Mirum Pharmaceuticals price target raised to $72 from $69 at JMP Securities

JMP Securities raised the firm’s price target on Mirum Pharmaceuticals to $72 from $69 and keeps an Outperform rating on the shares. The firm is “pleased” to see Livmarli’s second U.S. approval expanding the market for the ileal bile acid transporter inhibitor to include 500 progressive familial intrahepatic cholestasis patients and says the PFIC label is in line with expectations and is similar to competitive IBAT inhibitor Bylvay. While the firm does not anticipate patients well controlled on Bylvay will switch to Livmarli, but Livmarli has a more pronounced impact on pruritus that could drive new patients to Livmarli, the analyst tells investors in a research note.