H.C. Wainwright has increased its price target on Mirum Pharmaceuticals to $130.00 from $102.00 and has maintained a Buy rating on the shares. Mirum stock is trading at $94.29 and has returned 98.38% over the past 12 months, with the shares trading close to a 52-week high of $96.84.
The firm identified 2026 as a pivotal year for volixibat, Mirum’s orally administered ileal bile acid transporter inhibitor that is being developed to increase bile acid excretion and reduce hepatic and systemic recirculation. Volixibat is being evaluated in two Phase 2b trials: VISTAS, which targets primary sclerosing cholangitis (PSC), and VANTAGE, which targets primary biliary cholangitis (PBC).
Mirum has scheduled topline confirmatory data from VISTAS for the second quarter of 2026 and expects topline results from VANTAGE in the first half of 2027. H.C. Wainwright described these upcoming readouts as derisked, noting that both studies previously reported positive interim analyses.
The analyst house said its higher price target reflects adjustments to several modeling assumptions, including an accelerated potential launch timetable for volixibat to the second quarter of 2027. That timing shortens the firm’s prior expectation of a fourth quarter 2027 launch and aligns with the company’s guidance for the first half of 2027.
Financially, Mirum was not profitable over the last twelve months but reported robust revenue growth of 53.66% and carries a moderate level of debt. The company also disclosed preliminary unaudited net product sales of $520 million for 2025, above its own guidance range of $500 million to $510 million and ahead of consensus at $507 million. For 2026, Mirum is projecting global net product sales between $630 million and $650 million, which implies potential growth of up to 25% year-over-year versus 2025.
Other research houses have reacted to Mirum’s sales and clinical developments. Citizens reiterated a Market Outperform rating and left its price target at $140.00. Baird raised its price target to $95.00 from $88.00 after the strong sales update. TD Cowen’s Joseph Thome reiterated a Buy rating with a $95.00 price target, citing management’s confidence in the commercial franchise.
Beyond volixibat, Mirum has advanced its pipeline with the initiation of the BLOOM Phase 2 study of MRM-3379 in Fragile X syndrome, conducted in collaboration with Enthorin Therapeutics. MRM-3379 is described as an orally available, brain-penetrant, selective phosphodiesterase-4D inhibitor.
Taken together, the analyst upgrade, the beat on 2025 preliminary sales and multiple price target adjustments across the sell-side illustrate the market’s reassessment of Mirum’s near-term commercial prospects and pipeline execution. Investors will be watching the VISTAS topline readout in Q2 2026 and the subsequent VANTAGE readout in H1 2027 as key operational milestones that could influence the company’s path to a potential launch in 2027.
Context and outlook
H.C. Wainwright’s upgrade centers on volixibat as the primary value driver and on execution risks that the firm views as reduced following positive interim signals from both Phase 2b studies. The change in modeled launch timing is an important input to the updated valuation and underpins the firm’s rationale for the higher target.
Mirum’s recent sales performance provides commercial support for analyst optimism: preliminary net product sales of $520 million for 2025 exceeded company guidance and consensus estimates, and management’s 2026 sales projection of $630 million to $650 million points to material year-over-year expansion.
What to watch next
- Topline confirmatory data from VISTAS in Q2 2026.
- Topline data from VANTAGE in H1 2027.
- Progress updates on the BLOOM Phase 2 study of MRM-3379.
These milestones are likely to shape investor expectations about Mirum’s commercialization timeline and longer-term revenue trajectory.