Mirum Pharmaceuticals (NASDAQ:MIRM) Sees Large Volume Increase After Analyst Upgrade

Key Points

• Analyst upgrade and bullish consensus: Trading volume rose after Royal Bank of Canada raised its price target to $142 and kept an "outperform" rating, and the street's consensus price target is about $136.42 with most analysts rating the stock a Buy/Moderate Buy.
• Big EPS miss despite revenue beat: Mirum reported a steep quarterly loss of ($13.43) per share versus expectations of ($0.39), while revenue rose 43.3% year-over-year to $159.9 million.
• Insider selling amid institutional buying: Executives including the COO and SVP sold shares (76,806 total over 90 days), even as large institutions like Janus Henderson, State Street, Vanguard and Wellington materially increased their holdings.

Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM - Get Free Report) saw an uptick in trading volume on Friday after Royal Bank Of Canada raised their price target on the stock from $128.00 to $142.00. Royal Bank Of Canada currently has an outperform rating on the stock. 694,728 shares traded hands during mid-day trading, a decline of 18% from the previous session's volume of 844,981 shares.The stock last traded at $106.7940 and had previously closed at $102.93.

Other research analysts have also issued reports about the stock. Morgan Stanley boosted their price target on shares of Mirum Pharmaceuticals from $130.00 to $140.00 and gave the company an "overweight" rating in a research report on Tuesday. Leerink Partners reduced their target price on Mirum Pharmaceuticals from $120.00 to $118.00 and set an "outperform" rating for the company in a research report on Thursday, February 26th. Stifel Nicolaus set a $136.00 price target on Mirum Pharmaceuticals in a research report on Thursday. HC Wainwright set a $185.00 price objective on Mirum Pharmaceuticals in a report on Thursday. Finally, Robert W. Baird upped their price objective on shares of Mirum Pharmaceuticals from $112.00 to $129.00 and gave the stock an "outperform" rating in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $136.42.

Insider Activity

In other news, COO Peter Radovich sold 16,515 shares of the company's stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $91.98, for a total value of $1,519,049.70. Following the completion of the transaction, the chief operating officer directly owned 40,272 shares in the company, valued at approximately $3,704,218.56. This represents a 29.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Jolanda Howe sold 4,732 shares of the company's stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $91.98, for a total value of $435,249.36. Following the completion of the transaction, the senior vice president owned 8,429 shares of the company's stock, valued at $775,299.42. The trade was a 35.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 76,806 shares of company stock valued at $7,064,616. 14.36% of the stock is owned by insiders.

Hedge Funds Weigh In On Mirum Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Janus Henderson Group PLC boosted its holdings in shares of Mirum Pharmaceuticals by 21.4% in the 4th quarter. Janus Henderson Group PLC now owns 6,065,308 shares of the company's stock worth $479,050,000 after purchasing an additional 1,067,722 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Mirum Pharmaceuticals by 2.0% in the 4th quarter. Vanguard Group Inc. now owns 2,596,089 shares of the company's stock worth $205,065,000 after purchasing an additional 50,720 shares in the last quarter. State Street Corp boosted its holdings in shares of Mirum Pharmaceuticals by 59.2% in the 4th quarter. State Street Corp now owns 2,143,992 shares of the company's stock worth $169,354,000 after purchasing an additional 797,088 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Mirum Pharmaceuticals by 10.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,420,375 shares of the company's stock worth $112,196,000 after purchasing an additional 137,087 shares in the last quarter. Finally, Wellington Management Group LLP boosted its holdings in shares of Mirum Pharmaceuticals by 56.6% in the 4th quarter. Wellington Management Group LLP now owns 1,237,830 shares of the company's stock worth $97,776,000 after purchasing an additional 447,141 shares in the last quarter.

Mirum Pharmaceuticals Price Performance

The company has a current ratio of 2.67, a quick ratio of 2.55 and a debt-to-equity ratio of 0.98. The business has a fifty day moving average price of $93.79 and a 200-day moving average price of $86.06. The stock has a market capitalization of $6.52 billion, a PE ratio of -7.86 and a beta of 0.52.

Mirum Pharmaceuticals (NASDAQ:MIRM - Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported ($13.43) earnings per share for the quarter, missing analysts' consensus estimates of ($0.39) by ($13.04). Mirum Pharmaceuticals had a negative net margin of 140.24% and a negative return on equity of 10.84%. The company had revenue of $159.88 million during the quarter, compared to the consensus estimate of $148.21 million. During the same period last year, the firm posted ($0.30) EPS. The company's revenue was up 43.3% on a year-over-year basis. Research analysts expect that Mirum Pharmaceuticals, Inc. will post -1.84 EPS for the current fiscal year.

Mirum Pharmaceuticals Company Profile

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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