Transaction details and context
Mirum Pharmaceuticals director Saira Ramasastry sold 2,000 shares of the companys common stock on February 13, 2026, at $102.09 per share, for a total transaction value of $204,180. According to the Form 4 filed with the Securities and Exchange Commission, that sale was carried out under a prearranged Rule 10b5-1 trading plan that Ramasastry adopted on September 18, 2025.
The sale occurred as Mirum (NASDAQ: MIRM) traded near its 52-week high of $105.74, following a strong performance over the prior 12 months that has delivered a roughly 95% return.
Options exercise on the same day
Also on February 13, 2026, Ramasastry exercised options to acquire 2,000 shares of Mirum common stock at an exercise price of $23.51 per share, for an aggregate exercise cost of $47,020. The filing notes these stock options were fully vested and have an expiration date of June 1, 2032.
Company fundamentals and near-term timeline
InvestingPro currently assigns Mirum a "GREAT" financial health score. The company is scheduled to release its next earnings report on March 11, 2026, according to public disclosures.
Sales performance and 2026 guidance
Mirum reported preliminary, unaudited net product sales of approximately $520 million for 2025, a figure that exceeded the upper end of the companys earlier guidance. Management has provided a sales outlook for 2026, projecting global net product sales in the range of $630 million to $650 million, which equates to potential year-over-year growth of up to 25%.
Pipeline expansion and clinical milestones
The company completed its acquisition of Bluejay Therapeutics, adding brelovitug, a late-stage candidate for chronic hepatitis delta virus (HDV), to Mirums rare disease portfolio. Brelovitug is being evaluated in the global AZURE Phase 3 registrational program, with topline results expected in the second half of 2026.
Analyst coverage referenced in the filings highlights 2026 as a pivotal year for Mirums other candidates as well. H.C. Wainwright raised its price target to $130 and kept a Buy rating, citing the importance of 2026 for the companys drug candidate volixibat. Citizens reiterated a Market Outperform rating with a $140 price target, pointing to strong 2025 sales for Livmarli and anticipated expansion in the companys bile acid portfolio. Baird also lifted its price target to $95 following Mirums sales performance in 2025.
Research resources and analyst sentiment
Analysts maintain a consensus leaning strongly toward Buy for Mirum, with price targets in the coverage universe ranging from $95 to $140. InvestingPro offers an in-depth Pro Research Report on Mirum, along with 13 ProTips that outline the companys strengths and challenges and is one of the platforms providing additional analytical context for investors.
Takeaway
The insider sale by a Mirum board member, executed under a Rule 10b5-1 plan, was paired with an options exercise the same day and comes as the company reports solid 2025 results, provides ambitious 2026 sales guidance, and positions a late-stage HDV candidate for a potential regulatory milestone later in 2026. Market participants continue to receive active analyst coverage with varied price targets and positive recommendations.
Key points
- Director Saira Ramasastry sold 2,000 Mirum shares on February 13, 2026, for $204,180 under a Rule 10b5-1 plan, and exercised 2,000 options the same day at $23.51 each.
- Mirum reported preliminary net product sales of roughly $520 million for 2025, exceeded guidance, and guided 2026 sales to $630 million to $650 million, implying up to 25% growth year-over-year.
- The company expanded its rare disease portfolio by acquiring Bluejay Therapeutics and adding brelovitug, now in the AZURE Phase 3 registrational program with topline results expected in H2 2026; analysts have responded with higher price targets and positive ratings.
Risks and uncertainties
- Clinical and regulatory outcomes for brelovitug and other candidates, including topline results expected in the second half of 2026, are material to Mirums future prospects and carry inherent uncertainty - impacting the biotech and healthcare sectors.
- Projected 2026 sales of $630 million to $650 million are forward-looking and subject to execution risk; if sales do not materialize as guided, equity valuation and analyst expectations may be affected - impacting investors and capital markets focused on pharmaceutical revenue growth.
- Upcoming earnings on March 11, 2026, could introduce volatility around the stock as the market digests audited results and any updates to guidance or pipeline timelines - affecting market participants and those tracking mid-cap biotech equities.