TD Cowen Initiates Coverage on Mirum Pharmaceuticals (NASDAQ:MIRM)

Key Points

• TD Cowen has initiated coverage on Mirum Pharmaceuticals (NASDAQ:MIRM) with a buy rating and a price target of $95.00, indicating a potential upside of 29.04% from its previous close.
• The company reported earnings of ($0.12) per share, exceeding analyst expectations, with revenue for the quarter reaching $127.79 million, a 64.1% increase from the previous year.
• Insider transactions included sales by CFO Eric Bjerkholt and Director Laura Brege, with a total of 117,619 shares sold in the last 90 days, reflecting a decrease in their ownership stakes.

Equities research analysts at TD Cowen assumed coverage on shares of Mirum Pharmaceuticals (NASDAQ:MIRM - Get Free Report) in a report issued on Wednesday,Briefing.com Automated Import reports. The brokerage set a "buy" rating and a $95.00 price target on the stock. TD Cowen's price objective points to a potential upside of 29.04% from the company's previous close.

A number of other equities research analysts have also commented on the stock. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Mirum Pharmaceuticals in a research note on Thursday, August 7th. Stifel Nicolaus set a $89.00 price objective on Mirum Pharmaceuticals and gave the company a "buy" rating in a research note on Monday, August 11th. Evercore ISI raised their target price on Mirum Pharmaceuticals from $77.00 to $89.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. JMP Securities set a $81.00 target price on Mirum Pharmaceuticals and gave the stock a "market outperform" rating in a report on Thursday, August 7th. Finally, Wall Street Zen cut Mirum Pharmaceuticals from a "strong-buy" rating to a "buy" rating in a report on Monday, August 25th. One analyst has rated the stock with a Strong Buy rating and nine have given a Buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $76.50.

Mirum Pharmaceuticals Price Performance

Shares of MIRM opened at $73.62 on Wednesday. The business has a 50-day simple moving average of $65.26 and a two-hundred day simple moving average of $52.29. Mirum Pharmaceuticals has a 12-month low of $36.88 and a 12-month high of $78.10. The stock has a market cap of $3.70 billion, a PE ratio of -60.84 and a beta of 0.92. The company has a quick ratio of 2.97, a current ratio of 3.13 and a debt-to-equity ratio of 1.21.

Mirum Pharmaceuticals (NASDAQ:MIRM - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported ($0.12) earnings per share for the quarter, topping analysts' consensus estimates of ($0.31) by $0.19. Mirum Pharmaceuticals had a negative net margin of 13.65% and a negative return on equity of 24.76%. The firm had revenue of $127.79 million for the quarter, compared to analyst estimates of $107.91 million. During the same period in the previous year, the firm posted ($0.52) EPS. The company's revenue for the quarter was up 64.1% compared to the same quarter last year. Analysts anticipate that Mirum Pharmaceuticals will post -1.43 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Eric Bjerkholt sold 9,578 shares of the stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $76.01, for a total transaction of $728,023.78. Following the completion of the sale, the chief financial officer directly owned 39,945 shares of the company's stock, valued at approximately $3,036,219.45. This trade represents a 19.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Laura Brege sold 17,000 shares of the firm's stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $74.40, for a total value of $1,264,800.00. Following the sale, the director directly owned 15,703 shares of the company's stock, valued at approximately $1,168,303.20. This represents a 51.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 117,619 shares of company stock valued at $7,313,448 in the last 90 days. Insiders own 22.87% of the company's stock.

Hedge Funds Weigh In On Mirum Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the company. Man Group plc bought a new stake in shares of Mirum Pharmaceuticals in the fourth quarter valued at $289,000. Squarepoint Ops LLC bought a new position in Mirum Pharmaceuticals during the fourth quarter worth about $897,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Mirum Pharmaceuticals by 16.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 73,888 shares of the company's stock worth $3,055,000 after purchasing an additional 10,427 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Mirum Pharmaceuticals by 4,555.0% in the first quarter. GAMMA Investing LLC now owns 5,586 shares of the company's stock valued at $252,000 after purchasing an additional 5,466 shares during the period. Finally, Rhumbline Advisers boosted its holdings in Mirum Pharmaceuticals by 4.4% in the 1st quarter. Rhumbline Advisers now owns 55,434 shares of the company's stock worth $2,497,000 after buying an additional 2,321 shares during the period.

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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