JPMorgan Chase & Co. Issues Positive Forecast for Mirum Pharmaceuticals (NASDAQ:MIRM) Stock Price

Key Points

• JPMorgan Chase & Co. raised its price target for Mirum Pharmaceuticals from $53.00 to $77.00, maintaining an "overweight" rating on the stock, indicating a potential upside from its current price.
• Mirum Pharmaceuticals reported quarterly earnings that surpassed analysts' expectations, with revenues of $127.79 million, reflecting a 64.1% increase year-over-year.
• Despite positive earnings, recent insider selling saw the company's senior vice president and CEO reduce their holdings significantly, with over $3 million worth of stock sold in early August.

Mirum Pharmaceuticals (NASDAQ:MIRM - Free Report) had its price target hoisted by JPMorgan Chase & Co. from $53.00 to $77.00 in a research report released on Friday,Benzinga reports. They currently have an overweight rating on the stock.

Several other equities analysts also recently commented on MIRM. Raymond James Financial restated a "strong-buy" rating on shares of Mirum Pharmaceuticals in a research note on Thursday, August 7th. JMP Securities set a $81.00 target price on Mirum Pharmaceuticals and gave the company a "market outperform" rating in a report on Thursday, August 7th. Stifel Nicolaus set a $89.00 target price on Mirum Pharmaceuticals and gave the company a "buy" rating in a report on Monday, August 11th. HC Wainwright increased their target price on Mirum Pharmaceuticals from $73.00 to $80.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Finally, Wall Street Zen downgraded shares of Mirum Pharmaceuticals from a "strong-buy" rating to a "buy" rating in a research report on Monday, August 25th. One equities research analyst has rated the stock with a Strong Buy rating and eight have given a Buy rating to the stock. Based on data from MarketBeat.com, Mirum Pharmaceuticals has an average rating of "Buy" and an average price target of $74.44.

Mirum Pharmaceuticals Price Performance

Shares of Mirum Pharmaceuticals stock traded down $0.36 on Friday, hitting $73.43. 259,558 shares of the company were exchanged, compared to its average volume of 522,399. The stock has a market capitalization of $3.69 billion, a price-to-earnings ratio of -60.80 and a beta of 0.92. The company has a 50-day moving average price of $63.14 and a 200 day moving average price of $51.27. Mirum Pharmaceuticals has a 1-year low of $36.86 and a 1-year high of $78.10. The company has a quick ratio of 2.97, 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 earnings results on Wednesday, August 6th. The company reported ($0.12) earnings per share for the quarter, topping the consensus estimate 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 return on equity of 24.76% and a negative net margin of 13.65%.The business's revenue for the quarter was up 64.1% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.52) EPS. As a group, sell-side analysts predict that Mirum Pharmaceuticals will post -1.43 earnings per share for the current fiscal year.

Insider Activity

In other Mirum Pharmaceuticals news, SVP Jolanda Howe sold 10,000 shares of Mirum Pharmaceuticals stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $58.00, for a total value of $580,000.00. Following the completion of the sale, the senior vice president directly owned 2,426 shares of the company's stock, valued at approximately $140,708. The trade was a 80.48% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Laura Brege sold 17,000 shares of Mirum Pharmaceuticals stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $74.40, for a total transaction of $1,264,800.00. Following the completion of the sale, the director directly owned 15,703 shares of the company's stock, valued at $1,168,303.20. The trade was a 51.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 117,619 shares of company stock valued at $7,313,448 over the last quarter. Insiders own 22.87% of the company's stock.

Hedge Funds Weigh In On Mirum Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in MIRM. Nuveen LLC purchased a new stake in Mirum Pharmaceuticals in the 1st quarter worth approximately $29,495,000. Federated Hermes Inc. grew its position in Mirum Pharmaceuticals by 9,440.4% in the 1st quarter. Federated Hermes Inc. now owns 347,366 shares of the company's stock worth $15,649,000 after purchasing an additional 343,725 shares during the last quarter. Emerald Advisers LLC acquired a new stake in shares of Mirum Pharmaceuticals during the 2nd quarter valued at about $15,560,000. Soleus Capital Management L.P. acquired a new position in Mirum Pharmaceuticals in the second quarter valued at about $15,201,000. Finally, Bank of New York Mellon Corp lifted its position in shares of Mirum Pharmaceuticals by 101.1% during the second quarter. Bank of New York Mellon Corp now owns 496,061 shares of the company's stock worth $25,245,000 after purchasing an additional 249,331 shares in the last quarter.

About Mirum Pharmaceuticals

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.