Leerink Partners Has Lowered Expectations for Mirum Pharmaceuticals (NASDAQ:MIRM) Stock Price

Key Points

• Leerink Partners cut its price target on Mirum Pharmaceuticals from $154 to $140, but maintained an “outperform” rating; the revised target implies about 50% upside from the prior close.
• Analyst views remain broadly positive: MarketBeat reports a “Moderate Buy” consensus and an average price target of $154.94, despite one “sell” rating.
• Mirum’s third-quarter revenue rose 39.6% year over year to $185.72 million, beating estimates, while its loss of $0.87 per share was wider than analysts expected.

Mirum Pharmaceuticals (NASDAQ:MIRM - Get Free Report) had its price objective decreased by Leerink Partners from $154.00 to $140.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Leerink Partners's price objective points to a potential upside of 49.67% from the company's previous close.

Several other equities research analysts have also recently issued reports on the company. Morgan Stanley lifted their price objective on Mirum Pharmaceuticals from $137.00 to $152.00 and gave the stock an "overweight" rating in a report on Monday, October 12th. Wall Street Zen cut Mirum Pharmaceuticals from a "hold" rating to a "sell" rating in a report on Sunday, September 6th. Citigroup raised their target price on Mirum Pharmaceuticals from $160.00 to $184.00 and gave the company a "buy" rating in a research report on Monday, October 12th. Cantor Fitzgerald lifted their price target on Mirum Pharmaceuticals from $155.00 to $160.00 and gave the stock an "overweight" rating in a research note on Wednesday. Finally, TD Cowen boosted their price target on Mirum Pharmaceuticals from $140.00 to $145.00 and gave the stock a "buy" rating in a research report on Wednesday, October 21st. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $154.94.

Mirum Pharmaceuticals Price Performance

Shares of Mirum Pharmaceuticals stock traded down $3.43 on Thursday, reaching $93.54. The company's stock had a trading volume of 864,108 shares, compared to its average volume of 837,909. The company has a quick ratio of 2.74, a current ratio of 2.86 and a debt-to-equity ratio of 1.28. The stock has a 50-day moving average price of $89.51 and a 200-day moving average price of $98.44. The company has a market capitalization of $6.07 billion, a P/E ratio of -6.05 and a beta of 0.75. Mirum Pharmaceuticals has a 52-week low of $63.23 and a 52-week high of $130.00.

Mirum Pharmaceuticals (NASDAQ:MIRM - Get Free Report) last released its earnings results on Tuesday, November 3rd. The company reported ($0.87) EPS for the quarter, missing analysts' consensus estimates of ($0.49) by ($0.38). Mirum Pharmaceuticals had a negative return on equity of 65.71% and a negative net margin of 134.75%. The company had revenue of $185.72 million for the quarter, compared to analysts' expectations of $178.07 million. During the same period in the prior year, the firm earned $0.05 EPS. The firm's revenue for the quarter was up 39.6% on a year-over-year basis. Analysts expect that Mirum Pharmaceuticals will post -1.32 EPS for the current year.

Insider Activity

In other Mirum Pharmaceuticals news, CEO Christopher Peetz sold 20,000 shares of Mirum Pharmaceuticals stock in a transaction on Wednesday, November 4th. The stock was sold at an average price of $90.00, for a total value of $1,800,000.00. Following the sale, the chief executive officer owned 206,637 shares in the company, valued at $18,597,330. The trade was a 8.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Eric Bjerkholt sold 6,001 shares of Mirum Pharmaceuticals stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $99.90, for a total value of $599,499.90. Following the completion of the sale, the chief financial officer owned 36,355 shares in the company, valued at $3,631,864.50. This represents a 14.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 116,659 shares of company stock valued at $11,404,100 in the last 90 days. Company insiders own 8.32% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Integrated Wealth Concepts LLC purchased a new stake in shares of Mirum Pharmaceuticals during the 2nd quarter worth approximately $27,000. Summit Securities Group LLC acquired a new stake in shares of Mirum Pharmaceuticals in the 1st quarter worth approximately $42,000. Quantbot Technologies LP purchased a new position in Mirum Pharmaceuticals in the 2nd quarter valued at approximately $44,000. State of Wyoming purchased a new position in Mirum Pharmaceuticals in the 2nd quarter valued at approximately $52,000. Finally, Fifth Third Bancorp purchased a new position in Mirum Pharmaceuticals in the 1st quarter valued at approximately $56,000.

Trending Headlines about Mirum Pharmaceuticals

Here are the key news stories impacting Mirum Pharmaceuticals this week:

• Positive Sentiment: Analysts lifted price targets after the results: Citizens JMP raised its target to $167 from $144, HC Wainwright to $202 from $200, and Cantor Fitzgerald to $160 from $155. RBC reiterated its “Outperform” rating and $155 target. Analyst rating coverage
• Positive Sentiment: Q3 revenue increased 39.6% year over year to $185.72 million, beating estimates of about $178 million. A post-earnings report also described a strong share response, reflecting attention to the revenue beat. Q3 results and business update
• Neutral Sentiment: CEO Christopher Peetz sold 20,000 shares for $1.8 million under a pre-arranged Rule 10b5-1 trading plan. He retained 206,637 shares after the transaction, which may temper concerns that the sale reflects a change in outlook. CEO transaction details
• Negative Sentiment: Mirum reported a Q3 loss of $0.87 per share, wider than analysts’ expected loss of roughly $0.49–$0.53 and compared with earnings of $0.05 per share a year earlier. The earnings miss offsets some of the strength in revenue. Q3 earnings coverage

Mirum Pharmaceuticals Company Profile

Mirum Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing treatments for rare diseases, particularly disorders affecting the liver and bile acid pathways. The company's medicines are designed to address conditions with limited treatment options and to improve outcomes for children and adults living with serious chronic diseases.

Mirum's lead product is LIVMARLI (maralixibat), an oral bile acid transport inhibitor used to treat cholestatic pruritus, or severe itching caused by impaired bile flow, in patients with Alagille syndrome and progressive familial intrahepatic cholestasis.

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