Mirum Pharmaceuticals price target lowered to $45 from $58 at H.C. Wainwright

H.C. Wainwright lowered the firm’s price target on Mirum Pharmaceuticals to $45 from $58 and keeps a Buy rating on the shares. The firm notes Mirum reported Q4 earnings that held few surprises given that the company preannounced its financials on January 8. In addition, Mirum established its guidance range for 2024 global net product sales of $310M-$320M, representing a 76% annual growth rate to the midpoint, which is in line with consensus of $316.4M. H.C. Wainwright notes that Q4 was the first full quarter of the bile acid products, and it seems clear to the firm that consensus 2024 operating expenses are too low.