Mirum Pharmaceuticals (NASDAQ:MIRM) Shares Down 6.4% - Here's What Happened

Key Points

• Mirum Pharmaceuticals shares fell 6.4% to about $80.54 on Tuesday, with trading volume roughly half its average session level.
• LIVMARLI met the primary endpoint in the Phase 3 EXPAND trial for ultra-rare cholestatic liver diseases, potentially broadening its market opportunity; however, Mirum does not expect to submit the data to the FDA until 2027.
• Analysts remain broadly bullish, with a consensus “Moderate Buy” rating and a $146.62 price target, though the company recently missed quarterly EPS estimates and continues to report substantial losses.

Shares of Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM - Get Free Report) were down 6.4% on Tuesday. The stock traded as low as $80.67 and last traded at $80.5350. 427,609 shares were traded during trading, a decline of 50% from the average session volume of 854,272 shares. The stock had previously closed at $86.06.

Trending Headlines about Mirum Pharmaceuticals

Here are the key news stories impacting Mirum Pharmaceuticals this week:

• Positive Sentiment: LIVMARLI met the primary endpoint in the Phase 3 EXPAND study for ultra-rare cholestatic liver diseases, improving cholestatic pruritus and reducing serum bile acids. Mirum plans to submit the data to the FDA in 2027, potentially expanding the drug’s commercial opportunity. Mirum's Livmarli Meets Phase III Goal in Ultra-Rare Liver Diseases
• Positive Sentiment: The successful EXPAND results strengthen the outlook for LIVMARLI, Mirum’s key product, and provide another potential indication beyond its existing uses. Mirum Pharmaceuticals Reports Positive Phase 3 LIVMARLI Results
• Positive Sentiment: Citigroup raised its price target from $160 to $184 and maintained a Buy rating. HC Wainwright also lifted its target from $195 to $200 and retained its Buy rating, signaling substantial long-term upside in analysts’ models.
• Neutral Sentiment: The FDA filing is not expected until 2027, leaving additional regulatory review and commercialization milestones before any potential revenue contribution from the expanded indication.
• Negative Sentiment: HC Wainwright reduced its third-quarter 2027 earnings-per-share estimate to $0.27 from $0.35. The revision suggests analysts still see uncertainty around Mirum’s near-term earnings trajectory, despite the favorable clinical data.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Evercore reaffirmed an "outperform" rating and set a $146.00 price target on shares of Mirum Pharmaceuticals in a research report on Tuesday. UBS Group set a $137.00 price objective on Mirum Pharmaceuticals in a report on Thursday, August 27th. Morgan Stanley upped their price objective on Mirum Pharmaceuticals from $137.00 to $152.00 and gave the company an "overweight" rating in a research note on Monday. HC Wainwright increased their target price on Mirum Pharmaceuticals from $195.00 to $200.00 and gave the stock a "buy" rating in a report on Monday. Finally, Weiss Ratings raised Mirum Pharmaceuticals from a "sell (d-)" rating to a "sell (d)" rating in a report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $146.62.

Mirum Pharmaceuticals Stock Performance

The stock's 50-day moving average price is $94.71 and its 200-day moving average price is $100.95. The company has a current ratio of 2.86, a quick ratio of 2.74 and a debt-to-equity ratio of 1.28. The company has a market capitalization of $5.23 billion, a P/E ratio of -5.53 and a beta of 0.61.

Mirum Pharmaceuticals (NASDAQ:MIRM - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($1.06) earnings per share for the quarter, missing analysts' consensus estimates of ($0.74) by ($0.32). The business had revenue of $176.24 million for the quarter, compared to the consensus estimate of $166.33 million. Mirum Pharmaceuticals had a negative net margin of 139.18% and a negative return on equity of 36.28%. Mirum Pharmaceuticals's quarterly revenue was up 37.9% on a year-over-year basis. During the same period in the prior year, the company earned ($0.12) EPS. As a group, equities analysts expect that Mirum Pharmaceuticals, Inc. will post -1.31 EPS for the current year.

Insider Buying and Selling

In related news, SVP Jolanda Howe sold 658 shares of the business's stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $100.00, for a total transaction of $65,800.00. Following the completion of the transaction, the senior vice president owned 616 shares in the company, valued at $61,600. The trade was a 51.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Christopher Peetz sold 30,000 shares of the company's stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $98.68, for a total value of $2,960,400.00. Following the transaction, the chief executive officer owned 194,440 shares of the company's stock, valued at approximately $19,187,339.20. The trade was a 13.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 98,499 shares of company stock valued at $9,797,834. Insiders own 8.32% of the company's stock.

Institutional Trading of Mirum Pharmaceuticals

A number of large investors have recently modified their holdings of the company. Jupiter Topco LLC acquired a new position in Mirum Pharmaceuticals during the 2nd quarter valued at about $691,672,000. Janus Henderson Group PLC increased its stake in shares of Mirum Pharmaceuticals by 14.5% in the first quarter. Janus Henderson Group PLC now owns 6,945,813 shares of the company's stock valued at $641,764,000 after purchasing an additional 880,505 shares during the period. BlackRock Inc. bought a new stake in shares of Mirum Pharmaceuticals during the second quarter valued at approximately $513,945,000. ABS Investment Management LLC bought a new stake in shares of Mirum Pharmaceuticals during the second quarter valued at approximately $245,847,000. Finally, William Blair Investment Management LLC acquired a new position in shares of Mirum Pharmaceuticals during the second quarter worth approximately $164,453,000.

About Mirum Pharmaceuticals

Mirum Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing medicines for rare diseases of the liver and gastrointestinal system. The company's work centers on conditions involving impaired bile acid transport and cholestasis, which can cause serious liver damage and debilitating symptoms such as itching.

Mirum's primary commercial product is Livmarli (maralixibat), an oral ileal bile acid transporter inhibitor. In the United States, Livmarli is approved to treat cholestatic pruritus associated with Alagille syndrome and progressive familial intrahepatic cholestasis in eligible pediatric patients.

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