Mineralys launches $250 mln equity offering to fund blood pressure drug; shares dip

Shares of Mineralys Therapeutics MLYS.O down 0.5% at $14.89 early Tues as co looks to raise equity after its stock soared in previous session

MLYS shares on Mon hit two-year high, before ending session up 42% at $14.96, after its blood pressure drug, lorundrostat, met main goals in mid- and late-stage trials

After the bell, co commenced $250 mln stock offering to fund development of lorundrostat, as well as working capital, general purposes

BofA, Evercore, Goldman Sachs, Stifel and Wells Fargo are jt bookrunners

The Radnor, Pennsylvania-based firm has ~49.8 mln shares outstanding for ~$745 mln market cap

All 7 analysts covering MLYS are bullish with $33 median PT, LSEG data shows

Co went public in Feb 2023 IPO priced at $16