Jefferies expects Mineralys stock to trade up following AstraZeneca data

Jefferies analyst Dennis Ding notes that AstraZeneca (AZN) announced full Phase III baxdrostat data at ESC, with efficacy looking numerically worse than Mineralys Therapeutics (MLYS) but may still be viewed as “similar,” and AstraZeneca’s hyperK looking slightly worse but it’s small N. Overall, this is one of the better scenarios for Mineralys and Jefferies expects the stock to trade up Tuesday. The data should unlock BD discussions and could potentially even accelerate them given Mineralys now could technically be considered “best in class,” says the firm. Jefferies has a Hold rating on Mineralys with a price target of $15.