Mirum Pharmaceuticals (NASDAQ: MIRM) Chief Medical Officer Joanne Quan disposed of 7,287 shares of the company's common stock on March 16, 2026, at a per-share price of $91.98, generating proceeds of about $670,242, according to a Form 4 filed with the U.S. Securities and Exchange Commission.
The filing indicates the sale was executed to fulfill tax withholding obligations arising from the vesting of performance restricted stock units (PRSUs). The day before the sale, on March 15, 2026, Quan exercised 13,334 PRSUs - each unit representing a contingent right to receive one share of Mirum common stock.
Since the March 16 transaction the stock has risen to $96.60, a level that reflects a 114% return over the past 12 months. Mirum's market valuation sits at $5.82 billion, and a Pro research analysis cited in regulatory filings characterizes the company as appearing overvalued.
Operationally, Mirum has reported progress on multiple late-stage studies. The company announced completion of enrollment in the Phase 3 EXPAND trial, which is assessing LIVMARLI for the treatment of cholestatic pruritus in patients with rare liver diseases. Results from that study are expected in the fourth quarter of the year and, if supportive, could expand LIVMARLI's approved uses beyond its current indications.
In parallel, Mirum said it has finished enrollment in the Phase 3 AZURE 1 study and completed screening for the Phase 3 AZURE 4 study; both AZURE trials are focused on therapies for chronic hepatitis delta virus infection.
On the financial front, Leerink Partners reported Mirum's fourth-quarter 2025 earnings and maintained the company's fiscal 2026 product sales guidance in a range of $630 million to $650 million. Mirum posted LIVMARLI sales of $360 million in fiscal 2025, representing 69% year-over-year growth.
Analyst coverage has shifted alongside those operational and commercial updates. Evercore ISI increased its price target to $126, citing pipeline progress and commercial execution. Morgan Stanley reiterated an Overweight rating and a $130 price target. Leerink Partners trimmed its price target slightly to $118 while maintaining an Outperform rating. Citizens sustained a Market Outperform rating with a $132 price target, referencing the advances in Mirum's trial programs.
The sequence of Quan's exercise of PRSUs followed by the share sale to meet tax obligations is presented in company filings and does not include commentary from Quan or Mirum beyond the disclosure. At the same time, the company continues to publicize clinical milestones and provide sales guidance, while analysts offer diverging price targets based on the same sets of developments.
Investors and market participants will likely monitor the pending EXPAND trial results expected in the fourth quarter as a potential catalyst for indication expansion, while also tracking commercial execution for LIVMARLI relative to the guidance maintained for fiscal 2026.