Baird raised the firm’s price target on Mirum Pharmaceuticals to $39 from $34 and keeps an Outperform rating on the shares after volixibat demonstrated “unprecedented reductions” in pruritis in the Phase 2 VANTAGE study in PBC. The firm, which sees the data “opening the door for a competitive profile in PBC and a clear road to approval in PSC,” believes these results are better than expected and is increasing its view of the probability of success for volixibat across these two indications.
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