Mirum Pharamceuticals (MIRM) PT Raised to $72 at H.C. Wainwright

H.C. Wainwright analyst Ed Arce raised the price target on Mirum Pharamceuticals (NASDAQ: MIRM) to $72.00 (from $66.00) while maintaining a Buy rating.

The analyst commented: "Mirum also expects to reach positive cash flow in 2025. On February 26, Mirum announced that it is on track to reach its 2025 global net product sales guidance range of $420M — $435M, or an implied annual growth of about 25% — 29%. LIVMARLI (maralixibat) net sales revenue in 4Q24 totaled $64.1M for Alagille syndrome (ALGS) and progressive familial intrahepatic cholestasis (PFIC), or an 8.4% quarterly growth from $59.1M in 3Q24, and a 54.5% increase from $41.5M in 4Q23. We anticipate the top-line contribution from LIVMARLI's PFIC indication to increase steadily throughout 2025 (we conservatively project full year net sales of about $15M for now), along with continuing growth in the ALGS indication. As another significant component of Mirum's top-line, we also project modest growth of its bile acid product portfolio including Cholbam (cholic acid) and CTEXLI (chenodiol) that can now be marketed to patients with cerebrotendinous xanthomatosis (CTX) after its FDA approval on February 24 (see below). On the clinical development front, we note that the Phase 3 EXPAND study of LIVMARLI for pruritus in rare cholestatic conditions (NCT06553768, excluding patients with ALGS, PFIC, PBC, and PSC) kicked off in 4Q24, and is on track to complete enrollment in 2026. Positive data from EXPAND could enable LIVMARLI's expansion into a 1,000 patient opportunity globally. For volixibat, Mirum's second ileal bile acid transporter inhibitor (iBATi) program, the Phase 2 VISTAS study in primary sclerosing cholangitis (PSC, NCT04663308) is nearing its goal to complete enrollment in 2H25. For now, we project a mid-2026 top line data readout based on the trial's 28-week treatment period, which we view as a key milestone given positive data from VISTAS could support volixibat's regulatory filings in PSC. Overall, we view Mirum as a cash-flow positive commercial-stage company with multiple clinical milestones that could provide additional upside. Affirm Buy."

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