Stifel raises Mirum Pharmaceuticals stock price target on approvals
Stifel has increased its price target for Mirum Pharmaceuticals (NASDAQ:MIRM) shares to $156 from $136, maintaining a Buy rating. Current stock price sits at $82.64, indicating significant upside potential. Stifel highlighted recent clinical and regulatory milestones, such as FOP approval and positive Phase 3 results in HDV/EXPAND trials, as key factors for the adjusted price target.
Analyst James Condulis stated the company's base business can sustain the current valuation. Mirum Pharmaceuticals has shown impressive growth, with revenue rising 44% over the past year to $618 million. Analysts foresee several near-term expansion opportunities across PSC, PBC, and HDV indications. With conservative assumptions, Mirum's potential peak portfolio value could exceed $4 billion, and the company is projected to achieve cash-flow positivity in the near term.
The stock has faced a 17% decline over the past six months and is currently trading 36% below its 52-week high of $130. InvestingPro data reveals liquid assets surpassing short-term obligations, providing financial flexibility. Despite near-term market challenges, Mirum's long-term outlook remains compelling according to Stifel.
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