Traders Purchase Large Volume of Mineralys Therapeutics Put Options (NASDAQ:MLYS)

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) was the target of some unusual options trading on Friday. Traders bought 92,406 put options on the stock. This represents an increase of approximately 3,057% compared to the average volume of 2,927 put options.

Mineralys Therapeutics Stock Up 4.4%

NASDAQ:MLYS traded up $1.26 during mid-day trading on Friday, hitting $29.47. 393,703 shares of the stock traded hands, compared to its average volume of 1,151,463. The stock has a market capitalization of $2.33 billion, a price-to-earnings ratio of -9.99 and a beta of 0.51. Mineralys Therapeutics has a 52 week low of $8.24 and a 52 week high of $47.65. The firm’s 50 day moving average is $35.13 and its two-hundred day moving average is $32.74.

Mineralys Therapeutics (NASDAQ:MLYS) last issued its quarterly earnings results on Monday, November 10th. The company reported ($0.52) earnings per share for the quarter, topping the consensus estimate of ($0.66) by $0.14. As a group, research analysts predict that Mineralys Therapeutics will post -4.23 EPS for the current year.

Insider Buying and Selling at Mineralys Therapeutics

In other Mineralys Therapeutics news, CFO Adam Scott Levy sold 119,524 shares of Mineralys Therapeutics stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $44.88, for a total transaction of $5,364,237.12. Following the completion of the transaction, the chief financial officer owned 19,396 shares of the company’s stock, valued at $870,492.48. The trade was a 86.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider David Malcom Rodman sold 192,715 shares of Mineralys Therapeutics stock in a transaction that occurred on Monday, January 5th. The stock was 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 trade represents a 75.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 1,686,955 shares of company stock valued at $71,118,551 in the last quarter. Insiders own 25.56% of the company’s stock.

Hedge Funds Weigh In On Mineralys Therapeutics

A number of hedge funds have recently made changes to their positions in MLYS. PSP Research LLC acquired a new position in Mineralys Therapeutics in the fourth quarter valued at approximately $538,000. Handelsbanken Fonder AB acquired a new stake in shares of Mineralys Therapeutics during the fourth quarter valued at about $512,000. TimesSquare Capital Management LLC acquired a new position in shares of Mineralys Therapeutics in the 4th quarter worth approximately $13,794,000. Profund Advisors LLC lifted its stake in Mineralys Therapeutics by 548.1% during the fourth quarter. Profund Advisors LLC now owns 47,024 shares of the company’s stock worth $1,707,000 after purchasing an additional 39,768 shares in the last quarter. Finally, ProShare Advisors LLC boosted its position in shares of Mineralys Therapeutics by 33.0% during the fourth quarter. ProShare Advisors LLC now owns 12,040 shares of the company’s stock worth $437,000 after buying an additional 2,985 shares during the period. Institutional investors and hedge funds own 84.46% of the company’s stock.

Analysts Set New Price Targets

MLYS has been the topic of a number of recent research reports. Wells Fargo & Company raised their target price on Mineralys Therapeutics from $50.00 to $55.00 and gave the stock an “overweight” rating in a report on Tuesday, November 11th. HC Wainwright lifted their price target on shares of Mineralys Therapeutics from $52.00 to $56.00 and gave the company a “buy” rating in a report on Wednesday, November 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of Mineralys Therapeutics in a research note on Thursday, January 22nd. Finally, Stifel Nicolaus upped their price target on Mineralys Therapeutics from $45.00 to $52.00 and gave the stock a “buy” rating in a research note on Friday, December 19th. Six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $47.43.

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. 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.