Mirum Pharmaceuticals (NASDAQ:MIRM) Reaches New 12-Month High - Here's Why

Key Points

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Shares of Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $69.27 and last traded at $66.68, with a volume of 699423 shares traded. The stock had previously closed at $67.93.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on MIRM. Evercore ISI increased their price objective on shares of Mirum Pharmaceuticals from $77.00 to $89.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Mirum Pharmaceuticals in a research report on Thursday, August 7th. JMP Securities set a $81.00 target price on shares of Mirum Pharmaceuticals and gave the company a "market outperform" rating in a research report on Thursday, August 7th. Wall Street Zen raised shares of Mirum Pharmaceuticals from a "buy" rating to a "strong-buy" rating in a research report on Sunday, August 17th. Finally, HC Wainwright raised their target price on shares of Mirum Pharmaceuticals from $73.00 to $80.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating and seven have given a Buy rating to the company's stock. Based on data from MarketBeat.com, Mirum Pharmaceuticals currently has an average rating of "Buy" and a consensus price target of $74.13.

Mirum Pharmaceuticals Trading Up 3.6%

The stock has a market cap of $3.59 billion, a price-to-earnings ratio of -59.11 and a beta of 0.94. 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 business's 50 day simple moving average is $54.81 and its 200 day simple moving average is $48.40.

Mirum Pharmaceuticals (NASDAQ:MIRM - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($0.12) EPS for the quarter, beating analysts' consensus estimates of ($0.31) by $0.19. The firm had revenue of $127.79 million during 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 company's revenue for the quarter was up 64.1% compared to the same quarter last year. During the same quarter last year, the company posted ($0.52) earnings per share. On average, research analysts expect that Mirum Pharmaceuticals, Inc. 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 stock in a transaction 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 owned 2,426 shares in the company, valued at $140,708. This trade represents a 80.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Christopher Peetz sold 40,000 shares of the stock in a transaction on Monday, August 11th. The shares were sold at an average price of $62.00, for a total transaction 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 represents a 22.39% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 91,041 shares of company stock valued at $5,320,624. Corporate insiders own 22.87% of the company's stock.

Institutional Trading of Mirum Pharmaceuticals

A number of hedge funds have recently modified their holdings of the stock. Legal & General Group Plc lifted its stake in shares of Mirum Pharmaceuticals by 0.4% during the 2nd quarter. Legal & General Group Plc now owns 43,010 shares of the company's stock worth $2,189,000 after buying an additional 176 shares during the last quarter. Teacher Retirement System of Texas lifted its stake in shares of Mirum Pharmaceuticals by 2.2% during the 2nd quarter. Teacher Retirement System of Texas now owns 9,903 shares of the company's stock worth $504,000 after buying an additional 215 shares during the last quarter. Palumbo Wealth Management LLC lifted its stake in shares of Mirum Pharmaceuticals by 4.2% during the 2nd quarter. Palumbo Wealth Management LLC now owns 5,604 shares of the company's stock worth $285,000 after buying an additional 228 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Mirum Pharmaceuticals by 14.9% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,914 shares of the company's stock worth $97,000 after acquiring an additional 248 shares during the period. Finally, Comerica Bank increased its position 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 acquiring an additional 278 shares during the period.

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.