Raymond James Financial Issues Positive Forecast for Mirum Pharmaceuticals (NASDAQ:MIRM) Stock Price

Key Points

• Raymond James Financial raised its price target for Mirum Pharmaceuticals (NASDAQ:MIRM) from $77.00 to $82.00, indicating a potential upside of 35.89% based on the stock's previous close.
• Mirum Pharmaceuticals reported a quarterly revenue of $127.79 million, exceeding analyst estimates, while earnings per share improved from ($0.52) to ($0.12) year-over-year.
• Multiple brokerages have given mixed ratings on Mirum, with one analyst rating it "strong buy," while others suggest a "buy" or "hold," contributing to an average rating of "Buy" with a consensus target price of $67.00.

Mirum Pharmaceuticals (NASDAQ:MIRM - Get Free Report) had its price target lifted by research analysts at Raymond James Financial from $77.00 to $82.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "strong-buy" rating on the stock. Raymond James Financial's target price indicates a potential upside of 24.50% from the stock's current price.

Several other equities analysts also recently commented on MIRM. JMP Securities upped their price target on shares of Mirum Pharmaceuticals from $74.00 to $76.00 and gave the company a "market outperform" rating in a research note on Friday, May 9th. Evercore ISI reissued an "outperform" rating on shares of Mirum Pharmaceuticals in a research report on Friday, July 11th. Wall Street Zen downgraded shares of Mirum Pharmaceuticals from a "buy" rating to a "hold" rating in a report on Sunday, July 6th. Finally, HC Wainwright boosted their price target on shares of Mirum Pharmaceuticals from $73.00 to $80.00 and gave the company a "buy" rating in a research report on Thursday. Eight investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $74.13.

Mirum Pharmaceuticals Stock Up 9.8%

MIRM stock traded up $5.90 during midday trading on Thursday, reaching $65.87. The company had a trading volume of 1,153,997 shares, compared to its average volume of 479,837. Mirum Pharmaceuticals has a 1 year low of $36.86 and a 1 year high of $66.17. The company has a 50 day moving average of $50.86 and a two-hundred day moving average of $47.17. The company has a current ratio of 3.13, a quick ratio of 2.97 and a debt-to-equity ratio of 1.21. The company has a market capitalization of $3.31 billion, a P/E ratio of -54.48 and a beta of 0.94.

Mirum Pharmaceuticals (NASDAQ:MIRM - Get Free Report) last released 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. Mirum Pharmaceuticals had a negative net margin of 13.65% and a negative return on equity of 24.76%. The firm had revenue of $127.79 million for the quarter, compared to analyst estimates of $107.91 million. During the same period in the previous year, the business earned ($0.52) earnings per share. The company's revenue for the quarter was up 64.1% compared to the same quarter last year. On average, equities research analysts expect that Mirum Pharmaceuticals will post -1.43 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP Jolanda Howe sold 10,000 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $58.00, for a total transaction of $580,000.00. Following the completion of the transaction, the senior vice president directly owned 2,426 shares in the company, valued at approximately $140,708. The trade was a 80.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Christopher Peetz sold 40,000 shares of the company's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $55.25, for a total value of $2,210,000.00. Following the completion of the transaction, the chief executive officer owned 138,641 shares of the company's stock, valued at $7,659,915.25. The trade was a 22.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 51,041 shares of company stock valued at $2,840,624. 22.87% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Mirum Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in MIRM. CWM LLC lifted its holdings in shares of Mirum Pharmaceuticals by 259.4% during the first quarter. CWM LLC now owns 593 shares of the company's stock worth $27,000 after purchasing an additional 428 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Mirum Pharmaceuticals in the fourth quarter valued at approximately $35,000. Comerica Bank increased its position in shares of Mirum Pharmaceuticals by 45.1% during the first 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 fourth quarter worth approximately $42,000. Finally, Quarry LP purchased a new stake in Mirum Pharmaceuticals in the 1st quarter valued at $56,000.

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.