Mirum Pharmaceuticals (NASDAQ:MIRM) Upgraded to Buy at Wall Street Zen

Key Points

• Mirum Pharmaceuticals' stock rating has been upgraded from "hold" to "buy" by Wall Street Zen, reflecting increased confidence from analysts.
• Multiple firms have raised their price targets for Mirum Pharmaceuticals, with JMP Securities setting a target of $81 and Evercore ISI increasing it to $89.
• The company reported a revenue increase of 64.1% compared to last year, with quarterly earnings per share surpassing analysts' expectations.

Mirum Pharmaceuticals (NASDAQ:MIRM - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued on Saturday.

MIRM has been the topic of several other reports. 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 report on Thursday. JMP Securities set a $81.00 target price on shares of Mirum Pharmaceuticals and gave the company a "market outperform" rating in a research note on Thursday. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Mirum Pharmaceuticals in a research note on Thursday. Finally, Evercore ISI lifted their price objective on shares of Mirum Pharmaceuticals from $77.00 to $89.00 and gave the company an "outperform" rating in a research note on Friday. Eight investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Mirum Pharmaceuticals currently has a consensus rating of "Buy" and an average price target of $74.13.

Mirum Pharmaceuticals Price Performance

NASDAQ:MIRM traded up $5.90 during midday trading on Friday, hitting $65.87. 1,883,332 shares of the stock were exchanged, compared to its average volume of 484,436. Mirum Pharmaceuticals has a one year low of $36.86 and a one year high of $66.40. The company has a market capitalization of $3.31 billion, a price-to-earnings ratio of -54.44 and a beta of 0.94. The business has a 50-day moving average price of $50.86 and a two-hundred day moving average price of $47.17. The company has a current ratio of 3.13, a quick ratio of 2.97 and a debt-to-equity ratio of 1.21.

Mirum Pharmaceuticals (NASDAQ:MIRM - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.19. The firm had revenue of $127.79 million for the quarter, compared to analyst estimates 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 quarterly revenue was up 64.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.52) earnings per share. Sell-side analysts predict that Mirum Pharmaceuticals will post -1.43 EPS for the current year.

Insiders Place Their Bets

In other news, SVP Jolanda Howe sold 10,000 shares of the company's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $58.00, for a total transaction of $580,000.00. Following the completion of the transaction, the senior vice president 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 sale was disclosed in a 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 dated Thursday, August 7th. The shares were sold at an average price of $55.25, for a total transaction of $2,210,000.00. Following the transaction, the chief executive officer directly owned 138,641 shares of the company's stock, valued at $7,659,915.25. This represents a 22.39% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 51,041 shares of company stock valued at $2,840,624. Company insiders own 22.87% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Nuveen LLC acquired a new position in Mirum Pharmaceuticals in the first quarter worth about $29,495,000. Federated Hermes Inc. raised its position in Mirum Pharmaceuticals by 9,440.4% in the first quarter. Federated Hermes Inc. now owns 347,366 shares of the company's stock worth $15,649,000 after purchasing an additional 343,725 shares in the last quarter. Emerald Advisers LLC acquired a new position in Mirum Pharmaceuticals in the second quarter worth about $15,560,000. Bank of New York Mellon Corp raised its position in Mirum Pharmaceuticals by 101.1% in the second quarter. Bank of New York Mellon Corp now owns 496,061 shares of the company's stock worth $25,245,000 after purchasing an additional 249,331 shares in the last quarter. Finally, Nuveen Asset Management LLC raised its position in Mirum Pharmaceuticals by 46.7% in the fourth quarter. Nuveen Asset Management LLC now owns 722,155 shares of the company's stock worth $29,861,000 after purchasing an additional 229,746 shares in the last quarter.

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.