Baird Lifts Mirum Pharmaceuticals, Inc. (MIRM) Price Target on Bluejay Therapeutics Acquisition

Mirum Pharmaceuticals Inc. (NASDAQ:MIRM) is one of the best biotech stocks to buy according to Wall Street analysts. On December 8, Baird reiterated its Outperform rating on Mirum Pharmaceuticals Inc. (NASDAQ:MIRM) and raised the price target to $88 from $80.

The price target hike follows the company’s agreement to acquire Bluejay Therapeutics for $620 million in cash. With the acquisition, the company gains worldwide rights to brelovitug, a monoclonal antibody under development for the treatment of chronic hepatitis D, a rare and aggressive liver condition.

“This acquisition fits squarely with what we do best—advancing high-impact medicines for patients with rare diseases through disciplined development, regulatory innovation, and commercial excellence,” Mirum CEO Chris Peetz said in the release.

The acquisition of Brelovitug comes on the heels of 100% HDV RNA response in Phase 2 clinical trials, with Phase 3 results expected in the second half of next year.

Analysts at Morgan Stanley have also reiterated an Overweight rating on Mirum Pharmaceuticals with an $81 price target. The investment bank views the deal as a smart strategic move for Mirum, saying it bolsters the company’s position in rare liver diseases while offering clear synergies with its current commercial setup. The firm also projects that the enlarged pipeline could generate more than $4 billion in peak sales.

Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM) is a biopharmaceutical company focused on developing and delivering treatments for rare and debilitating liver diseases, especially those affecting children, by transforming scientific discoveries into therapies such as their key drug LIVMARLI (maralixibat) for cholestatic pruritus in Alagille syndrome (ALGS) and Progressive Familial Intrahepatic Cholestasis (PFIC).

While we acknowledge the potential of Mirum Pharmaceuticals Inc. (NASDAQ:MIRM) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than MIRM and that has 100x upside potential, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.