Wall Street Zen Downgrades Mirum Pharmaceuticals (NASDAQ:MIRM) to Sell

Key Points

• Wall Street Zen downgraded Mirum Pharmaceuticals from “hold” to “sell,” although broader analyst sentiment remains “Moderate Buy” with a consensus price target of $137.33.
• Mirum reported quarterly revenue of $176.24 million, up 37.9% year over year and above expectations, but its loss of $1.06 per share exceeded the consensus loss estimate of $0.74.
• Insiders sold 93,156 shares worth approximately $9.8 million over the past three months, while the stock recently opened at $100.64, below its 52-week high of $130.00.

Mirum Pharmaceuticals (NASDAQ:MIRM - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a note issued to investors on Sunday.

MIRM has been the subject of a number of other reports. Stifel Nicolaus set a $136.00 target price on Mirum Pharmaceuticals in a research note on Thursday, May 7th. Raymond James Financial restated a "strong-buy" rating and issued a $165.00 price target on shares of Mirum Pharmaceuticals in a research note on Thursday, May 7th. Weiss Ratings raised Mirum Pharmaceuticals from a "sell (d-)" rating to a "sell (d)" rating in a report on Thursday, August 6th. JPMorgan Chase & Co. increased their price objective on Mirum Pharmaceuticals from $115.00 to $125.00 and gave the stock an "overweight" rating in a research report on Thursday, July 2nd. Finally, Citizens Jmp reduced their target price on Mirum Pharmaceuticals from $146.00 to $137.00 and set a "market outperform" rating for the company in a report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Mirum Pharmaceuticals presently has an average rating of "Moderate Buy" and a consensus target price of $137.33.

Mirum Pharmaceuticals Stock Up 1.9%

Shares of NASDAQ:MIRM opened at $100.64 on Friday. Mirum Pharmaceuticals has a fifty-two week low of $63.23 and a fifty-two week high of $130.00. The company has a quick ratio of 2.74, a current ratio of 2.86 and a debt-to-equity ratio of 1.28. The firm's 50-day simple moving average is $110.91 and its 200-day simple moving average is $101.99. The company has a market cap of $6.53 billion, a price-to-earnings ratio of -6.92 and a beta of 0.52.

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

Insider Activity

In related news, CFO Eric Bjerkholt sold 6,001 shares of the company's stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $99.90, for a total value of $599,499.90. Following the sale, the chief financial officer owned 36,355 shares in the company, valued at $3,631,864.50. This represents a 14.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jolanda Howe sold 1,840 shares of the company's stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $105.29, for a total value of $193,733.60. Following the completion of the sale, the senior vice president owned 1,274 shares in the company, valued at approximately $134,139.46. This represents a 59.09% decrease in their position. 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 three months, insiders sold 93,156 shares of company stock worth $9,763,562. Company insiders own 8.32% of the company's stock.

Institutional Trading of Mirum Pharmaceuticals

Several large investors have recently bought and sold shares of the company. Cullen Frost Bankers Inc. purchased a new position in shares of Mirum Pharmaceuticals in the fourth quarter valued at $30,000. Eurizon Capital SGR S.p.A. purchased a new stake in shares of Mirum Pharmaceuticals in the 4th quarter worth about $32,000. CIBC Private Wealth Group LLC acquired a new stake in Mirum Pharmaceuticals in the 4th quarter valued at about $32,000. Quantbot Technologies LP acquired a new stake in Mirum Pharmaceuticals in the 3rd quarter valued at about $33,000. Finally, Comerica Bank increased its holdings in Mirum Pharmaceuticals by 45.1% during the 1st quarter. Comerica Bank now owns 895 shares of the company's stock valued at $40,000 after acquiring an additional 278 shares in the last quarter.

About Mirum Pharmaceuticals

Mirum Pharmaceuticals, Inc is a late-stage biopharmaceutical company dedicated to the development and commercialization of innovative therapies for rare cholestatic liver diseases. The company's primary focus lies in addressing the unmet medical needs of patients suffering from genetic and progressive forms of pediatric liver disorders, where limited treatment options currently exist.

Mirum's lead product candidate, maralixibat (Livmarli), is an ileal bile acid transporter inhibitor designed to reduce systemic bile acid accumulation and alleviate associated pruritus and liver damage.

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