MIRM: Shares Will Rally On Pivotal Clinical Data Expected In 2026

Analysts have raised their price target for Mirum Pharmaceuticals from $83.55 to $86.09 per share, citing continued strong performance for Livmarli and optimism around late-stage clinical catalysts expected over the next two years.

Analyst Commentary

Recent research updates reflect a broadly positive outlook for Mirum Pharmaceuticals, with several analysts raising their price targets and emphasizing key growth drivers for the company. Their perspectives highlight both the company's current momentum and the risks investors should consider.

Bullish Takeaways

• Bullish analysts highlight continued strong sales performance for Livmarli, which has consistently exceeded expectations and serves as a foundation for the company's revenue growth.
• Several believe Mirum is well-positioned for further upside, given multiple late-stage clinical readouts expected over the next two years, particularly pivotal volixibat data in primary sclerosing cholangitis and progress in primary biliary cholangitis trials.
• The stock is recognized as a favorite within the smid-cap biotech space, with strong year-to-date gains and optimism regarding Mirum's path to profitability bolstered by commercial execution and the promising pipeline.
• Meaningful upward revisions to revenue forecasts have occurred following robust quarterly results, enhancing confidence in management's ability to execute on growth objectives.

Bearish Takeaways

• Bullish analysts note that much of Mirum's prospective valuation depends on successful late-stage clinical outcomes, particularly for volixibat, which introduces execution risk if trial results do not meet expectations.
• The timing of key data releases, particularly in primary sclerosing cholangitis and primary biliary cholangitis, pushes potential pivotal results into 2026 or later. This prolongs the pathway to potential label expansions and broader markets.
• Cautious perspectives emphasize that while commercial growth remains strong, dependence on a limited product portfolio heightens risk if competitive dynamics or regulatory hurdles emerge in the coming years.

What's in the News

• Mirum Pharmaceuticals announced multiple presentations at the American Association for the Study of Liver Diseases (AASLD) The Liver Meeting in November 2025, highlighting new data from its LIVMARLI and Volixibat clinical programs. This includes oral presentations from the VANTAGE trial in primary biliary cholangitis and real-world studies of maralixibat (Key Developments).
• The company revised its revenue guidance for 2025, now projecting revenues at the upper end of its prior forecast, between $500 million and $510 million (Key Developments).
• Completion of enrollment in the Phase 2b VISTAS study of volixibat for primary sclerosing cholangitis was announced, with topline results expected in the second quarter of 2026. The companion Phase 2b VANTAGE study for primary biliary cholangitis is expected to finish enrollment in 2026 (Key Developments).

Valuation Changes

• Consensus Analyst Price Target has risen slightly from $83.55 to $86.09 per share. This reflects greater optimism about future earnings potential.
• Discount Rate increased modestly from 6.98% to 7.13%. This indicates a slightly higher perception of risk or cost of capital in updated forecasts.
• Revenue Growth projections have fallen from 22.40% to 20.25%. This suggests a tempered outlook for top-line expansion in the near term.
• Net Profit Margin is now expected to be higher, moving from 14.10% to 14.89%. This points to a modest improvement in expected profitability.
• Future P/E Ratio edged upward, rising from 52.53x to 53.74x. This reflects a somewhat higher valuation multiple applied to anticipated earnings.