Mirum Pharmaceuticals (NASDAQ:MIRM) Hits New 1-Year High on Earnings Beat

Key Points

• Mirum Pharmaceuticals shares hit a new 52-week high of $60.34 following a strong earnings report that exceeded analyst expectations, with the company reporting a quarterly revenue of $127.79 million.
• Analysts have increased their price targets for Mirum Pharmaceuticals, with JMP Securities raising it to $81.00 and Raymond James to $82.00, indicating a bullish outlook for the stock.
• Insider trading activity was noted, as SVP Jolanda Howe sold 564 shares at an average price of $48.25, reducing her stake in the company by 16.27%.

Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM - Get Free Report)'s share price hit a new 52-week high during trading on Thursday following a stronger than expected earnings report. The company traded as high as $57.65 and last traded at $60.34, with a volume of 1433 shares. The stock had previously closed at $53.39.

The company reported ($0.12) earnings per share for the quarter, topping analysts' consensus estimates of ($0.31) by $0.19. The firm had revenue of $127.79 million during the quarter, compared to analysts' expectations of $107.91 million. Mirum Pharmaceuticals had a negative net margin of 13.65% and a negative return on equity of 24.76%. The firm's revenue was up 64.1% on a year-over-year basis. During the same period in the prior year, the company earned ($0.52) EPS.

Wall Street Analysts Forecast Growth

MIRM has been the topic of several research analyst reports. Evercore ISI raised their price target on shares of Mirum Pharmaceuticals from $77.00 to $89.00 and gave the stock an "outperform" rating in a research report on Friday. Wall Street Zen upgraded shares of Mirum Pharmaceuticals from a "hold" rating to a "buy" rating in a report on Saturday. Stifel Nicolaus set a $89.00 price target on shares of Mirum Pharmaceuticals and gave the stock a "buy" rating in a research report on Monday. Raymond James Financial restated a "strong-buy" rating on shares of Mirum Pharmaceuticals in a research note on Thursday. Finally, JMP Securities set a $81.00 price target on shares of Mirum Pharmaceuticals and gave the company a "market outperform" rating in a research note on Thursday. Eight analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $74.13.

Insider Buying and Selling at Mirum Pharmaceuticals

In other Mirum Pharmaceuticals news, SVP Jolanda Howe sold 10,000 shares of the company'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 owned 2,426 shares of the company's stock, valued at $140,708. This represents a 80.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Christopher Peetz sold 40,000 shares of the stock in a transaction 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 transaction, the chief executive officer directly owned 138,641 shares in the company, valued at $7,659,915.25. The trade was a 22.39% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 51,041 shares of company stock worth $2,840,624 in the last ninety days. 22.87% of the stock is currently owned by corporate insiders.

Institutional Trading of Mirum Pharmaceuticals

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC increased its holdings in shares of Mirum Pharmaceuticals by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 943,344 shares of the company's stock valued at $39,016,000 after acquiring an additional 7,147 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in Mirum Pharmaceuticals by 8.1% during the fourth quarter. Russell Investments Group Ltd. now owns 25,960 shares of the company's stock worth $1,073,000 after purchasing an additional 1,945 shares during the last quarter. Invesco Ltd. increased its position in Mirum Pharmaceuticals by 5.2% during the fourth quarter. Invesco Ltd. now owns 299,279 shares of the company's stock worth $12,375,000 after buying an additional 14,747 shares in the last quarter. Legal & General Group Plc increased its position in Mirum Pharmaceuticals by 3.5% during the fourth quarter. Legal & General Group Plc now owns 40,820 shares of the company's stock worth $1,688,000 after buying an additional 1,389 shares in the last quarter. Finally, Renaissance Technologies LLC increased its position in Mirum Pharmaceuticals by 67.5% during the fourth quarter. Renaissance Technologies LLC now owns 101,248 shares of the company's stock worth $4,187,000 after buying an additional 40,800 shares in the last quarter.

Mirum Pharmaceuticals Stock Up 9.8%

The company has a market cap of $3.31 billion, a PE ratio of -54.48 and a beta of 0.94. The company has a debt-to-equity ratio of 1.21, a current ratio of 3.13 and a quick ratio of 2.97. The firm has a 50-day simple moving average of $50.86 and a two-hundred day simple moving average of $47.17.

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.