Mineralys Therapeutics, Inc. (NASDAQ:MLYS), a biotechnology company with a market cap of $454 million, recently reported that its CEO, Jon Congleton, sold 18,333 shares of common stock. The transactions took place on January 13, 2025, at a weighted average price of $9.0592 per share, for a total of approximately $166,082. The sale was made pursuant to a Rule 10b5-1 trading plan adopted by Congleton on January 30, 2024. According to InvestingPro data, the stock fell about 12% over the past week.
Following these transactions, Congleton retains ownership of 877,608 shares of Mineralys Therapeutics. Shares were sold in multiple transactions, with prices ranging from $8.65 to $9.37. Congleton has undertaken to provide detailed information on the specific pricing of each transaction upon request. InvestingPro analysis shows that 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 insight 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 received FDA approval for a Phase II clinical trial of lorundrosate, a potential treatment for moderate to severe obstructive sleep apnea and hypertension. The trial is scheduled to begin 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 research and development costs. Despite the loss, the company’s solid cash position is expected to support its operations and clinical trials through 2026. Advance-HTN and Launch-HTN trials for lorundrostat have completed enrollment, with results expected in 2025. Analysts at InvestingPro maintain a strong buy consensus on the stock, with price targets ranging from $26 to $45. These are among the recent achievements of Mineralys Therapeutics.
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