The broad-based institutional accumulation, especially from passive funds and sovereign wealth, suggests the stock is being added to core portfolios ahead of the volixibat PSC Phase 3 data. However, the 45-day 13F reporting lag means these positions may already be partially unwound. Monitor upcoming Q1 2026 13F filings for confirmation of continued accumulation. The Point72 near-exit is a contrarian signal worth watching.
Executive Summary
A strong institutional buying cluster emerged in MIRM during Q4 2025, with 9 buyers adding $189.1M in net new positions versus 3 sellers reducing by $60.7M. The buying was dominated by mega-passive funds (State Street, BofA, Wells Fargo) and sovereign/asset managers (Norges Bank, Wellington, Deutsche Bank), suggesting broad-based conviction in Mirum's commercial-stage rare-disease portfolio. The cluster aligns with the company's strong revenue growth trajectory from Livmarli and the upcoming Phase 3 readout for volixibat in PSC.
Key Financial Metrics
Institutional Positions
Net institutional flow: $128.4M
▲ Buyers (9)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| State Street | ADD | +59.2% | $169.4M | $70.6M |
| BofA | ADD | +82.7% | $56.4M | $27.7M |
| Wells Fargo | DOUBLED | +326.5% | $9.1M | $7.1M |
| Norges Bank | NEW | — | $20.8M | $20.8M |
| Wellington Management Group | ADD | +56.6% | $97.8M | $39.8M |
| Ameriprise Financial | ADD | +33.7% | $21.4M | $6.6M |
| Envestnet Asset Management | DOUBLED | +201.2% | $1.6M | $1.1M |
| Deutsche Bank | NEW | — | $14.7M | $14.7M |
| Mirae Asset Global Investments | DOUBLED | +377.5% | $733.0K | $590.0K |
▼ Sellers (3)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Invesco | TRIM | -36% | $7.4M | -$2.3M |
| Point72 | NEAR_EXIT | -75.9% | $58.0M | -$42.9M |
| Morgan Stanley | TRIM | -36.5% | $49.1M | -$15.5M |
Key Facts
- 9 institutional buyers added $189.1M in net new positions during Q4 2025, while 3 sellers reduced by $60.7M
- State Street added $70.6M (+59.2% shares), Wellington added $39.8M (+56.6%), Norges Bank initiated a $20.8M new position
- Point72 made a near-exit, cutting 75.9% of its position ($42.9M sold), while Morgan Stanley trimmed $15.5M (-36.5%)
- Mega-passive funds (State Street, BofA, Wells Fargo) accounted for $105.4M of the buying, signaling index-driven accumulation
- Sovereign wealth (Norges Bank) and active asset managers (Wellington, Deutsche Bank) added $75.3M in new/added positions
Financial Impact
9 institutional buyers accumulated $189.1M in net new positions, while 3 sellers reduced holdings by $60.7M, for a net institutional inflow of $128.4M
Risk Factors
- 13F data is 45+ days stale; the cluster may have been partially or fully unwound since quarter-end
- Point72's near-exit ($42.9M sold) suggests a loss of conviction from a sophisticated quant fund
- Mega-passive buying may reflect index rebalancing rather than fundamental conviction in Mirum's pipeline
- Volixibat PSC Phase 3 readout is binary — a miss would reverse the accumulation thesis
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-MIRM-2025-Q4 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 19, 2026 6w ago | Insider Cluster | $102.24 $98.82 | ▼ −3.35% | ▼ −1.39% | — |
Aug 12, 2026 7w ago | Insider Cluster | $98.97 $100.61 | ▲ +1.66% | ▲ +3.55% | — |
Aug 11, 2026 7w ago | Insider Cluster | $98.97 $100.61 | ▼ −1.66% | ▼ −3.55% | — |
Aug 10, 2026 7w ago | 144 | $98.23 $98.30 | ▲ +0.07% | ▲ +1.13% | — |
Aug 5, 2026 8w ago | 8-K | $94.12 $100.63 | ▲ +6.92% | ▲ +6.32% | — |
Jul 8, 2026 12w ago | Insider Cluster | $128.57 $105.79 | ▼ −17.72% | ▼ −20.99% | — |
Jun 11, 2026 16w ago | Institutional Cluster | $99.54 $127.70 | ▲ +28.29% | ▲ +26.40% | — |
Jun 10, 2026 16w ago | Insider Cluster | $94.00 $127.70 | ▲ +35.85% | ▲ +32.23% | — |
Jun 2, 2026 17w ago | Insider Cluster | $91.84 $125.59 | ▲ +36.76% | ▲ +37.76% | — |
Jun 1, 2026 17w ago | 144 | $92.17 $120.46 | ▲ +30.69% | ▲ +32.26% | — |
US Market Status
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