Brown & Brown scores new Buy rating at TD Cowen as stock set for re-rating upward

TD Cowen maintains its Buy rating on Mirum Pharmaceuticals (MIRM) stock, setting a price target of $140.00. The biotech firm, valued at $5.41 billion, is currently trading at $83.08, well below the target and its 52-week high of $130. The company received support after receiving approval for Atebrioz (zilurgisertib) in FOP and favorable Phase III AZURE-1 data for brelovitug in HDV.

Additional data from a second pivotal study of brelovitug in HDV is anticipated this quarter, with potential for four more opportunities in PSC, PBC, HDV, and rare cholestatic diseases within the next two years. Mirum Pharmaceuticals estimates these could generate $2 billion or more in peak sales. The firm believes MIRM shares are undervalued based on net present value analysis, and the $140 target reflects this assessment.

Analysts remain bullish, with price targets ranging from $118 to $195. Investors can explore MIRM's comprehensive Pro Research Report for further details. The company's solid commercial base and promising clinical results, such as positive EXPAND trial outcomes and FDA approval for Atebrioz, reinforce its growth potential.