Joanne Quan, the Chief Medical (TASE:PMCN) Officer of Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM), a $2.3 billion market cap biopharmaceutical company, recently reported a significant sale of the company’s stock. According to a filing with the Securities and Exchange Commission, Quan sold 6,969 shares of common stock on January 17, 2025, at a price of $45.86 per share, totaling approximately $319,598. The transaction comes as MIRM trades near its 52-week high of $48.89, having delivered an impressive 78% return over the past year.
In addition to the sale, Quan executed transactions involving restricted stock units. On January 16, 2025, she converted 12,500 restricted stock units into common stock. Following these transactions, Quan holds 5,649 shares of Mirum Pharmaceuticals directly.
The sale was conducted to cover tax withholding obligations associated with the vesting of restricted stock units. These units are set to vest in equal installments over three years, with the first vesting date on January 16, 2024.
In other recent news, Mirum Pharmaceuticals has recently surpassed its 2024 sales guidance, reporting net product sales of approximately $336 million. The company also projects a promising 2025, with global net product sales expected to reach between $420 million and $435 million. This follows a significant 112% revenue growth over the last year. Analysts from InvestingPro maintain a Strong Buy consensus on the company.
Mirum Pharmaceuticals has achieved several milestones, including the expansion of its drug LIVMARLI, positive interim results for its volixibat treatments, and the submission of a New Drug Application for chenodiol. The company also acquired rights to MRM-3379 for Fragile X syndrome, expanding its portfolio in rare genetic neurology. Financially, the company ended the year with a cash balance of approximately $287 million, indicating commercial success and strong liquidity.
The company anticipates significant advancements in its clinical programs, with the VISTAS study of volixibat expected to complete enrollment in 2025. The FDA has set a Prescription Drug User Fee Act date for chenodiol in March 2025, indicating potential expansion in the company’s treatment offerings. Mirum’s global reach has grown, with commercial access now spanning 30 countries and successful product launches in major European markets.
Mirum Pharmaceuticals also reported a 25% quarterly increase in net sales, reaching $59.1 million, primarily from its drug LIVMARLI. This led to an upward revision of its 2024 global net product sales guidance to a range of $330 million to $335 million. H.C. Wainwright’s analyst reiterated a Buy rating on Mirum, following the company’s strong third-quarter sales results.
The company’s Q3 net product sales reached $90.3 million, while LIVMARLI sales hit $59.1 million. Despite a reported net loss for the quarter, Mirum’s substantial cash reserves enable continued investment in its pipeline. These recent developments underscore the company’s potential for continued growth in the rare disease sector.
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