Royal Bank Of Canada Issues Positive Forecast for Mirum Pharmaceuticals (NASDAQ:MIRM) Stock Price

Key Points

• Royal Bank of Canada raised Mirum Pharmaceuticals’ price target to $155 from $135 and maintained an “outperform” rating, implying roughly 96% upside from the prior close.
• Mirum shares fell 2% to $79.03, while the company’s latest quarterly revenue rose 37.9% year over year to $176.24 million; however, its $1.06 per-share loss exceeded analysts’ expected loss.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus and an average price target of $143.81, although company insiders sold nearly 98,500 shares worth about $9.8 million over the past three months.

Mirum Pharmaceuticals (NASDAQ:MIRM - Get Free Report) had its target price raised by equities research analysts at Royal Bank Of Canada from $135.00 to $155.00 in a report issued on Thursday, Benzinga reports. The firm presently has an "outperform" rating on the stock. Royal Bank Of Canada's target price suggests a potential upside of 96.13% from the company's previous close.

Other equities research analysts also recently issued reports about the company. Wall Street Zen downgraded Mirum Pharmaceuticals from a "hold" rating to a "sell" rating in a research report on Sunday, September 6th. TD Cowen decreased their target price on Mirum Pharmaceuticals from $145.00 to $140.00 and set a "buy" rating for the company in a research note on Thursday, August 6th. HC Wainwright raised their target price on Mirum Pharmaceuticals from $140.00 to $195.00 and gave the company a "buy" rating in a report on Monday, September 28th. Robert W. Baird raised their target price on Mirum Pharmaceuticals from $123.00 to $130.00 and gave the company an "outperform" rating in a report on Tuesday, September 29th. Finally, JPMorgan Chase & Co. upped their price target on Mirum Pharmaceuticals from $115.00 to $125.00 and gave the stock an "overweight" rating in a report on Thursday, July 2nd. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Mirum Pharmaceuticals presently has an average rating of "Moderate Buy" and an average price target of $143.81.

Mirum Pharmaceuticals Stock Down 2.0%

NASDAQ:MIRM traded down $1.61 during trading hours on Thursday, reaching $79.03. The company's stock had a trading volume of 79,901 shares, compared to its average volume of 849,928. Mirum Pharmaceuticals has a one year low of $63.23 and a one year high of $130.00. The business's 50-day moving average is $96.10 and its 200-day moving average is $101.04. The company has a debt-to-equity ratio of 1.28, a current ratio of 2.86 and a quick ratio of 2.74. The company has a market cap of $5.13 billion, a price-to-earnings ratio of -5.44 and a beta of 0.61.

Mirum Pharmaceuticals (NASDAQ:MIRM - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($1.06) earnings per share for the quarter, missing analysts' consensus estimates of ($0.74) by ($0.32). The company had revenue of $176.24 million during the quarter, compared to analyst estimates of $166.33 million. Mirum Pharmaceuticals had a negative return on equity of 36.28% and a negative net margin of 139.18%.Mirum Pharmaceuticals's quarterly revenue was up 37.9% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.12) EPS. Equities research analysts predict that Mirum Pharmaceuticals will post -1.31 EPS for the current year.

Insider Activity at Mirum Pharmaceuticals

In other news, CEO Christopher Peetz sold 30,000 shares of Mirum Pharmaceuticals stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $98.68, for a total transaction of $2,960,400.00. Following the sale, the chief executive officer owned 194,440 shares of the company's stock, valued at approximately $19,187,339.20. This trade represents a 13.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jolanda Howe sold 40,000 shares of the business's stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $100.00, for a total value of $4,000,000.00. Following the sale, the senior vice president owned 1,274 shares in the company, valued at approximately $127,400. This represents a 96.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 98,499 shares of company stock worth $9,797,834 over the last three months. Company insiders own 8.32% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of MIRM. Janus Henderson Group PLC raised its stake in shares of Mirum Pharmaceuticals by 14.5% in the 1st quarter. Janus Henderson Group PLC now owns 6,945,813 shares of the company's stock valued at $641,764,000 after buying an additional 880,505 shares in the last quarter. Jupiter Topco LLC bought a new stake in Mirum Pharmaceuticals in the second quarter valued at about $691,672,000. BlackRock Inc. acquired a new position in Mirum Pharmaceuticals in the second quarter worth about $513,945,000. William Blair Investment Management LLC bought a new position in Mirum Pharmaceuticals during the second quarter worth about $164,453,000. Finally, Rock Springs Capital Management LP boosted its holdings in Mirum Pharmaceuticals by 6.4% during the first quarter. Rock Springs Capital Management LP now owns 811,294 shares of the company's stock valued at $74,947,000 after purchasing an additional 49,000 shares in the last quarter.

Mirum Pharmaceuticals Company Profile

Mirum Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing medicines for rare diseases of the liver and gastrointestinal system. The company's work centers on conditions involving impaired bile acid transport and cholestasis, which can cause serious liver damage and debilitating symptoms such as itching.

Mirum's primary commercial product is Livmarli (maralixibat), an oral ileal bile acid transporter inhibitor. In the United States, Livmarli is approved to treat cholestatic pruritus associated with Alagille syndrome and progressive familial intrahepatic cholestasis in eligible pediatric patients.

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