,271 shares of the stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $13.52, for a total transaction of $206,463.92. Following the transaction, the chief executive officer now directly owns 895,941 shares in the company, valued at approximately $12,113,122.32. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Mineralys Therapeutics news, CEO Jon Congleton sold 15,271 shares of the business’s stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $13.52, for a total value of $206,463.92. Following the completion of the transaction, the chief executive officer now directly owns 895,941 shares in the company, valued at approximately $12,113,122.32. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Adam Scott Levy sold 10,757 shares of the firm’s stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $13.57, for a total transaction of $145,972.49. Following the completion of the sale, the chief financial officer now owns 236,854 shares in the company, valued at $3,214,108.78. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 51,510 shares of company stock worth $735,431. Company insiders own 33.24% of the company’s stock.

Hedge Funds Weigh In On Mineralys Therapeutics

Several hedge funds have recently modified their holdings of MLYS. SG Americas Securities LLC purchased a new stake in Mineralys Therapeutics during the 3rd quarter worth approximately $110,000. China Universal Asset Management Co. Ltd. lifted its position in Mineralys Therapeutics by 64.0% during the 3rd 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 period. Bellevue Group AG purchased a new stake in Mineralys Therapeutics during the 1st quarter valued at about $119,000. Federated Hermes Inc. raised its stake in shares of Mineralys Therapeutics by 100.0% in the second quarter. Federated Hermes Inc. now owns 12,000 shares of the company’s stock worth $140,000 after purchasing an additional 6,000 shares during the last quarter. Finally, The Manufacturers Life Insurance Company purchased a new stake in Mineralys Therapeutics in the second quarter valued at approximately $145,000. Institutional investors and hedge funds own 84.46% of the company’s stock.

Mineralys Therapeutics Stock Performance

The company has a market cap of $619.10 million, a price-to-earnings ratio of -3.81 and a beta of 1.71. The company’s fifty day moving average is $12.98 and its two-hundred day moving average is $12.65.

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.