Mar. 26 at 12:51 PM
Citizens reiterated
$MIRM Market Outperform;
$132, and said:::2026 is shaping up to be an important year for HDV, with a barren treatment landscape now approaching multiple late-stage readouts and potential approvals.
$VIR $GILD ASMB ALGS
Citizens added:::Our attention centers on MIRM's interim data from the Phase 2b/3 AZURE-1 trial in 2Q26, which will provide the first signal of how the anti-HBsAg mAb brelovitug will perform in the pivotal program, ahead of full AZURE-1 and -4 data in 2H26.
We like brelovitug's positioning in the landscape with a direct mechanism that disrupts HDV's dependence on HBsAg, high potency, clean safety, and simple monotherapy dosing.
If the first look at AZURE-1 confirms the strong Phase 2 profile, the important full Phase 3 readouts this year will be substantially derisked.
We currently assign brelovitug a 60% POS and model peak WW sales ~
$675M, which may prove conservative as MIRM has pegged brelovitug's opportunity at
$750M+.
