Mirum Pharmaceuticals (NASDAQ:MIRM) Price Target Raised to $125.00 at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. raised its price target on Mirum Pharmaceuticals to $125 from $115 and kept an overweight rating, implying modest upside from the prior close.
• The stock was trading up about 2.9% at $123.95, near its 52-week high of $125.50, while analysts overall still view it as a Moderate Buy with a consensus target of $143.
• Mirum’s latest earnings showed strong revenue growth of 43.3% year over year to $159.88 million, but the company posted a much larger-than-expected loss per share, and insiders have recently sold shares under pre-arranged trading plans.

Mirum Pharmaceuticals (NASDAQ:MIRM - Get Free Report) had its price target raised by research analysts at JPMorgan Chase & Co. from $115.00 to $125.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective suggests a potential upside of 0.84% from the stock's previous close.

MIRM has been the topic of a number of other research reports. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $165.00 target price on shares of Mirum Pharmaceuticals in a research report on Thursday, May 7th. Citizens Jmp raised their price target on Mirum Pharmaceuticals from $140.00 to $146.00 and gave the company a "market outperform" rating in a research note on Monday, June 15th. Robert W. Baird boosted their price target on Mirum Pharmaceuticals from $112.00 to $129.00 and gave the stock an "outperform" rating in a research report on Thursday, May 7th. Royal Bank Of Canada upped their price objective 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, Wolfe Research began coverage on Mirum Pharmaceuticals in a report on Tuesday, May 19th. They issued an "outperform" rating and a $145.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $143.00.

Mirum Pharmaceuticals Trading Up 2.9%

Shares of NASDAQ MIRM traded up $3.50 during midday trading on Thursday, hitting $123.95. The stock had a trading volume of 90,683 shares, compared to its average volume of 931,523. The firm has a market cap of $7.56 billion, a P/E ratio of -9.08 and a beta of 0.48. Mirum Pharmaceuticals has a fifty-two week low of $49.01 and a fifty-two week high of $125.50. The company has a debt-to-equity ratio of 1.28, a current ratio of 2.09 and a quick ratio of 1.99. The company's 50-day simple moving average is $101.93 and its 200 day simple moving average is $95.13.

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

Insiders Place Their Bets

In related news, CEO Christopher Peetz sold 30,000 shares of the firm's stock in a transaction 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 transaction, the chief executive officer owned 194,309 shares in the company, valued at approximately $18,622,574.56. This trade represents a 13.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jolanda Howe sold 2,594 shares of the business's stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $101.95, for a total value of $264,458.30. Following the completion of the transaction, the senior vice president directly owned 5,835 shares of the company's stock, valued at approximately $594,878.25. This trade represents a 30.77% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 37,594 shares of company stock worth $3,608,758 in the last 90 days. Company insiders own 8.32% of the company's stock.

Hedge Funds Weigh In On Mirum Pharmaceuticals

Several hedge funds have recently bought and sold shares of MIRM. Cullen Frost Bankers Inc. bought a new stake in shares of Mirum Pharmaceuticals during the 4th quarter worth approximately $30,000. Eurizon Capital SGR S.p.A. acquired a new position in Mirum Pharmaceuticals during the fourth quarter valued at approximately $32,000. CIBC Private Wealth Group LLC acquired a new position in Mirum Pharmaceuticals during the fourth quarter valued at approximately $32,000. Quantbot Technologies LP bought a new stake in Mirum Pharmaceuticals during the third quarter worth $33,000. Finally, Comerica Bank lifted its position 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 buying an additional 278 shares during the last quarter.

About Mirum Pharmaceuticals

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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