These 2 Healthcare Stocks Are Up Over 100% in a Month. Can They Keep Climbing?

Shares of Nektar Therapeutics (NKTR) and Mineralys Therapeutics (MLYS) recently surged over 100% and 155% respectively, driven by positive clinical trial data for their lead drug candidates. Nektar's rezpegaldesleukin, an experimental eczema treatment, showed competitive Phase 2b efficacy against Dupixent, indicating significant market potential despite the company's lack of current products and uninitiated Phase 3 trials. Concurrently, Mineralys' lorundrostat, a hypertension treatment, demonstrated strong Phase 3 results, with the company planning an FDA filing by early 2026, though it faces competition from AstraZeneca's similar candidate and potential timeline risks.

Analysis

Nektar Therapeutics (NKTR) and Mineralys Therapeutics (MLYS) have experienced significant stock appreciation, driven by positive clinical data for their respective lead candidates, though both present high-risk profiles. Nektar's shares surged 108% following Phase 2b results for its eczema treatment, rezpegaldesleukin, which demonstrated a 42% rate of achieving 75% skin clearance at 16 weeks, comparable to Dupixent's pivotal trial. The key value driver is data from a 24-week cohort showing this rate improved to 62%, suggesting a potential long-term efficacy advantage. However, this is offset by Nektar's history of volatility, its lack of commercial products since its 1990 inception, and the fact that a Phase 3 trial has not yet been initiated. Concurrently, Mineralys Therapeutics' stock rose 155% on strong Phase 3 results for its hypertension drug, lorundrostat, which achieved a placebo-adjusted 9.1 mmHg reduction in systolic blood pressure. This positions it as highly competitive with AstraZeneca's baxdrostat (9.8 mmHg reduction). Mineralys is well-capitalized for an FDA submission targeted for late 2025 or early 2026, but faces imminent and substantial competition from the much larger AstraZeneca, making its ~$3 billion valuation highly sensitive to execution and timeline adherence.

Key Decisions for Investors

• View Nektar Therapeutics as a high-risk, event-driven investment, as its valuation is almost entirely dependent on the future success of a yet-to-be-initiated Phase 3 trial, despite the promising long-term efficacy data for rezpegaldesleukin.
• For Mineralys Therapeutics, investors should closely track clinical execution and timelines relative to AstraZeneca's competing hypertension drug, as any delays could critically undermine its market position and justify its current valuation.
• Given the substantial recent rallies in both NKTR and MLYS, investors should recognize that significant positive outcomes are already priced in, heightening the risk of downside volatility from any clinical, regulatory, or competitive setbacks.