Mirum Pharmaceuticals (MIRM) PT Lowered to $132 at Citizens: Has Strong Momentum

Citizens analyst Jonathan Wolleben lowered the price target on Mirum Pharmaceuticals (NASDAQ: MIRM) to $132.00 (from $140.00) while maintaining a Market Outperform rating.

The analyst commented, "MIRM enters 2026 with strong commercial momentum and a slate of near-term catalysts poised to unlock meaningful long-term value with four pivotal readouts over the next 18 months. There were no surprises in the top-line as MIRM preannounced preliminary revenues in January and reiterated 2026 revenue guidance of $630M-$650M which we think is achievable (Citizens estimate of $649M vs. consensus of $644M). The most near-term catalysts are the 2Q readouts from the pivotal Phase 2b VISTAS trial of volixibat for PSC and the interim analysis from the Phase 3 AZURE-1 trial of brelovitug for HDV. We assign volixibat an 80% POS in PSC and brelovitug a 60% POS. Importantly, there are no FDA-approved therapies for either condition, and we model peak WW sales of ~$1B in PSC and ~$675M in HDV. Additionally, positive VISTAS data will be derisking for the pivotal Phase 2b VANTAGE readout of volixibat in PBC coming in 1H27 (80% POS). With strong commercial growth, a return to profitability, multiple derisked late-stage readouts and long-term revenue growth potential, MIRM remains one of our top picks in 2026."

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