Mineralys Therapeutics Target of Unusually Large Options Trading (NASDAQ:MLYS)

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) was the recipient of some unusual options trading on Tuesday. Investors bought 23,052 put options on the stock. This represents an increase of approximately 295% compared to the typical daily volume of 5,832 put options.

Mineralys Therapeutics Price Performance

Shares of MLYS opened at $27.09 on Wednesday. The company’s fifty day moving average price is $28.24 and its 200-day moving average price is $35.17. Mineralys Therapeutics has a 1-year low of $10.44 and a 1-year high of $47.65. The firm has a market capitalization of $2.23 billion, a PE ratio of -11.43 and a beta of 0.57.

Mineralys Therapeutics (NASDAQ:MLYS) last issued its earnings results on Thursday, March 12th. The company reported ($0.40) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.57) by $0.17. As a group, research analysts anticipate that Mineralys Therapeutics will post -4.23 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently issued reports on MLYS. Bank of America increased their price objective on shares of Mineralys Therapeutics from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, March 13th. Wall Street Zen raised shares of Mineralys Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday, March 15th. Jefferies Financial Group restated a “hold” rating and set a $30.00 target price on shares of Mineralys Therapeutics in a report on Friday, March 13th. HC Wainwright set a $56.00 target price on Mineralys Therapeutics and gave the company a “buy” rating in a research report on Tuesday, March 10th. Finally, Stifel Nicolaus lifted their price target on Mineralys Therapeutics from $45.00 to $52.00 and gave the company a “buy” rating in a report on Friday, December 19th. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Mineralys Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $49.14.

Insider Activity

In other Mineralys Therapeutics news, insider David Malcom Rodman sold 192,715 shares of the stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $35.02, for a total transaction of $6,748,879.30. Following the transaction, the insider directly owned 61,804 shares in the company, valued at $2,164,376.08. This represents a 75.72% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jon Congleton sold 16,236 shares of the firm’s stock in a transaction dated Monday, January 12th. The shares were sold at an average price of $32.62, for a total transaction of $529,618.32. Following the transaction, 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 position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 363,325 shares of company stock worth $12,298,347. Company insiders own 33.24% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Navalign LLC purchased a new stake in Mineralys Therapeutics in the fourth quarter valued at approximately $33,000. Smartleaf Asset Management LLC increased its holdings in Mineralys Therapeutics by 198.2% in the 3rd quarter. Smartleaf Asset Management LLC now owns 1,017 shares of the company’s stock worth $40,000 after buying an additional 676 shares during the period. Ameritas Investment Partners Inc. raised its position in Mineralys Therapeutics by 42.8% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,995 shares of the company’s stock worth $54,000 after buying an additional 1,197 shares during the last quarter. Royal Bank of Canada raised its position in Mineralys Therapeutics by 262.3% during the 4th quarter. Royal Bank of Canada now owns 1,529 shares of the company’s stock worth $56,000 after buying an additional 1,107 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd lifted its stake in Mineralys Therapeutics by 1,845.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,101 shares of the company’s stock valued at $76,000 after acquiring an additional 1,993 shares during the period. 84.46% of the stock is currently owned by hedge funds and other institutional investors.

About Mineralys Therapeutics

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.