Mirum Pharmaceuticals (NASDAQ:MIRM) Raised to Strong-Buy at TD Cowen

Key Points

• Mirum Pharmaceuticals has been upgraded to a "strong-buy" rating by TD Cowen, with a consensus rating of "buy" from analysts.
• The company's earnings report showed a revenue increase of 64.1% year-over-year, surpassing expectations with $127.79 million.
• Insider trading activity reveals significant sales, including a 51.98% decrease in shares held by Director Laura Brege.

Mirum Pharmaceuticals (NASDAQ:MIRM - Get Free Report) was upgraded by analysts at TD Cowen to a "strong-buy" rating in a research note issued to investors on Thursday,Zacks.com reports.

Several other research analysts also recently issued reports on MIRM. HC Wainwright upped their target price on shares of Mirum Pharmaceuticals from $73.00 to $80.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. JPMorgan Chase & Co. increased their price objective on shares of Mirum Pharmaceuticals from $53.00 to $77.00 and gave the company an "overweight" rating in a research report on Friday, September 12th. Evercore ISI increased their price objective on shares of Mirum Pharmaceuticals from $77.00 to $89.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. 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. Finally, Cowen assumed coverage on shares of Mirum Pharmaceuticals in a research report on Wednesday. They set a "buy" rating on the stock. Two analysts have rated the stock with a Strong Buy rating and nine have assigned a Buy rating to the company. According to MarketBeat, Mirum Pharmaceuticals currently has a consensus rating of "Buy" and an average target price of $76.50.

Mirum Pharmaceuticals Trading Down 0.9%

Shares of MIRM stock opened at $73.57 on Thursday. The company has a 50 day moving average of $66.10 and a 200-day moving average of $52.65. 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 has a 12-month low of $36.88 and a 12-month high of $78.10. The firm has a market cap of $3.70 billion, a P/E ratio of -60.80 and a beta of 0.92.

Mirum Pharmaceuticals (NASDAQ:MIRM - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.19. The business had revenue of $127.79 million during 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 firm's revenue was up 64.1% on a year-over-year basis. During the same period in the previous year, the business earned ($0.52) earnings per share. Sell-side analysts anticipate that Mirum Pharmaceuticals will post -1.43 earnings per share for the current year.

Insider Activity

In other Mirum Pharmaceuticals news, Director Laura Brege sold 17,000 shares of Mirum Pharmaceuticals stock in a transaction that occurred on Thursday, September 11th. The shares were 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 in the company, valued at approximately $1,168,303.20. The trade was a 51.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Jolanda Howe sold 10,000 shares of the business's stock in a transaction on Thursday, August 7th. The shares were 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 owned 2,426 shares of the company's stock, valued at approximately $140,708. This represents a 80.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 117,619 shares of company stock worth $7,313,448 in the last quarter. 14.36% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Mirum Pharmaceuticals

Large investors have recently modified their holdings of the business. Frazier Life Sciences Management L.P. boosted its holdings in Mirum Pharmaceuticals by 3.4% in the 1st quarter. Frazier Life Sciences Management L.P. now owns 6,795,121 shares of the company's stock valued at $306,120,000 after purchasing an additional 224,729 shares during the last quarter. Eventide Asset Management LLC lifted its stake in shares of Mirum Pharmaceuticals by 4.4% in the 2nd quarter. Eventide Asset Management LLC now owns 2,637,485 shares of the company's stock worth $134,224,000 after acquiring an additional 110,485 shares during the period. Vanguard Group Inc. lifted its stake in shares of Mirum Pharmaceuticals by 4.8% in the 1st quarter. Vanguard Group Inc. now owns 2,540,061 shares of the company's stock worth $114,430,000 after acquiring an additional 115,327 shares during the period. Geode Capital Management LLC lifted its stake in shares of Mirum Pharmaceuticals by 6.8% in the 2nd quarter. Geode Capital Management LLC now owns 1,029,616 shares of the company's stock worth $52,405,000 after acquiring an additional 65,951 shares during the period. Finally, Nuveen LLC acquired a new stake in shares of Mirum Pharmaceuticals in the 1st quarter worth $29,495,000.

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.

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