On Monday, Stifel reaffirmed its Buy rating on Mirum Pharmaceuticals (NASDAQ:MIRM) with a price target of $66.00. The endorsement follows the European Commission's approval of Livmarli for the treatment of progressive familial intrahepatic cholestasis (PFIC), a rare liver disease.
The approval is particularly noteworthy for two reasons: the inclusion of patients aged 3 months and older, which enhances Livmarli's competitive edge over rival drug Bylvay, and the recommendation to retain the orphan drug designation for PFIC.
The analyst from Stifel highlighted that today's approval will support the ongoing expansion of Livmarli's commercial reach in both Alagille syndrome (ALGS) and PFIC. It also underscores the drug's unique position in treating these uncommon cholestatic illnesses.
While the current financial model remains unchanged, as the European launch for PFIC was already expected in the fourth quarter of 2024, the analyst expressed incremental optimism that the FDA's review of the supplemental new drug application (sNDA) may lead to a similar reduction in the age cutoff for PFIC patients in the United States.
The approval marks a succession of execution milestones that are viewed positively for Mirum Pharmaceuticals' stock. The Stifel analyst sees these developments as reinforcing their confidence in the investment, as they continue to recommend a Buy rating on the shares.
In other recent news, Mirum Pharmaceuticals reported encouraging results from its Phase 2b VANTAGE study of volixibat, a treatment for primary biliary cholangitis (PBC). The study showed significant improvements in pruritus, or severe itching, among patients. Following these promising results, H.C. Wainwright, Evercore ISI, Morgan Stanley, and Baird have all increased their price targets for Mirum Pharmaceuticals.
Meanwhile, Stifel maintained a Buy rating on the stock. Mirum Pharmaceuticals also reported a notable increase in its financial results for the first quarter of 2024, with net product sales reaching $68.9 million, and is forecasting a full-year revenue guidance of between $310 million and $320 million.
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