Mirum Pharamceuticals (MIRM) PT Raised to $69 at JMP Securities

JMP Securities analyst Jonathan Wolleben raised the price target on Mirum Pharamceuticals (NASDAQ: MIRM) to $69.00 (from $68.00) while maintaining a Market Outperform rating.

The analyst commented: "The EU approval comes as no surprise following the positive CHMP recommendation in May (our coverage here) but the decision represents another win for the IBAT inhibitor, and we think the approval in PFIC patients three months and older bodes well for expanding the current U.S. label to younger children. In March, Livmarli was approved in the U.S. for PFIC patients five years and older and MIRM has submitted an sNDA for a higher concentration formulation that would enable label expansion to younger patients (>/=1 year) and we look for an update there later this year. MIRM estimates there are ~1,000 PFIC patients in the U.S. and EU and thus approval expands Livmarli’s current addressable market of ~4,000-5,500 Alagille syndrome patients in the U.S and EU. We continue to like Livmarli’s competitive positioning vs. Bylvay and think Livmarli could be the preferred option for newly diagnosed PFIC patients (IBAT sales in Fig. 1). MIRM had $69M in total net product revenue in 1Q24 with Livmarli accounting for $43M. The company expects 2024 revenue of $310-$320M which we think is attainable (CJMPe of $316M vs. consensus of $313M). Hitting the midpoint of its revenue guidance would represent 67% Y/Y growth. Management does not break out therapeutic-level revenues, but we continue to expect a modest PFIC contribution this year as the company shores up reimbursement coverage both stateside and abroad (~$9M in 2024 revenue)."

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