Mirum Pharmaceuticals price target lowered to $61 from $69 at H.C. Wainwright

H.C. Wainwright analyst Ed Arce lowered the firm’s price target on Mirum Pharmaceuticals to $61 from $69 and keeps a Buy rating on the shares after updating the firm’s model to reflect management’s guidance. The firm, which said that it and "others on the Street appear to have gotten a bit ahead of ourselves in terms of forward growth estimates," revised its 2023 sales projection to a "still robust" $116M, down from $142.8M previously. Noting that Mirum has submitted a supplemental NDA, or sNDA, to the FDA for Livmarli for cholestatic pruritus in patients two months of age and older with progressive familial intrahepatic cholestasis, or PFIC, the firm said it expects a label expansion in early Q4.