Baird reiterates Mirum Pharmaceuticals stock rating on trial success

Baird reaffirmed an "Outperform" rating and set a $130.00 price target for Mirum Pharmaceuticals (NASDAQ:MIRM) following favorable outcomes from a Phase 3 clinical trial. The firm highlighted that the company's EXPAND basket study, examining maralixibat in additional cholestatic conditions, achieved both primary and secondary objectives.

Half of the participants in the trial were diagnosed with biliary atresia. Mirum Pharmaceuticals, with a market valuation of $5.41 billion, has shown impressive commercial growth, with revenue rising 44% over the past year. According to InvestingPro analysis, two analysts have upgraded their earnings forecasts for the next period, indicating optimism about the company's prospects.

The trial demonstrated significant reductions in pruritus and serum bile acids, which Baird believes could lead to a broader label expansion. The drug's safety and tolerability profile aligned with the Livmari label. Management did not adjust its guidance for peak annual sales, which they project to exceed $1 billion. Analysts remain optimistic, with price targets ranging from $118 to $195.

Investors can delve deeper into Mirum's potential through the comprehensive Pro Research Report available on InvestingPro. The firm anticipates a positive outlook for the stock based on the trial results. Other notable analyst updates include price target increases for Mirum following positive results from the Phase 3 portion of the AZURE-1 trial in hepatitis delta virus (HDV) and the FDA approval for Atebrioz (zilurgisertib) and potential use of brelovitug in an advanced HDV population.

RBC Capital maintained an "Outperform" rating with a $155 price target, emphasizing the success of the EXPAND clinical trial, while TD Cowen also reiterated a "Buy" rating with a $140 price target. TD Cowen's rating stems from the HDV ADVERSE-1 trial approval and positive Phase III data. Stifel maintained its "Buy" rating and price target of $136, noting Mirum's plans to file a supplemental new drug application in the first half of 2027.

These developments demonstrate the sustained interest and confidence from various analysts in Mirum Pharmaceuticals.