Mirum Pharmaceuticals (NASDAQ:MIRM) Earns Outperform Rating from Royal Bank Of Canada

Key Points

• Royal Bank of Canada reaffirmed its Outperform rating on Mirum Pharmaceuticals and maintained a $155 price target, implying about 66% upside from the stock’s then-current price.
• Analysts overall held a “Moderate Buy” consensus, with an average price target of $153.56; several firms recently raised their targets, including Citizens JMP and Cantor Fitzgerald.
• Third-quarter revenue rose 39.6% year over year to $185.7 million, beating estimates, but the company’s $0.87-per-share loss was substantially wider than analysts expected.

Mirum Pharmaceuticals (NASDAQ:MIRM - Get Free Report)'s stock had its "outperform" rating reaffirmed by equities research analysts at Royal Bank Of Canada in a research report issued to clients and investors on Wednesday, Benzinga reports. They presently have a $155.00 price objective on the stock. Royal Bank Of Canada's price target points to a potential upside of 65.98% from the company's current price.

A number of other research firms have also weighed in on MIRM. Weiss Ratings lowered shares of Mirum Pharmaceuticals from a "sell (d)" rating to a "sell (d-)" rating in a research report on Thursday, October 22nd. Citizens Jmp increased their price objective on shares of Mirum Pharmaceuticals from $144.00 to $167.00 and gave the company a "market outperform" rating in a report on Wednesday. Raymond James Financial reissued a "strong-buy" rating and issued a $189.00 target price on shares of Mirum Pharmaceuticals in a research note on Wednesday. UBS Group set a $137.00 price target on Mirum Pharmaceuticals in a research report on Thursday, August 27th. Finally, Cantor Fitzgerald increased their price target on Mirum Pharmaceuticals from $155.00 to $160.00 and gave the company an "overweight" rating in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $153.56.

Mirum Pharmaceuticals Price Performance

Shares of MIRM traded up $6.36 during trading hours on Wednesday, hitting $93.39. 332,664 shares of the stock were exchanged, compared to its average volume of 834,753. The stock's 50-day moving average price is $89.53 and its two-hundred day moving average price is $98.42. Mirum Pharmaceuticals has a 12-month low of $63.23 and a 12-month high of $130.00. The company has a debt-to-equity ratio of 1.28, a quick ratio of 2.74 and a current ratio of 2.86. The company has a market cap of $6.06 billion, a price-to-earnings ratio of -6.41 and a beta of 0.75.

Mirum Pharmaceuticals (NASDAQ:MIRM - Get Free Report) last announced its earnings results on Tuesday, November 3rd. The company reported ($0.87) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.49) by ($0.38). Mirum Pharmaceuticals had a negative return on equity of 36.28% and a negative net margin of 139.18%. The business had revenue of $185.72 million for the quarter, compared to analyst estimates of $178.07 million. During the same period last year, the firm earned $0.05 EPS. The company's revenue for the quarter was up 39.6% compared to the same quarter last year. Research analysts expect that Mirum Pharmaceuticals will post -1.32 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Christopher Peetz sold 30,000 shares of the company's stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $98.68, for a total value of $2,960,400.00. Following the transaction, the chief executive officer owned 194,440 shares of the company's stock, valued at $19,187,339.20. This represents a 13.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jolanda Howe sold 40,000 shares of the firm's stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $100.00, for a total value of $4,000,000.00. Following the sale, the senior vice president directly owned 1,274 shares of the company's stock, valued at $127,400. The trade was a 96.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 96,659 shares of company stock worth $9,604,100. Company insiders own 8.32% of the company's stock.

Institutional Investors Weigh In On Mirum Pharmaceuticals

A number of institutional investors and hedge funds have recently made changes to their positions in MIRM. Jupiter Topco LLC purchased a new stake in shares of Mirum Pharmaceuticals during the second quarter worth $691,672,000. BlackRock Inc. purchased a new position in Mirum Pharmaceuticals in the second quarter valued at $513,945,000. William Blair Investment Management LLC purchased a new position in Mirum Pharmaceuticals in the second quarter valued at $164,453,000. Janus Henderson Group PLC grew its stake in Mirum Pharmaceuticals by 14.5% during the 1st quarter. Janus Henderson Group PLC now owns 6,945,813 shares of the company's stock worth $641,764,000 after purchasing an additional 880,505 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in Mirum Pharmaceuticals during the 2nd quarter worth $78,434,000.

Mirum Pharmaceuticals News Summary

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

• Positive Sentiment: Three firms raised their price targets: HC Wainwright to $202 with a Buy rating, Citizens JMP to $167 with a Market Outperform rating, and Cantor Fitzgerald to $160 with an Overweight rating. The upgrades signal continued optimism about MIRM’s outlook. HC Wainwright rating Citizens JMP rating Cantor Fitzgerald rating
• Positive Sentiment: Third-quarter revenue was $185.7 million, ahead of analyst estimates of about $178.1 million and up 39.6% year over year, pointing to strong sales growth. Third-quarter results
• Neutral Sentiment: Mirum said it showcased new data across its rare liver disease portfolio at AASLD’s Liver Meeting; the supplied report does not specify the data or its potential commercial impact. AASLD portfolio update
• Negative Sentiment: The company reported a third-quarter loss of $0.87 per share, wider than analysts’ expected loss of roughly $0.49–$0.53 and a reversal from earnings of $0.05 per share a year earlier. The earnings miss could temper the positive revenue and analyst-target news. Earnings flash

About Mirum Pharmaceuticals

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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