Mirum Soars 11.4% on $68.5M Private Placement: What’s Fueling the Surge?

Summary
• Mirum Pharmaceuticals (MIRM) surges 11.4% intraday, trading at $78.31 after opening at $71.06.
• The stock hits a 52-week high of $79.95, with turnover reaching 1.12 million shares.
• A $68.5 million private placement with TCGX, announced Friday, aims to fund the acquisition of Bluejay Therapeutics.

Today’s explosive move in MIRM has captured market attention, driven by a strategic capital raise and acquisition plans. The stock’s sharp rebound from a 52-week low of $36.88 underscores investor optimism about Mirum’s rare disease pipeline and its partnership with institutional investors.

Private Placement Fuels Optimism
Mirum’s 11.4% intraday rally is directly tied to its $68.5 million private placement with TCGX, announced on December 19. The proceeds will fund clinical development and commercial activities ahead of the proposed acquisition of Bluejay Therapeutics, a biotech firm focused on viral and liver diseases. The transaction, priced at $68.48 per share, signals institutional confidence in Mirum’s strategic direction and its ability to execute on high-impact rare disease therapies. Additionally, the concurrent registration rights agreement provides liquidity assurances to investors, further bolstering market sentiment.

Pharma Sector Mixed as J&J Stagnates
The broader pharmaceutical sector remains fragmented, with Johnson & Johnson (JNJ), the sector leader, showing negligible intraday movement of 0.02%. While Mirum’s rally is driven by capital-raising optimism, peers like Pfizer and Novartis face challenges from patent expirations and regulatory scrutiny. This divergence highlights Mirum’s unique catalysts versus the sector’s macroeconomic headwinds.

Options Playbook: Leverage Volatility with MIRM20260116C80
• Technical Indicators: 200-day average: $58.01 (well below current price); RSI: 43.25 (neutral); MACD: -0.96 (bullish crossover potential).
• Key Levels: 30D support/resistance at $72.05–$72.23; 52W high at $79.95 (current intraday high).
• Options Focus: Two contracts stand out for their liquidity and leverage:
- MIRM20260116C80 (Call, $80 strike, Jan 16 expiration): IV 47.20% (moderate), leverage ratio 23.27%, turnover 14,033. Delta 0.4588 (moderate sensitivity), theta -0.1170 (aggressive time decay).
- MIRM20260417C85 (Call, $85 strike, Apr 17 expiration): IV 48.50% (moderate), leverage ratio 12.37%, turnover 11,610. Delta 0.4509 (moderate sensitivity), theta -0.0457 (conservative time decay).

MIRM20260116C80 is ideal for short-term bullish bets, offering 440% price change potential with moderate delta and high turnover. A 5% upside from $78.31 to $82.23 would yield a payoff of $2.23 per contract. MIRM20260417C85 suits mid-term holders, with lower theta decay and higher gamma (0.0183) for sensitivity to price swings. Aggressive bulls should prioritize the Jan 16 contract, while longer-term players may consider the Apr 17 option. Watch for a break above $80 to validate the bullish case.

Backtest Mirum Stock Performance
The backtest of MIRM's performance following a 11% intraday surge from 2022 to now shows favorable results. The 3-Day win rate is 51.02%, the 10-Day win rate is 55.69%, and the 30-Day win rate is 59.96%, indicating a higher probability of positive returns in the short term. The maximum return during the backtest was 9.90% over 30 days, suggesting that MIRM can capitalize on intraday gains effectively.

Act Now: Capitalize on Mirum’s Bullish Momentum
Mirum’s 11.4% surge reflects strong institutional backing and a clear capital-raising roadmap. With the stock near its 52-week high and technical indicators pointing to continued strength, the near-term outlook is bullish. Investors should monitor the $80 psychological level and the Jan 16 options expiration for momentum validation. Meanwhile, sector leader Johnson & Johnson’s flat performance underscores Mirum’s unique catalysts. For immediate action, consider the MIRM20260116C80 call option to leverage the stock’s volatility. If $80 holds, this trade could unlock significant upside in the coming weeks.