Mirum Pharmaceuticals (NASDAQ:MIRM) Reaches New 52-Week High on Better-Than-Expected Earnings

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) reached a new 52-week high on Thursday following a better than expected earnings announcement. The stock traded as high as $57.65 and last traded at $60.34, with a volume of 1433 shares trading hands. The stock had previously closed at $53.39.

The company reported ($0.12) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.31) by $0.19. The business had revenue of $127.79 million for 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 business's revenue for the quarter was up 64.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.52) EPS.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Wall Street Zen lowered shares of Mirum Pharmaceuticals from a "buy" rating to a "hold" rating in a research report on Sunday, July 6th. Raymond James Financial restated a "strong-buy" rating on shares of Mirum Pharmaceuticals in a research report on Thursday. 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. Evercore ISI boosted their price target on shares of Mirum Pharmaceuticals from $77.00 to $89.00 and gave the company an "outperform" rating in a research report on Friday. Finally, JMP Securities boosted their price target on shares of Mirum Pharmaceuticals from $79.00 to $81.00 and gave the company a "market outperform" rating in a research report on Thursday. One investment analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $70.50.

Insider Buying and Selling at Mirum Pharmaceuticals

In related news, SVP Jolanda Howe sold 10,000 shares of the company's stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $58.00, for a total value 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Christopher Peetz sold 40,000 shares of the company's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $55.25, for a total transaction 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. This trade represents a 22.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 51,041 shares of company stock valued at $2,840,624 over the last quarter. 14.36% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MIRM. Teacher Retirement System of Texas lifted its stake in Mirum Pharmaceuticals by 2.2% in the second quarter. Teacher Retirement System of Texas now owns 9,903 shares of the company's stock worth $504,000 after purchasing an additional 215 shares during the last quarter. Palumbo Wealth Management LLC lifted its stake in Mirum Pharmaceuticals by 4.2% in the second quarter. Palumbo Wealth Management LLC now owns 5,604 shares of the company's stock worth $285,000 after purchasing an additional 228 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in Mirum Pharmaceuticals by 14.9% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,914 shares of the company's stock worth $97,000 after purchasing an additional 248 shares during the last quarter. Comerica Bank lifted its stake in Mirum Pharmaceuticals by 45.1% in the first quarter. Comerica Bank now owns 895 shares of the company's stock worth $40,000 after purchasing an additional 278 shares during the last quarter. Finally, Summit Investment Advisors Inc. lifted its stake in Mirum Pharmaceuticals by 8.1% in the fourth quarter. Summit Investment Advisors Inc. now owns 4,155 shares of the company's stock worth $172,000 after purchasing an additional 312 shares during the last quarter.

Mirum Pharmaceuticals Price Performance

The company has a debt-to-equity ratio of 1.21, a current ratio of 3.13 and a quick ratio of 3.04. The firm has a market capitalization of $3.01 billion, a P/E ratio of -49.56 and a beta of 0.94. The firm's 50 day simple moving average is $50.86 and its two-hundred day simple moving average is $47.18.

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.