Guggenheim starts Mineralys at Buy, sees multibillion-dollar potential for ASIs

As previously reported, Guggenheim analyst Seamus Fernandez initiated coverage of Mineralys Therapeutics (MLYS) with a Buy rating and $32 price target. The firm sees "multibillion-dollar potential" for ASIs, a novel drug class for the treatment of uncontrolled and resistant hypertension, and notes that Mineralys’ product candidate, lorundrostat, is initiating its pivotal program with a Phase 2 trial in the first half of this year, followed by a larger Phase 3 trial in the second half. The firm is "optimistic" on the clinical and commercial potential of lorundrostat due to what it sees as the "strong scientific rationale" for the role of aldosterone in hypertension, the company’s high quality clinical trial design, and the "strategic validation" of the ASI class demonstrated by AstraZeneca’s (AZN) recent acquisition of CinCor Pharma.