In a report released today, David Lebowitz from Citi maintained a Buy rating on Mirum Pharmaceuticals (MIRM – Research Report), with a price target of $72.00.
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David Lebowitz has given his Buy rating due to a combination of factors including the promising interim data from Mirum Pharmaceuticals’ Phase 2b VANTAGE study of volixibat in patients with cholestatic pruritus caused by primary biliary cholangitis (PBC). The study showed a significant reduction in ItchRO scores, with patients experiencing a placebo-adjusted 2.51-point decrease, indicating strong efficacy. The company has chosen to proceed with the 20mg twice daily dosage for the next phase of the trial, which is expected to complete enrollment in 2026.
Despite volixibat being slightly behind in clinical development compared to competitors, its efficacy profile suggests it has best-in-class potential for the largely untapped PBC market. While diarrhea was noted as a common adverse event, it was mostly mild to moderate, and only one patient discontinued treatment due to this side effect. The expected share price return of 62.6% further supports the Buy rating, highlighting the stock’s potential for significant appreciation.
In another report released on May 9, Citizens JMP also maintained a Buy rating on the stock with a $76.00 price target.
Based on the recent corporate insider activity of 39 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of MIRM in relation to earlier this year.