Mirum Pharmaceuticals (NASDAQ:MIRM) Stock Price Up 9.1% After Analyst Upgrade

Key Points

• Mirum Pharmaceuticals' stock rose 9.1% to $65.41 after being upgraded from a hold to a buy rating by Wall Street Zen, with trading volume significantly increasing.
• Multiple analysts have raised their price objectives for the stock, with a consensus target price of $74.13 and eight analysts rating it as a buy.
• In the latest quarterly earnings, Mirum reported a revenue increase of 64.1% year-over-year, surpassing analyst estimates, and posted better-than-expected earnings per share of ($0.12).

Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM - Get Free Report)'s share price rose 9.1% during mid-day trading on Monday after Wall Street Zen upgraded the stock from a hold rating to a buy rating. The company traded as high as $65.31 and last traded at $65.41. Approximately 671,423 shares changed hands during trading, an increase of 41% from the average daily volume of 475,980 shares. The stock had previously closed at $59.97.

Other research analysts have also issued research reports about the stock. HC Wainwright lifted their price objective on shares of Mirum Pharmaceuticals from $73.00 to $80.00 and gave the stock a "buy" rating in a research note on Thursday. Evercore ISI lifted their price objective on shares of Mirum Pharmaceuticals from $77.00 to $89.00 and gave the stock an "outperform" rating in a research note on Friday. JMP Securities lifted their price objective on shares of Mirum Pharmaceuticals from $79.00 to $81.00 and gave the stock a "market outperform" rating in a research note on Thursday. Finally, Raymond James Financial reissued a "strong-buy" rating on shares of Mirum Pharmaceuticals in a research note on Thursday. Eight equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $74.13.

Insider Activity at Mirum Pharmaceuticals

In related news, SVP Jolanda Howe sold 10,000 shares of the 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 in the company, valued at $140,708. This trade represents a 80.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 completion of the transaction, the chief executive officer owned 138,641 shares in the company, valued at approximately $7,659,915.25. This represents a 22.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 51,041 shares of company stock valued at $2,840,624. Insiders own 22.87% of the company's stock.

Hedge Funds Weigh In On Mirum Pharmaceuticals

Large investors have recently bought and sold shares of the stock. Geode Capital Management LLC raised its stake in shares of 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 period. Russell Investments Group Ltd. raised its stake in shares of Mirum Pharmaceuticals by 8.1% during the 4th 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 period. Invesco Ltd. raised its stake in shares of Mirum Pharmaceuticals by 5.2% during the 4th quarter. Invesco Ltd. now owns 299,279 shares of the company's stock worth $12,375,000 after purchasing an additional 14,747 shares during the period. Legal & General Group Plc raised its stake in shares of Mirum Pharmaceuticals by 3.5% during the 4th quarter. Legal & General Group Plc now owns 40,820 shares of the company's stock worth $1,688,000 after purchasing an additional 1,389 shares during the period. Finally, Renaissance Technologies LLC raised its stake in shares of Mirum Pharmaceuticals by 67.5% during the 4th quarter. Renaissance Technologies LLC now owns 101,248 shares of the company's stock worth $4,187,000 after purchasing an additional 40,800 shares during the period.

Mirum Pharmaceuticals Stock Up 10.0%

The company has a market capitalization of $3.31 billion, a P/E ratio of -54.54 and a beta of 0.94. 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 stock has a 50 day moving average price of $50.86 and a 200 day moving average price of $47.17.

Mirum Pharmaceuticals (NASDAQ:MIRM - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.19. The company had revenue of $127.79 million during the quarter, compared to analyst estimates 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 for the quarter was up 64.1% on a year-over-year basis. During the same quarter last year, the firm posted ($0.52) EPS. Equities research analysts forecast that Mirum Pharmaceuticals, Inc. will post -1.43 earnings per share for the current fiscal year.

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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