Mirum Pharmaceuticals (NASDAQ:MIRM) Price Target Raised to $89.00 at Evercore ISI

Key Points

• Evercore ISI has raised its price target for Mirum Pharmaceuticals from $77.00 to $89.00, implying a potential upside of 51.19% from the previous close.
• Mirum Pharmaceuticals reported a 64.1% year-over-year increase in revenue, totaling $127.79 million for the recent quarter, exceeding analysts' expectations.
• The stock currently holds a consensus rating of "Buy" with a average price target of $70.50, despite some analysts downgrading their ratings in recent notes.

Mirum Pharmaceuticals (NASDAQ:MIRM - Free Report) had its price target raised by Evercore ISI from $77.00 to $89.00 in a report published on Friday,Benzinga reports. The firm currently has an outperform rating on the stock.

A number of other equities research analysts have also recently commented on MIRM. HC Wainwright raised their price objective on shares of Mirum Pharmaceuticals from $73.00 to $80.00 and gave the stock a "buy" rating in a research note on Thursday. JMP Securities raised their price objective on shares of Mirum Pharmaceuticals from $79.00 to $81.00 and gave the stock a "market outperform" rating in a research note on Thursday. Raymond James Financial reissued a "strong-buy" rating on shares of Mirum Pharmaceuticals in a research note on Thursday. Finally, Wall Street Zen cut shares of Mirum Pharmaceuticals from a "buy" rating to a "hold" rating in a research note on Sunday, July 6th. Seven equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Buy" and a consensus target price of $72.00.

Mirum Pharmaceuticals Stock Performance

Shares of NASDAQ MIRM traded up $0.15 during midday trading on Friday, reaching $59.97. 878,647 shares of the stock were exchanged, compared to its average volume of 437,703. The firm has a market cap of $3.01 billion, a price-to-earnings ratio of -49.56 and a beta of 0.94. Mirum Pharmaceuticals has a twelve month low of $36.86 and a twelve month high of $61.00. The firm has a 50-day simple moving average of $50.86 and a two-hundred day simple moving average of $47.18. The company has a quick ratio of 3.04, a current ratio of 3.13 and a debt-to-equity ratio of 1.21.

Mirum Pharmaceuticals (NASDAQ:MIRM - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported ($0.12) EPS for the quarter, topping analysts' consensus estimates of ($0.31) by $0.19. The business had revenue of $127.79 million for the quarter, compared to analysts' expectations of $107.91 million. Mirum Pharmaceuticals had a negative net margin of 13.65% and a negative return on equity of 24.76%. The business's revenue was up 64.1% on a year-over-year basis. During the same quarter last year, the company earned ($0.52) EPS. As a group, analysts anticipate that Mirum Pharmaceuticals will post -1.43 EPS for the current fiscal year.

Insiders Place Their Bets

In other Mirum Pharmaceuticals news, SVP Jolanda Howe sold 10,000 shares of the firm's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $58.00, for a total value of $580,000.00. Following the transaction, the senior vice president owned 2,426 shares in the company, valued at approximately $140,708. This trade represents a 80.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Christopher Peetz sold 40,000 shares of the firm's stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $55.25, for a total value of $2,210,000.00. Following the completion of the transaction, the chief executive officer owned 138,641 shares in the company, valued at $7,659,915.25. The trade was a 22.39% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 51,041 shares of company stock worth $2,840,624 in the last three months. 14.36% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Police & Firemen s Retirement System of New Jersey lifted its holdings in Mirum Pharmaceuticals by 16.9% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 10,022 shares of the company's stock valued at $510,000 after purchasing an additional 1,452 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Mirum Pharmaceuticals by 6.8% in the 2nd quarter. Geode Capital Management LLC now owns 1,029,616 shares of the company's stock valued at $52,405,000 after purchasing an additional 65,951 shares in the last quarter. Nan Fung Trinity HK Ltd. purchased a new position in Mirum Pharmaceuticals in the 2nd quarter valued at $7,469,000. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Mirum Pharmaceuticals by 18.9% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 423,744 shares of the company's stock valued at $21,564,000 after purchasing an additional 67,468 shares in the last quarter. Finally, Los Angeles Capital Management LLC purchased a new position in shares of Mirum Pharmaceuticals during the 2nd quarter worth $435,000.

Mirum Pharmaceuticals Company Profile

Mirum Pharmaceuticals, Inc, a biopharmaceutical company, focuses on the development and commercialization of novel therapies for debilitating rare and orphan diseases. Its lead product candidate is LIVMARLI (maralixibat), an orally administered and minimally absorbed ileal bile acid transporter (IBAT) inhibitor that is approved for the treatment of cholestatic pruritus in patients with Alagille syndrome in the United States and internationally.