Mineralys Therapeutics, Inc. (NASDAQ:MLYS), a $454 million market cap biotech company, recently reported that its Chief Executive Officer, Jon Congleton, sold 18,333 shares of common stock. The transactions occurred on January 13, 2025, at a weighted average price of $9.0592 per share, totaling approximately $166,082. The sales were conducted under a Rule 10b5-1 trading plan, which Congleton adopted on January 30, 2024. According to InvestingPro data, the stock has declined about 12% over the past week.
Following these transactions, Congleton retains ownership of 877,608 shares of Mineralys Therapeutics. The shares were sold in multiple transactions, with prices ranging from $8.65 to $9.37. Congleton has committed to providing detailed information on the specific prices of each transaction upon request. InvestingPro analysis shows the company maintains a strong liquidity position with a current ratio of 8.55, while analyst price targets range from $26 to $45. For deeper insights into MLYS’s financial health and detailed analysis, subscribers can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, Mineralys Therapeutics has received FDA approval for a Phase 2 clinical trial of lorundrostat, a potential treatment for moderate-to-severe obstructive sleep apnea and hypertension. The trial is set to commence in 2025. In financial news, Mineralys Therapeutics reported an increase in cash and investments to $263.6 million and a net loss of $56.3 million for the third quarter of 2024, mainly due to rising R&D expenses. Despite the loss, the company’s robust cash position is expected to support its operations and clinical trials until 2026. The Advance-HTN and Launch-HTN trials for lorundrostat have completed enrollment, with results anticipated in 2025. Analysts from InvestingPro maintain a strong buy consensus on the stock, with price targets ranging from $26 to $45. These are among the recent developments at Mineralys Therapeutics.
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