Mirum updates elevate volixibat to meaningful value-driver status, says Stifel

Stifel tells investors in a research note that Monday’s interim analyses for Mirum’s volixibat, an oral ileal bile acid transporter inhibitor, in patients with primary biliary cholangitis and primary sclerosing cholangitis offer promising attributes that should elevate the asset to meaningful value-driver status. While the update doesn’t fully de-risk Vistas/Vantage, emerging signs should be compelling enough to rethink whether minimal volixibat value is appropriate and justified. The firm reiterates a Buy rating on Mirum shares.