MIRM Stock Forecast & Price Target

Mirum Pharmaceuticals is supported by a growing commercial base, with Livmarli momentum in ALGS and PFIC driving 2Q26 net product sales of about $176M and prompting 2026 guidance to $680M-$700M, while the company ended 2Q26 with $561M in cash. Its outlook is also strengthened by brelovitug’s highly differentiated HDV profile, as AZURE-1 showed Week 24 composite responses of 56% and 45% versus 0% in delayed treatment, with clean safety and a large underserved market of roughly 15,000 diagnosed U.S. patients. In addition, the approval of Atebrioz broadens the portfolio, and management’s expectation of cash flow positivity next year provides further support for the investment case despite the volixibat PSC setback.

Mirum Pharmaceuticals is facing a challenging fundamental setup because its pipeline still requires additional clinical studies in biliary atresia, primary sclerosing cholangitis, and primary biliary cholangitis before filings, leaving meaningful execution risk in indications with no approved drugs and a novel path to approval. Commercially, Livmarli faces increased pressure from Bylvay in Alagille syndrome and a first-mover disadvantage in PFIC, which could limit uptake even if its profile remains differentiated. Financially, the company could continue to post net losses, and any commercial headwinds may delay profitability and force additional capital raises with uncertain dilution to shareholder value.