Mirum Pharmaceuticals (NASDAQ:MIRM) Given New $77.00 Price Target at JPMorgan Chase & Co.

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 - Get Free Report) had its price target boosted by analysts at JPMorgan Chase & Co. from $53.00 to $77.00 in a report issued on Friday,Benzinga reports. The firm currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target points to a potential upside of 1.33% from the company's current price.

A number of other research analysts have also recently weighed in on the company. HC Wainwright raised their price target on Mirum Pharmaceuticals from $73.00 to $80.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Wall Street Zen cut Mirum Pharmaceuticals from a "strong-buy" rating to a "buy" rating in a research report on Monday, August 25th. Evercore ISI raised their price target on Mirum Pharmaceuticals from $77.00 to $89.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. Stifel Nicolaus set a $89.00 price target on Mirum Pharmaceuticals and gave the company a "buy" rating in a report on Monday, August 11th. Finally, JMP Securities set a $81.00 price target on Mirum Pharmaceuticals and gave the company a "market outperform" rating in a report on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating and eight have given a Buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $74.44.

Mirum Pharmaceuticals Stock Performance

Shares of MIRM opened at $75.99 on Friday. The company has a 50-day simple moving average of $61.70 and a 200-day simple moving average of $50.72. The company has a quick ratio of 2.97, a current ratio of 3.13 and a debt-to-equity ratio of 1.21. The company has a market capitalization of $3.82 billion, a PE ratio of -62.80 and a beta of 0.92. Mirum Pharmaceuticals has a 52-week low of $36.86 and a 52-week high of $78.10.

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

Insider Buying and Selling at Mirum Pharmaceuticals

In other news, SVP Jolanda Howe sold 10,000 shares of the company'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 completion of the sale, the senior vice president owned 2,426 shares in the company, valued at $140,708. This represents a 80.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Christopher Peetz sold 40,000 shares of the company's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $62.00, for a total value of $2,480,000.00. Following the completion of the sale, the chief executive officer owned 138,641 shares of the company's stock, valued at approximately $8,595,742. This trade represents a 22.39% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 91,041 shares of company stock valued at $5,320,624. Insiders own 14.36% of the company's stock.

Institutional Investors Weigh In On Mirum Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the company. CWM LLC raised its stake in shares of Mirum Pharmaceuticals by 259.4% during the 1st quarter. CWM LLC now owns 593 shares of the company's stock worth $27,000 after purchasing an additional 428 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Mirum Pharmaceuticals during the 4th quarter worth about $35,000. Comerica Bank raised its stake in shares of Mirum Pharmaceuticals by 45.1% during the 1st quarter. Comerica Bank now owns 895 shares of the company's stock worth $40,000 after purchasing an additional 278 shares in the last quarter. GF Fund Management CO. LTD. purchased a new stake in shares of Mirum Pharmaceuticals during the 4th quarter worth about $42,000. Finally, Osaic Holdings Inc. raised its stake in shares of Mirum Pharmaceuticals by 46.5% during the 2nd quarter. Osaic Holdings Inc. now owns 1,106 shares of the company's stock worth $56,000 after purchasing an additional 351 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.

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