On Monday, Morgan Stanley (NYSE:MS) adjusted its outlook on Mirum Pharmaceuticals (NASDAQ:MIRM), increasing the price target to $57 from the previous $53, while retaining an Overweight rating on the stock. The revision follows the release of promising interim results from the Phase 2b clinical trials of volixibat, the company's investigational drug.
The pharmaceutical company's studies of volixibat showed more favorable outcomes than anticipated, particularly in primary biliary cholangitis (PBC) and a blinded analysis in primary sclerosing cholangitis (PSC). These findings have reinforced the decision to proceed with the ongoing studies.
According to the firm, the interim data from these trials underscore volixibat's potential as a significant contributor to Mirum Pharmaceuticals' value. The positive results have led to a reaffirmation of the Overweight rating, indicating confidence in the stock's performance.
With the updated price target, Morgan Stanley signals its expectation that Mirum Pharmaceuticals' share price will rise, reflecting the encouraging clinical developments. The Overweight rating suggests that the analyst believes the company's stock will outperform the average return of the stocks the analyst covers within the next 12 to 18 months.
Mirum Pharmaceuticals focuses on the development of therapies for rare and debilitating liver diseases, and volixibat is among its key investigational drugs. The recent advancements in its clinical trials have evidently strengthened the investment firm's outlook on the company's stock prospects.
In other recent news, Mirum Pharmaceuticals has made significant strides in its clinical trials and financial performance. The company's drug candidate volixibat has shown encouraging signs in recent studies, leading to Stifel maintaining its Buy rating on the stock. Baird has also increased its price target for Mirum Pharmaceuticals following positive clinical trial results for volixibat.
In addition, Citi has maintained a Buy rating on the company, anticipating important clinical trial updates for volixibat. Mirum Pharmaceuticals reported a significant increase in financial results for the first quarter of 2024, with net product sales reaching $68.9 million, and forecasts a full-year revenue guidance between $310 million and $320 million.
Another product of Mirum, LIVMARLI, received a positive opinion from the European Committee for Medicinal Products for Human Use for the treatment of Progressive Familial Intrahepatic Cholestasis, a rare genetic liver disease. These are recent developments in the operations and financial performance of Mirum Pharmaceuticals.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.