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

Key Points

• Mirum Pharmaceuticals' stock reached a new 52-week high of $67.45 during trading, closing at $64.72 with a volume of 1,380,291 shares.
• Analyst ratings for Mirum Pharmaceuticals have improved, with consensus target prices ranging from $74.13 to $89.00, and most analysts rating the stock as a buy.
• The company reported a quarterly earnings beat, with $127.79 million in revenue, surpassing estimates and showing a 64.1% increase year-over-year.

Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $67.45 and last traded at $64.72, with a volume of 1380291 shares. The stock had previously closed at $65.87.

Analysts Set New Price Targets

MIRM has been the topic of a number of analyst reports. Raymond James Financial reissued a "strong-buy" rating on shares of Mirum Pharmaceuticals in a research report on Thursday, August 7th. Wall Street Zen raised Mirum Pharmaceuticals from a "hold" rating to a "buy" rating in a report on Saturday. JMP Securities set a $81.00 target price on Mirum Pharmaceuticals and gave the company a "market outperform" rating in a report on Thursday, August 7th. Stifel Nicolaus set a $89.00 target price on Mirum Pharmaceuticals and gave the company a "buy" rating in a report on Monday. Finally, HC Wainwright raised their target price on Mirum Pharmaceuticals from $73.00 to $80.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Eight investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Mirum Pharmaceuticals has an average rating of "Buy" and a consensus price target of $74.13.

Mirum Pharmaceuticals Stock Performance

The company has a debt-to-equity ratio of 1.21, a quick ratio of 2.97 and a current ratio of 3.13. The company has a market cap of $3.25 billion, a price-to-earnings ratio of -53.49 and a beta of 0.94. The company has a fifty day moving average of $51.65 and a two-hundred day moving average of $47.42.

Mirum Pharmaceuticals (NASDAQ:MIRM - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported ($0.12) earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $127.79 million for the quarter, compared to the consensus estimate of $107.91 million. During the same quarter last year, the business posted ($0.52) EPS. Mirum Pharmaceuticals's revenue for the quarter was up 64.1% on a year-over-year basis. Equities research analysts anticipate that Mirum Pharmaceuticals, Inc. will post -1.43 EPS for the current year.

Insider Buying and Selling at Mirum Pharmaceuticals

In related news, CEO Christopher Peetz sold 40,000 shares of the firm's stock in a transaction on Monday, August 11th. The stock was sold at an average price of $62.00, for a total transaction of $2,480,000.00. Following the completion of the transaction, the chief executive officer directly owned 138,641 shares of the company's stock, valued at $8,595,742. This trade represents a 22.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Jolanda Howe sold 10,000 shares of the firm'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 transaction, the senior vice president directly 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. Over the last ninety days, insiders have sold 91,041 shares of company stock valued at $5,320,624. 22.87% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of MIRM. Geode Capital Management LLC raised its position in Mirum Pharmaceuticals by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 943,344 shares of the company's stock worth $39,016,000 after purchasing an additional 7,147 shares during the last quarter. Russell Investments Group Ltd. raised its position in shares of Mirum Pharmaceuticals by 8.1% in the 4th quarter. Russell Investments Group Ltd. now owns 25,960 shares of the company's stock worth $1,073,000 after acquiring an additional 1,945 shares in the last quarter. Invesco Ltd. raised its position in shares of Mirum Pharmaceuticals by 5.2% in the 4th quarter. Invesco Ltd. now owns 299,279 shares of the company's stock worth $12,375,000 after acquiring an additional 14,747 shares in the last quarter. Legal & General Group Plc raised its position in shares of Mirum Pharmaceuticals by 3.5% in the 4th quarter. Legal & General Group Plc now owns 40,820 shares of the company's stock worth $1,688,000 after acquiring an additional 1,389 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of Mirum Pharmaceuticals by 67.5% in the 4th quarter. Renaissance Technologies LLC now owns 101,248 shares of the company's stock worth $4,187,000 after acquiring an additional 40,800 shares in the last quarter.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.