Mineralys Therapeutics initiated with an Outperform at Credit Suisse

Credit Suisse analyst Richard Law initiated coverage of Mineralys Therapeutics with an Outperform rating and a price target of $40. Mineralys’ lead asset, lorundrostat, is an oral selective aldosterone synthase inhibitor being developed in the third- and fourth-line settings in hypertension, or HTN. There is a large unmet need in resistant HTN where the standard of care has prominent gynecomastia and hyperkalemia effects, the firm notes. Despite lorundrostat’s placebo-adjusted 8-10 mmHg systolic blood pressure reduction not being differentiated from that of spironolactone in the overall population, the company’s targeted approach in patients on diuretic background therapy and use of a BMI prespecified analysis could show superior efficacy in the obesity-related patient population. Credit Suisse models lorundrostat achieving peak global sales of $2.6B non-risk-adjusted, or about $900M risk-adjusted, in 2037.