Why Mirum Pharmaceuticals MIRM) Stock Is Surging Tuesday - Mirum Pharmaceuticals (NASDAQ:MIRM)

Monday, Mirum Pharmaceuticals Inc MIRM announced positive topline results from its pivotal Phase 3 MARCH study of Livmarli (maralixibat) in progressive familial intrahepatic cholestasis (PFIC) age one to 17 years.
The primary endpoint of improvement in pruritus severity in PFIC was statistically significant.
PFIC is a rare genetic disorder that causes progressive liver disease, typically leading to liver failure.
HC Wainwright says that with positive data, Mirum is expected to submit regulatory proceedings in early 2023.
Upon approval and reimbursement, the conversion of about 100 patients is expected who are currently treated with Livmarli to represent the first wave of PFIC commercial demand.
The analyst increased the price target to $68 from $63 and reaffirmed the Buy rating.
Raymond James reiterates the Strong Buy rating, with a price target of $88, up from $75.
Maralixibat showed pruritus and serum bile acid responses that were numerically higher than competitor Albireo Pharma Inc ALBO Bylvay (odevixibat) in its similar PEDFIC 1 study.
The analyst says Maralixibat can potentially meet or exceed odevixibat's penetration in PFIC.
Price Action: MIRM shares are up 14.8% at $22.99 on the last check Tuesday.

Analysts Expect Mirum Pharma's Liver Disease Candidate Might Exceed Rival Product's Penetration