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On Friday, JMP Securities analyst Jonathan Wolleben adjusted the price target for Mirum Pharmaceuticals (NASDAQ:MIRM) stock, increasing it to $76 from the previous $74, while maintaining a Market Outperform rating. This target aligns with the broader analyst consensus, as InvestingPro data shows analyst targets ranging from $53 to $76, with a strong buy recommendation rating of 1.4 (where 1 is a Strong Buy). The firm highlighted that sales of Livmarli, Mirum Pharmaceuticals’ leading product, are surpassing expectations in Alagille Syndrome (ALGS) and Progressive Familial Intrahepatic Cholestasis (PFIC), driven by strong demand and the recent approval of the tablet formulation.
Mirum Pharmaceuticals reported a notable first-quarter revenue from Livmarli, with $50 million generated in the U.S. due to high demand from new patients for both ALGS and PFIC treatments. The company also noted a significant presence in European markets, with $24 million in revenue outside the U.S., which includes approximately $6 million from inventory—a new trend compared to previous quarters. InvestingPro data reveals impressive revenue growth of 69.3% over the last twelve months, with total revenue reaching $379.25 million. The company maintains strong liquidity with a current ratio of 3.22, indicating robust financial health.
JMP Securities expressed optimism for Mirum’s future, citing management’s raised guidance for 2025, now forecasting revenues between $435 and $450 million, which would mark a 31% year-over-year growth at the midpoint. JMP has consequently raised its own revenue estimate for the company to $448 million, up from $432 million. This growth trajectory has contributed to the company’s impressive 75% stock return over the past year, as tracked by InvestingPro. For deeper insights into Mirum’s growth potential and comprehensive financial analysis, investors can access the detailed Pro Research Report, available exclusively to InvestingPro subscribers.
The company is also making strides in its clinical trials, with expectations to complete enrollment for the pivotal VISTAS trial of volixibat for Primary Sclerosing Cholangitis (PSC) in the next quarter. This positions the company to release top-line data in the second quarter of 2026. Additionally, Mirum is continuing to enroll patients for its VANTAGE trial in Primary Biliary Cholangitis (PBC) and is preparing to initiate a Phase 2 trial of PDE-4D inhibitor MRM-3379 for Fragile X Syndrome (FXS).
JMP Securities underscored the potential in both the PSC and PBC markets, recognizing the high unmet medical need and Mirum’s competitive positioning, particularly with the FDA’s approval of pruritus as a registrational endpoint for both indications. The firm has assigned a 60% probability of success (POS) for volixibat in PBC and a 50% POS in PSC, with projected peak sales exceeding $1 billion across both indications. The upcoming Phase 2 program for MRM-3379 is viewed as an additional upside to Mirum’s valuation.
In other recent news, Mirum Pharmaceuticals reported a strong start to 2025, with first-quarter revenue reaching $111.6 million, surpassing the analyst forecast of $98.02 million. This performance represents a 61% year-over-year increase in total revenues. The company has also raised its full-year revenue guidance to a range of $435-$450 million, reflecting confidence in its growth trajectory. Evercore ISI has responded to these developments by increasing the price target for Mirum Pharmaceuticals to $76, maintaining an Outperform rating. The firm noted a significant revenue beat, particularly with Livmarli sales exceeding expectations by approximately $10 million. Additionally, Mirum Pharmaceuticals is making progress in its clinical pipeline, with notable advancements in treatments for Primary Sclerosing Cholangitis (PSC) and Primary Biliary Cholangitis (PBC). Enrollment for the VISTAS trial is expected to be completed ahead of schedule, and new long-term data has been presented, showing promising results for Mirum’s treatments. These updates suggest a positive outlook for Mirum Pharmaceuticals, bolstered by strategic advancements and robust financial performance.
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