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    Mirum Pharmaceuticals (MIRM) Following Liver Meeting Data Has Fair Value Back In Focus

    Simply Wall St·11/04/2026 05:00:16
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    Fresh clinical data around Mirum Pharmaceuticals (MIRM) is in focus after new results for brelovitug and volixibat at The Liver Meeting 2026 highlighted efficacy in hepatitis delta virus and rare cholestatic liver conditions.

    Mirum Pharmaceuticals has seen mixed momentum around the latest data, with the share price up 4.94% over the past month but down 17.73% over ninety days. The 1-year total shareholder return of 22.63% and a very large 5-year total shareholder return show long term holders have been rewarded despite the recent pullback from US$87.03, which may reflect shifting views on both pipeline potential and higher reported losses in the latest quarter.

    Scan other rare-disease developers showing similar clinical momentum to Mirum Pharmaceuticals by running the hand-picked 19 high quality undiscovered gems alongside this latest brelovitug and volixibat readout.

    Mirum Pharmaceuticals now trades at a steep discount to both analyst targets and intrinsic value estimates after that sharp pullback from US$87.03. Is the market correctly pricing in those widened losses, or leaning too far toward caution?

    Most Popular Narrative: 43% Undervalued

    Analysts following Mirum Pharmaceuticals see a large gap between their narrative fair value of $153.07 and the recent close at $87.03. This puts the current pullback against a much more optimistic long term set of assumptions.

    Multiple late-stage pipeline catalysts, including three pivotal study readouts (VISTAS, VANTAGE, EXPAND) over the next 24 months and the initiation of the Phase II Fragile X study, set the stage for further product label expansions and new indication launches, underpinning future revenue diversification and potential earnings acceleration.

    See why 12 investors see Mirum Pharmaceuticals as 43% undervalued.

    According to this widely followed narrative, that $153.07 fair value rests on revenue growth assumptions of 26.5% a year, a swing from current heavy losses of $860.2 million to forecast earnings of $324.9 million by around October 2029, and a future P/E of 46.8x that sits well above the cited 17.6x for the broader US biotechs group. The story also leans on Mirum Pharmaceuticals improving profit margins from a deeply negative 139.2% today to almost 26% in three years, while funding that journey through forecast share count growth of 7% a year.

    Those numbers give investors a clear checklist to interrogate rather than a single headline target. The more you agree with the idea that Livmarli and the broader rare disease portfolio can support roughly $1.3b of revenue by 2029 on that kind of margin profile, the closer your own view may sit to the $153.07 mark. If you see more risk around reimbursement, competitive therapies or the extra spend needed to support expansion, your personal fair value may land well below the popular narrative even if you still view Mirum Pharmaceuticals as an interesting rare disease player.

    Result: Fair Value of $153.07 (UNDERVALUED)

    Still, Mirum Pharmaceuticals relies heavily on Livmarli and faces regulatory uncertainty around volixibat in primary sclerosing cholangitis, which could challenge those optimistic expectations.

    Find out about the key risks to this Mirum Pharmaceuticals narrative.

    Next Steps

    Big swings in sentiment around Mirum Pharmaceuticals can cut both ways, so check the data yourself, weigh the risks and rewards, then judge whether the balance of 4 key rewards and 2 important warning signs.

    Looking for more investment ideas beyond Mirum Pharmaceuticals?

    If Mirum Pharmaceuticals has your attention, broaden your watchlist with a few targeted stock ideas so you are not relying on a single rare disease story.