Mineralys drops as $175 mln stock offering priced

Shares of Mineralys Therapeutics MLYS.O down 4.7% at $13.63 before the bell after follow-on priced

Radnor, Pennsylvania-based firm late Tues said sold ~12.96 mln shares at $13.50 for $175 mln gross proceeds

Offering price represents 5.6% discount to last sale

On Mon, MLYS soared 42% to close at $14.96 after lorundrostat, its drug to treat hypertension, met main goals in mid- and late-stage trials

Late Mon, co commenced $250 mln stock offering to fund development of the drug

Co has ~49.8 mln shares outstanding for $712 mln market cap

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

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

Shares debuted in Feb 2023 after co's IPO priced at $16