In a report released yesterday, David Lebowitz from Citi maintained a Buy rating on Mirum Pharmaceuticals (MIRM – Research Report), with a price target of $68.00.
David Lebowitz has given his Buy rating due to a combination of factors that highlight Mirum Pharmaceuticals’ strong financial performance and promising pipeline developments. The company reported impressive financial results for the fourth quarter of 2024, with total net product revenues reaching $336 million, marking an 88% year-over-year increase. This growth was driven by robust sales of Livmarli and the bile acid medicine franchise, which exceeded both the company’s and market expectations.
Furthermore, Mirum’s pipeline programs are progressing well, with key timelines on track. The volixibat programs, particularly the VISTAS trial in primary sclerosing cholangitis and the VANTAGE study in primary biliary cholangitis, are expected to reach enrollment completion in the coming years, setting the stage for future topline data. Additionally, the company’s strategic focus on expanding its product offerings, such as the Livmarli EXPAND Ph3 study and the anticipated Ph2 study of MRM-3379 for Fragile X Syndrome, underscores its commitment to long-term growth. These factors, combined with the expectation of positive cash flow and a projected share price return of 34.6%, support the Buy rating.
In another report released today, Morgan Stanley also maintained a Buy rating on the stock with a $65.00 price target.
Based on the recent corporate insider activity of 37 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of MIRM in relation to earlier this year.