Mirum Pharmaceuticals (NASDAQ:MIRM) Given New $150.00 Price Target at Morgan Stanley

Key Points

• Morgan Stanley raised its price target on Mirum Pharmaceuticals to $150 from $140 and kept an overweight rating, implying about 59.6% upside from the current share price.
• The broader analyst view remains constructive: Mirum now has a Moderate Buy consensus with an average target price of $138.36, while several firms have recently increased or initiated bullish targets.
• Mirum’s latest quarterly results showed revenue growth of 43.3% to $159.88 million, but earnings were far below expectations, with the company reporting a much larger-than-expected loss of $13.43 per share.

Mirum Pharmaceuticals (NASDAQ:MIRM - Get Free Report) had its price objective raised by Morgan Stanley from $140.00 to $150.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Morgan Stanley's target price points to a potential upside of 59.57% from the stock's current price.

Several other research analysts have also recently weighed in on the company. Citigroup initiated coverage on Mirum Pharmaceuticals in a research report on Tuesday, June 2nd. They set a "buy" rating and a $145.00 price target for the company. Robert W. Baird boosted their price objective on Mirum Pharmaceuticals from $112.00 to $129.00 and gave the company an "outperform" rating in a research report on Thursday, May 7th. Leerink Partners reduced their target price on Mirum Pharmaceuticals from $120.00 to $118.00 and set an "outperform" rating for the company in a research note on Thursday, February 26th. Royal Bank Of Canada upped their target price on Mirum Pharmaceuticals from $128.00 to $142.00 and gave the stock an "outperform" rating in a research note on Thursday, May 7th. Finally, Evercore reaffirmed an "outperform" rating and set a $138.00 target price on shares of Mirum Pharmaceuticals in a research note on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $138.36.

Mirum Pharmaceuticals Stock Down 1.6%

Shares of MIRM stock opened at $94.00 on Thursday. The stock has a 50 day moving average of $97.65 and a 200 day moving average of $90.87. The company has a current ratio of 2.09, a quick ratio of 1.99 and a debt-to-equity ratio of 1.28. The stock has a market cap of $5.73 billion, a P/E ratio of -6.91 and a beta of 0.50. Mirum Pharmaceuticals has a twelve month low of $47.79 and a twelve month high of $114.99.

Mirum Pharmaceuticals (NASDAQ:MIRM - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($13.43) earnings per share for the quarter, missing the consensus estimate of ($0.75) by ($12.68). The company had revenue of $159.88 million for the quarter, compared to analysts' expectations of $148.21 million. Mirum Pharmaceuticals had a negative net margin of 140.24% and a negative return on equity of 11.28%. The firm's revenue was up 43.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.30) earnings per share. As a group, sell-side analysts expect that Mirum Pharmaceuticals will post -2.01 EPS for the current year.

Insider Activity

In related news, CFO Eric Bjerkholt sold 5,000 shares of the business's stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $93.82, for a total transaction of $469,100.00. Following the completion of the sale, the chief financial officer directly owned 44,788 shares in the company, valued at approximately $4,202,010.16. The trade was a 10.04% decrease in their ownership of the stock. 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, CEO Christopher Peetz sold 30,000 shares of the business's stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $95.84, for a total value of $2,875,200.00. Following the sale, the chief executive officer owned 194,309 shares of the company's stock, valued at $18,622,574.56. The trade was a 13.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 111,806 shares of company stock valued at $10,408,916 in the last three months. Company insiders own 8.32% of the company's stock.

Hedge Funds Weigh In On Mirum Pharmaceuticals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MIRM. Cullen Frost Bankers Inc. acquired a new position in Mirum Pharmaceuticals during the fourth quarter worth $30,000. Eurizon Capital SGR S.p.A. acquired a new position in Mirum Pharmaceuticals during the fourth quarter worth $32,000. CIBC Private Wealth Group LLC acquired a new position in Mirum Pharmaceuticals during the fourth quarter worth $32,000. Quantbot Technologies LP acquired a new position in Mirum Pharmaceuticals during the third quarter worth $33,000. Finally, Comerica Bank boosted its stake in Mirum Pharmaceuticals by 45.1% during the first quarter. Comerica Bank now owns 895 shares of the company's stock worth $40,000 after buying an additional 278 shares during the last quarter.

Mirum Pharmaceuticals Company Profile

Mirum Pharmaceuticals, Inc is a late-stage biopharmaceutical company dedicated to the development and commercialization of innovative therapies for rare cholestatic liver diseases. The company's primary focus lies in addressing the unmet medical needs of patients suffering from genetic and progressive forms of pediatric liver disorders, where limited treatment options currently exist.

Mirum's lead product candidate, maralixibat (Livmarli), is an ileal bile acid transporter inhibitor designed to reduce systemic bile acid accumulation and alleviate associated pruritus and liver damage.

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