There are two conflicting trends in the markets today – the bearish macro trend that has seen the S&P fall 19% so far this year, and has seen the tech-heavy NASDAQ get stuck in a true bear market, with a 30% year-to-date loss – and periodic rallies that have overlaid local gains on that background.
Looking for winners in this kind of environment, investment firm Raymond James has come round to rate two stocks highly. These are equities that have overperformed so far this year, posting overall gains even in the bearish market environment, and the firm’s analysts give them Strong Buy ratings.
Running the tickers through the TipRanks database, it’s clear Raymond James is not alone in thinking these stocks have plenty to offer investors; both are also rated as Strong Buys by the analyst consensus. Let’s take a closer look.
Mirum Pharmaceuticals (MIRM)
We’ll start with Mirum Pharmaceuticals, a clinical and commercial stage biopharma company dedicated to the treatment of rare diseases of the liver. These are conditions that typically have small patient bases and high unmet medical needs that cause strong negative effects on patients’ quality of life. Mirum is working on a series of novel medications to treat a variety of conditions, including progressive familial intrahepatic cholestasis (PFIC) to intrahepatic cholestasis of pregnancy (ICP).
On the commercial side, in September of last year the company received FDA approval for its first medication, maralixibat, now branded as Livmarli, in the treatment of Alagille syndrome (ALGS) for children ages one and up. The medication has also been submitted for approval in Europe.
Having a drug approved and on the market is the ‘holy grail’ for research-oriented biopharmas, and Mirum has ridden that approval to a 41% share price gain in 2022. In addition, the company has started to see rising revenues this year, with Q1’s top line hitting $12.9 million and Q2’s, the last reported, reaching $17.5 million.
Also in the second quarter of this year, Mirum changed its relationship with Satiogen…