Core Insights - Mirum Pharmaceuticals Inc. is identified as a high short interest stock with significant investment potential, particularly following the acquisition of Bluejay and the addition of the drug brelovitug to its pipeline [1][3] - The company reported a strong Q3 2025 earnings performance, with quarterly revenue reaching $133 million, reflecting a ~50% year-over-year increase and a positive net income of ~$3 million [2][3] Financial Performance - Q3 2025 revenue totaled $133 million, marking a ~50% increase year-over-year [2] - The primary revenue driver was product sales, with LIVMARLI net product sales at $92 million, including $64 million from the US and $28 million from international sales [2] - Additional sales from Bile Acid Medicines contributed $41 million to net product sales [2] Strategic Developments - Morgan Stanley raised the price target for Mirum Pharmaceuticals to $95 from $81, citing the strategic significance of the Bluejay acquisition and the promising potential of brelovitug in treating hepatitis delta virus [1][3] - The acquisition is expected to enhance the company's rare liver disease pipeline and create valuable synergies [1] Market Challenges - Despite strong performance, the company faces commercial variability, particularly with international sales of LIVMARLI due to large periodic orders from distributors [3] - Management anticipates a sequential decline in revenue for Q4 and does not expect additional sales to its partner, Takeda, in Japan during that quarter [3] - There is ongoing uncertainty regarding the pricing strategy for the investigational drug volixibat as the company analyzes market dynamics [3]