Shares of Mirum Pharmaceuticals, Inc. (MIRM) are soaring in pre-market trading on Thursday, jumping 5.51% following a bullish move by Morgan Stanley. The investment bank has raised its target price for the biopharmaceutical company, signaling increased confidence in Mirum's future prospects.

Morgan Stanley analysts have adjusted their outlook on Mirum Pharmaceuticals, lifting the target price to $70.00 from the previous $65.00. This upward revision represents a notable vote of confidence in the company's potential, likely driven by positive developments in Mirum's drug pipeline or improved financial outlook.

The increased target price from a major Wall Street firm like Morgan Stanley often serves as a catalyst for stock movement, as it can influence investor sentiment and attract more buyers to the stock. As the market digests this new information, traders appear to be reacting positively, pushing Mirum's stock price higher in anticipation of potential growth and success for the company.