Adam Scott Levy, CFO and Secretary of Minerals Therapeutics, Inc. (NASDAQ:MLYS), a clinical-stage biotechnology company with a market cap of $454 million, recently executed a series of stock sales according to a filing with the Securities Exchange Commission. And the exchange committee. The stock is down more than 12% in the past week and 33% over six months. On January 13, Levy sold a total of 10,757 shares of common stock, realizing approximately $97,863. The shares were sold at prices ranging from $9.0927 to $9.63 per share.
Following these transactions, Levy retains ownership of 226,097 shares in the company. The sales were made under a Rule 10b5-1 trading plan adopted by Levy on November 14, 2023.
In other recent news, Mineralys Therapeutics received approval from the US Food and Drug Administration (FDA) to conduct a phase 2 clinical trial of lorundrostat, a drug intended to treat obstructive sleep apnea and moderate to severe hypertension. The trial is scheduled to begin in the first quarter of 2025 with about 40 people at 40 sites. In other developments, Minerals reported an increase in cash and investments to $263.6 million in its third-quarter 2024 results, despite a net loss of $56.3 million due to increased research and development expenses. Enrollment in the company's Advance-HTN and Launch-HTN trials of lurondrostat has been completed, with results expected in March and mid-2025, respectively. Analysts from InvestingPro maintain a strong buy consensus on the company's shares. These are the latest developments at Mineralys, which is optimistic about the upcoming data milestones for lurondrostat expected in the first half of 2025. The company's finances are expected to fund operations until 2026.
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