BofA starts Mineralys Therapeutics at Buy with $39 price target

As previously reported, BofA initiated coverage of Mineralys Therapeutics with a Buy rating and $39 price target. The company’s lead program, lorundrostat, is an orally administered, selective ASI with "compelling" proof of concept data for the treatment of uncontrolled/resistant hypertension in third-line and later obese patients. While there are low-cost treatment options available for early lines of hypertension, about 30M patients in the U.S. remain uncontrolled after two lines of therapy and about 14M remain resistant after three lines, which sees lorundrostat offering a "unique approach to treating these advanced patients" and having a large addressable market, even with "modest penetration assumptions." The firm projects sales of $2.4B in 2035.