Jefferies initiated coverage of Mineralys Therapeutics (MLYS) with a Hold rating and $15 price target. Mineralys has a clinically derisked and novel “$1B-plus blood pressure pill” for which the firm expects the company to file for approval in 2026. Consensus assumes $1B in sales in 2033, but the firm’s estimate is about 40%-50% lower due to access and competition from AstraZeneca (AZN). Upside potential can be debated if Mineralys finds a partner to accelerate the launch, but it is “hard to handicap the economics at this point and would take away a near term M/A scenario,” the analyst added.
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