On Wednesday, H.C. Wainwright initiated coverage on Mineralys Therapeutics, Inc. (NASDAQ:MLYS) stock, setting a Buy rating and a price target of $30.00.
The firm focused on the company's dedication to addressing dysregulated mineralocorticoid aldosterone, which is involved in cardiorenal diseases such as uncontrolled hypertension (HTN) and chronic kidney disease (CKD).
Mineralys Therapeutics is currently advancing its lead oral candidate, lorundrostat, through Phase 3 pivotal development. Lorundrostat is a highly selective aldosterone synthase inhibitor (ASI), and the company anticipates topline data from these trials in the fourth quarter of 2024 and the second half of 2025. The treatment aims to meet the needs of a significant portion of the 30 million Americans suffering from uncontrolled hypertension, despite existing therapies.
The analyst highlighted that ongoing high blood pressure poses risks for heart disease, heart attack, and stroke, with heart disease being the leading cause of death in the United States. Approximately 25% of HTN patients are estimated to have dysregulated aldosterone as a contributing factor to their condition.
The potential of lorundrostat extends beyond HTN to chronic kidney disease, which affects about 35 million people in the U.S., with around 4 million diagnosed. The treatment's approach to reducing aldosterone levels could be beneficial in managing CKD, which is characterized by a gradual loss of kidney function that can lead to kidney failure.
The decision to initiate coverage with a Buy rating and a $30 price target is supported by the positive results from the Phase 2 Target-HTN trial. This trial demonstrated clinically meaningful blood pressure reductions in patients with uncontrolled hypertension, which could be indicative of the candidate's efficacy in ongoing pivotal trials.
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