Stocks To Watch: Marinus Pharmaceuticals Inc [NASDAQ: MRNS] was a big gainer in Wednesday’s trading session. The stock gained by 22.83% to close the day at $1.56. This bullish sentiment was triggered by a technical mark that was broken yesterday in its stock chart. This bullish action could continue depending on how the trading and chart reacts this morning. The stock is already trading pre-market and traders are eager to see where it is going to open.
Marinus triggered a technical breakout yesterday on its stock chart. This was triggered by the stock passing its $1.55 price range which was the highest point it had traded at back on July 23, 2019. Furthermore, Marinus bullish price action is an indicator of the stock’s recent activity in the options market. Its October 18th put of $3 recently had a very high implied volatility. This means that investors were expecting a huge price move in the future. The end goal of these actions by options traders is to capture decay. In such situations, traders hope that the stock will not move as is usually anticipated.
Besides the technical breakout yesterday and the speculations of the options market, Marinus has made some huge announcements recently. On the 23rd of August, the company announced inducement grants under NASDAQ listing rules. The company’s board announced that they had granted non-qualified stock options to purchase a total of 68,000 shares of its common shares by employees. The company also announced that the exercise price will be $1.12 per share. 25% of these rights can be exercised in a year, while the remaining ones will be exercisable in 3 years.
In terms of the price action, investor interest in this stock has been on the rise recently the past 2 days. As of yesterday’s close, 11.56 million shares of this company’s stock changed hands. It was also quite volatile in the day, and it traded between $1.28 and $1.92, before closing the session at $1.56. Yesterday’s bullish price action saw this biotech firm close the session with a market cap of $82.023 million.