Mirum Pharmaceuticals (MIRM) PT Raised to $144 at Citizens

Citizens analyst Jonathan Wolleben raised the price target on Mirum Pharmaceuticals (NASDAQ: MIRM) to $144.00 (from $137.00) while maintaining a Market Outperform rating.

The analyst comments "Our take – MIRM’s positive pipeline updates keep coming with an FDA approval for Atebrioz (zilurgisertib) and brelovitug’s compelling profile in a particularly advanced HDV population. Given the relative sizes of the commercial opportunities—MIRM estimates ~$1B+ in peak HDV sales for $200M+ in peak FOP sales—we expect most investor focus to be on the brelovitug data where the Phase 3 AZURE-1 trial demonstrated competitive efficacy, with 45-56% composite response rates at week 24 exceeding Hepcludex's 48% at week 48 and comparing favorably Vir’s 47% Phase 2 response rate at week 24 for its tobevibart/elebsiran combo. Importantly, the data reinforce brelovitug’s differentiated profile as a simple to administer monotherapy with durable antiviral and biochemical responses and a clean safety profile. We’re looking forward to data from the Phase 3 AZURE-4 trial in 4Q26 and a planned BLA submission in 1H27. Management now expects slightly higher peak sales in HDV (previously ~$750M+) primarily on a new pricing benchmark from Hepcludex (~$285K/yr) which is higher than our ~ $200K launch assumption. Moving to FOP, the approval wasn’t a shoo-in since the pivotal PROGRESS trial missed on statistical significance, but FDA acknowledged the high unmet need and totality of evidence in support of Atebrioz’s approval (see our preview here). MIRM still has plenty of catalysts on the horizon with the aforementioned AZURE-4 data next quarter as well as data from the Phase 3 EXPAND trial of maralixibat in 4Q and the pivotal VANTAGE data of volixibat for PBC in 1Q27."

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