Mirum Pharmaceuticals (MIRM) PT Raised to $81 at Citizens JMP

Citizens JMP analyst Jonathan Wolleben raised the price target on Mirum Pharmaceuticals (NASDAQ: MIRM) to $81.00 (from $79.00) while maintaining a Market Outperform rating.

The analyst commented, "Livmarli and bile acid sales continue to exceed expectations and management once again raised its 2025 guidance to $490M-$510M, representing 48% Y/Y growth at the midpoint. Management highlighted that strong 2Q U.S. Livmarli sales of $57M were driven by continued strong patient demand across both indications, with nearly 50% penetration in ALGS. The label expansion to PFIC has increased awareness, with management observing a higher-than-expected number of patients. Positively, persistence on Livmarli in ALGS remains strong, at ~70-75% in the first year with improvement over time. The single tablet formulation approval in June is expected to contribute to the positive dynamic moving forward. Given the strong dynamics, we raise our 2025 revenue estimate to $514M (from $448M). We expect 2025 to be a year of continued execution with the pivotal VISTAS trial of volixibat for PSC completing enrollment this quarter, placing top-line data in 2Q26 and enrollment of PBC patients in the pivotal VANTAGE trial expected to complete enrollment next year. We continue to like the opportunity in both PSC and PBC given the high unmet need and MIRM’s competitive positioning, with the FDA signing off on pruritus as a registrational endpoint for both indications. We assign volixibat a 60% POS in PBC and 50% POS in PSC, and model peak sales of > $1B across both indications. MIRM is ready to kick off its Phase 2 trial of PDE-4D inhibitor MRM3379 in Fragile X Syndrome (FXS) in 4Q after receiving feedback from the FDA. We look forward to the start of the Phase 2 MRM3379 program, which is currently potential upside to our valuation."

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