Mirum Pharmaceuticals, the Healthcare sector company, was revisited by a Wall Street analyst on August 6. Analyst Mani Foroohar from Leerink Partners reiterated a Buy rating on the stock and has a $66.00 price target.
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Mani Foroohar’s rating is based on Mirum Pharmaceuticals’ strong financial performance and growth potential. The company reported impressive second-quarter results, with Livmarli sales significantly surpassing expectations and leading to an upward revision of their full-year guidance. This growth is attributed to increased sales in the US and international markets, particularly due to expanding reimbursement and demand, as well as a strategic partnership in Japan.
Additionally, Mirum Pharmaceuticals is poised for further expansion with Livmarli’s potential to exceed $1 billion in sales, driven by market penetration in Alagille syndrome and progressive familial intrahepatic cholestasis. The company is also advancing its pipeline with promising trials for volixibat and maralixibat in various rare cholestatic conditions, as well as the initiation of a Phase 2 study for MRM-3379 in Fragile X syndrome. These factors collectively support the Buy rating, reflecting confidence in the company’s strategic direction and growth prospects.
In another report released yesterday, Citizens JMP also maintained a Buy rating on the stock with a $81.00 price target.
MIRM’s price has also changed slightly for the past six months – from $51.230 to $53.390, which is a 4.22% increase.