Stifel analyst Dae Gon Ha initiated coverage of Mirum Pharmaceuticals with a Buy rating and $48 price target. Mirum has secured FDA approvals in rare cholestatic conditions Alagille syndrome, or ALGS, and progressive familial intrahepatic cholestasis, or PFIC, notes the analyst. Although small, these are “noteworthy wins” that validate the ileal bile acid transporter inhibitor, or IBATi, mechanism and steer the company’s strategy to conditions where the mechanism of action may “engender benefit in the form of ameliorating/relieving pruritus, if not more,” the analyst tells investors.
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