Mineralys hits near two-year high as blood pressure drug meets trial goals

Drug developer Mineralys Therapeutics' MLYS.O shares rise as much as 73% to a near two-year high of $18.19

Stock set for biggest percentage gain in a day on record

MLYS says its experimental drug, lorundrostat, met the main goals of mid- and late-stage trials

In the late-stage trial, co's drug reduced blood pressure by 9.1 mmHg (millimeters of mercury) at 6 weeks, compared with placebo

Lorundrostat inhibits production of aldosterone, a hormone that can contribute to high blood pressure

In the mid-stage trial, the drug reduced blood pressure by placebo-adjusted 7.9 mmHg

Brokerage Guggenheim hailed the data as a major win for the drug, saying it could become a "potent first-in-class and (a) potential best-in-class agent"

Stock has fallen 24.7% in the last 12 months