Mirum Pharmaceuticals is not a name that shows up in most retail traders' watchlists. That's usually where the interesting trades live. With a positive Phase 2 readout in hand, an NDA under active FDA review, and a stock that's been quietly grinding above its moving averages, MIRM is offering a 29-day cash-secured put at a strike that's 7% below current price — and paying $2.96 in premium to do it.
The Trade
Short Put | Strike $95.00 | Exp 2026-07-17 | 29 DTE | Premium $2.96
At $102.04, the stock sits comfortably above both its 50-day MA ($98.44) and 200-day MA ($86.00). The $95 strike lands below both near-term support levels, meaning the stock would need to give back roughly 7% before this trade is in trouble. With a beta of 0.51, MIRM moves at about half the market's pace — which is exactly what you want when you're short vol in a biotech name.
The Catalyst Stack
The news here matters. Mirum and Incyte just reported positive pivotal Phase 2 data from the PROGRESS study of zilurgisertib in Fibrodysplasia Ossificans Progressiva — a rare, debilitating disease where soft tissue progressively turns to bone. FOP affects roughly 1 in 2 million people, which sounds niche until you realize that rare disease drugs often carry pricing power that makes commercial-stage oncology look modest. More importantly, the FDA has already begun its NDA review. This is not a binary event lurking in the next 29 days — this is a company in the execution phase of a regulatory process that's already been greenlighted for review.
The Numbers Behind the Comfort
Yes, the profit margin is -140.2%. This is a clinical-stage biotech; red ink is the operating model until it isn't. What offsets that concern is the analyst consensus target of $145 — a 42% premium to where the stock trades today — and IV running at 53.5% against a 30-day historical vol baseline. You're collecting premium that's priced for more uncertainty than the current technical setup suggests. The delta of -0.285 means the market assigns roughly a 28% probability of finishing in the money at expiration. Put differently: ~72% probability the premium is yours to keep, assuming no major adverse NDA development.
What to Watch
The FDA review timeline is the variable that matters most here. Any formal response action, complete response letter, or unexpected clinical hold would be the scenario that tests the $95 floor. Watch for any FDA communication in the next four weeks. Absent that, the technicals and premium structure are working in the put seller's favor.
Today's Atlas Trades
GPK — Short Put
- Strike: $10.0
- Expiration: 2026-07-17
- Premium: $0.3
- Stock Price: $10.65
- IV: 49.4%
- Delta: -0.294
- DTE: 29
ECG — Short Put
- Strike: $145.0
- Expiration: 2026-07-17
- Premium: $4.29
- Stock Price: $154.25
- IV: 49.1%
- Delta: -0.296
- DTE: 29
STAA — Short Put
- Strike: $27.5
- Expiration: 2026-07-17
- Premium: $0.86
- Stock Price: $29.22
- IV: 50.3%
- Delta: -0.302
- DTE: 29
WPP — Short Put
- Strike: $17.5
- Expiration: 2026-07-17
- Premium: $0.53
- Stock Price: $18.43
- IV: 46.7%
- Delta: -0.315
- DTE: 29
CNMD — Short Put
- Strike: $30.0
- Expiration: 2026-07-17
- Premium: $0.83
- Stock Price: $32.11
- IV: 49.0%
- Delta: -0.280
- DTE: 29
SN — Short Put
- Strike: $125.0
- Expiration: 2026-07-17
- Premium: $3.47
- Stock Price: $133.56
- IV: 48.6%
- Delta: -0.283
- DTE: 29
SHOE — Short Put
- Strike: $15.0
- Expiration: 2026-07-17
- Premium: $0.42
- Stock Price: $16.01
- IV: 48.2%
- Delta: -0.285
- DTE: 29
XPEL — Short Put
- Strike: $42.5
- Expiration: 2026-07-17
- Premium: $1.37
- Stock Price: $45.24
- IV: 51.9%
- Delta: -0.301
- DTE: 29
MIRM — Short Put
- Strike: $95.0
- Expiration: 2026-07-17
- Premium: $2.96
- Stock Price: $102.04
- IV: 53.5%
- Delta: -0.285
- DTE: 29
BKD — Short Put
- Strike: $13.0
- Expiration: 2026-07-17
- Premium: $0.39
- Stock Price: $13.62
- IV: 44.8%
- Delta: -0.325
- DTE: 29
ONEW — Short Put
- Strike: $10.0
- Expiration: 2026-07-17
- Premium: $0.31
- Stock Price: $10.79
- IV: 54.6%
- Delta: -0.278
- DTE: 29
LIND — Short Put
- Strike: $22.5
- Expiration: 2026-07-17
- Premium: $0.74
- Stock Price: $23.96
- IV: 52.5%
- Delta: -0.302
- DTE: 29