On Monday, Evercore ISI increased its price target for Mirum Pharmaceuticals (NASDAQ:MIRM) to $62 from the previous $53 while maintaining an Outperform rating on the stock. The firm's analysis highlights Mirum Pharmaceuticals as a notably profitable small-cap company within its sector, based solely on its existing 'base business.' This performance has earned the company a spot on Evercore ISI's core SMID (Small to Mid-cap) list.
The revised price target follows Mirum Pharmaceuticals' recent release of interim data from their second investigational biliary atresia (iBAT) asset, volixibat, which is being studied for the treatment of primary biliary cholangitis (PBC) and primary sclerosing cholangitis (PSC). The company's announcement has provided an answer to investors' queries regarding the company's direction following the discontinuation of another asset last December.
The interim data from the volixibat studies have shown promise, and this development is significant for Mirum Pharmaceuticals as it continues to explore treatment options for PBC and PSC. These conditions are liver diseases that can lead to serious complications, and new therapeutic options are often closely watched by the medical community and investors alike.
The positive outlook from Evercore ISI reflects confidence in Mirum Pharmaceuticals' potential growth and its ability to maintain profitability. The company's strategic movements, especially in expanding their product pipeline with assets like volixibat, appear to be key factors in the analyst firm's decision to raise the stock's price target.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.