Investors Purchase High Volume of Mineralys Therapeutics Put Options (NASDAQ:MLYS)

Mineralys Therapeutics, Inc. (NASDAQ:MLYS) was the target of unusually large options trading on Tuesday. Stock traders 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.

Analysts Set New Price Targets

MLYS has been the topic of several recent analyst reports. HC Wainwright set a $56.00 target price on shares of Mineralys Therapeutics and gave the stock a “buy” rating in a research note on Tuesday, March 10th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $30.00 price target on shares of Mineralys Therapeutics in a report on Friday, March 13th. Stifel Nicolaus increased their price target on Mineralys Therapeutics from $45.00 to $52.00 and gave the stock a “buy” rating in a research report on Friday, December 19th. Wall Street Zen upgraded Mineralys Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, March 15th. Finally, Bank of America upped their target price on Mineralys Therapeutics from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, March 13th. 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. Based on data from MarketBeat.com, Mineralys Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.14.

Insiders Place Their Bets

In related news, insider David Malcom Rodman sold 14,058 shares of the stock in a transaction on Friday, March 13th. The shares were sold at an average price of $26.26, for a total transaction of $369,163.08. Following the sale, the insider directly owned 76,140 shares of the company’s stock, valued at approximately $1,999,436.40. This represents a 15.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Adam Scott Levy sold 10,758 shares of the firm’s stock in a transaction on Monday, January 12th. The shares were sold at an average price of $32.14, for a total transaction of $345,762.12. Following the sale, the chief financial officer owned 8,638 shares in the company, valued at approximately $277,625.32. This represents a 55.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 363,325 shares of company stock worth $12,298,347. Corporate insiders own 33.24% of the company’s stock.

Institutional Trading of Mineralys Therapeutics

Institutional investors have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd lifted its stake in Mineralys Therapeutics by 3,439.8% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,823 shares of the company’s stock worth $139,000 after purchasing an additional 3,715 shares in the last quarter. Seven Fleet Capital Management LP purchased a new stake in shares of Mineralys Therapeutics in the fourth quarter valued at approximately $553,000. XTX Topco Ltd increased its holdings in shares of Mineralys Therapeutics by 291.1% in the fourth quarter. XTX Topco Ltd now owns 73,678 shares of the company’s stock valued at $2,674,000 after purchasing an additional 54,838 shares during the last quarter. Ikarian Capital LLC acquired a new stake in shares of Mineralys Therapeutics in the fourth quarter valued at approximately $7,258,000. Finally, Sphera Funds Management LTD. lifted its position in Mineralys Therapeutics by 104.2% during the fourth quarter. Sphera Funds Management LTD. now owns 449,003 shares of the company’s stock worth $16,294,000 after buying an additional 229,093 shares in the last quarter. 84.46% of the stock is owned by institutional investors and hedge funds.

Mineralys Therapeutics Stock Performance

Shares of MLYS stock traded up $3.55 on Tuesday, reaching $27.06. 773,482 shares of the company were exchanged, compared to its average volume of 1,223,868. Mineralys Therapeutics has a 1 year low of $10.44 and a 1 year high of $47.65. The business has a 50-day moving average price of $28.34 and a 200 day moving average price of $35.24. The company has a market cap of $2.23 billion, a price-to-earnings ratio of -11.43 and a beta of 0.57.

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

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.