We recently published 10 Power Stocks Crushing Wall Street — 7 at All-Time Highs. Mineralys Therapeutics, Inc. (NASDAQ:MLYS) is one of the best performers on Tuesday.
Mineralys surged to a new all-time high on Tuesday, as investors gobbled up shares after one of its counterparts posted positive trial results for its aldosterone synthase inhibitor (ASI), with optimism spilling over to its stock.
At intra-day trading, Mineralys Therapeutics, Inc. (NASDAQ:MLYS) surged by as high as 95 percent to hit its highest 52-week price of $30.14, before paring gains to end the day just up by 86.43 percent at $28.86 apiece.
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Over the weekend, AstraZeneca said that its experimental drug called Baxdrostat showed positive results for treating patients with hard-to-control high blood pressure.
During the phase 3 trial, AstraZeneca said that the drug candidate significantly dropped enrolled patients’ systolic blood pressure by 15 mmHg on average, as compared with the placebo, which lowered blood pressure by 9-10 mmHg.
The results spilled over to Mineralys Therapeutics, Inc. (NASDAQ:MLYS), which is also underway with its own study of its ASI called Lorundrostat.
In another development, Mineralys Therapeutics, Inc. (NASDAQ:MLYS) commenced on the same day a $175 million follow-on offering to raise funds for the clinical development, research and development, manufacturing, and pre-commercialization activities of Lorundrostat.
According to the company, it also granted a 30-day option to its underwriters to purchase an additional $26.25 million of its common shares at the public offering price.
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Disclosure: None. This article is originally published at Insider Monkey.
