Mirum Pharmaceuticals (NASDAQ:MIRM) Shares Gap Down on Analyst Downgrade

Posted by Defense World Staff on Oct 19th, 2023

Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM – Get Free Report) gapped down prior to trading on Wednesday after Raymond James lowered their price target on the stock from $84.00 to $77.00. The stock had previously closed at $28.91, but opened at $27.73. Raymond James currently has a strong-buy rating on the stock. Mirum Pharmaceuticals shares last traded at $28.06, with a volume of 47,330 shares traded.

A number of other research analysts have also issued reports on the company. HC Wainwright reiterated a “buy” rating and set a $63.00 price target on shares of Mirum Pharmaceuticals in a research report on Wednesday, September 13th. Robert W. Baird increased their target price on shares of Mirum Pharmaceuticals from $35.00 to $38.00 in a research report on Tuesday, October 3rd. JMP Securities restated a “market outperform” rating and set a $70.00 price target on shares of Mirum Pharmaceuticals in a research report on Wednesday. Finally, Evercore ISI reiterated an “outperform” rating and issued a $62.00 price objective on shares of Mirum Pharmaceuticals in a report on Tuesday. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $51.63.

View Our Latest Report on Mirum Pharmaceuticals

Insider Buying and Selling at Mirum Pharmaceuticals

In other Mirum Pharmaceuticals news, CFO Eric Bjerkholt acquired 10,000 shares of the stock in a transaction dated Monday, September 11th. The shares were bought at an average price of $29.65 per share, with a total value of $296,500.00. Following the purchase, the chief financial officer now directly owns 10,000 shares of the company’s stock, valued at approximately $296,500. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CFO Eric Bjerkholt acquired 10,000 shares of the business’s stock in a transaction dated Monday, September 11th. The stock was bought at an average price of $29.65 per share, for a total transaction of $296,500.00. Following the transaction, the chief financial officer now owns 10,000 shares of the company’s stock, valued at $296,500. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Jolanda Howe sold 3,459 shares of Mirum Pharmaceuticals stock in a transaction on Friday, August 25th. The stock was sold at an average price of $26.23, for a total value of $90,729.57. The disclosure for this sale can be found here. In the last three months, insiders acquired 162,678 shares of company stock valued at $4,323,280. 24.06% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Eventide Asset Management LLC lifted its position in shares of Mirum Pharmaceuticals by 68.0% in the 2nd quarter. Eventide Asset Management LLC now owns 3,459,201 shares of the company’s stock valued at $89,490,000 after acquiring an additional 1,400,000 shares in the last quarter. BlackRock Inc. boosted its position in shares of Mirum Pharmaceuticals by 18.7% in the second quarter. BlackRock Inc. now owns 2,030,375 shares of the company’s stock worth $52,526,000 after buying an additional 320,549 shares during the period. Rock Springs Capital Management LP grew its holdings in shares of Mirum Pharmaceuticals by 1.4% during the second quarter. Rock Springs Capital Management LP now owns 1,820,733 shares of the company’s stock valued at $47,102,000 after buying an additional 25,000 shares in the last quarter. State Street Corp raised its position in Mirum Pharmaceuticals by 27.7% during the second quarter. State Street Corp now owns 1,494,417 shares of the company’s stock valued at $38,661,000 after buying an additional 323,992 shares during the period. Finally, Cadian Capital Management LP lifted its stake in Mirum Pharmaceuticals by 72.1% in the 2nd quarter. Cadian Capital Management LP now owns 1,264,922 shares of the company’s stock worth $32,724,000 after acquiring an additional 530,000 shares in the last quarter.

Mirum Pharmaceuticals Price Performance

The company has a current ratio of 6.59, a quick ratio of 6.44 and a debt-to-equity ratio of 3.89. The stock has a 50-day simple moving average of $28.58 and a 200 day simple moving average of $27.15. The stock has a market capitalization of $1.07 billion, a price-to-earnings ratio of -5.89 and a beta of 1.17.

Mirum Pharmaceuticals (NASDAQ:MIRM – Get Free Report) last posted its quarterly earnings results on Thursday, August 3rd. The company reported ($0.92) EPS for the quarter, missing the consensus estimate of ($0.81) by ($0.11). The company had revenue of $37.50 million for the quarter, compared to analyst estimates of $30.00 million. Mirum Pharmaceuticals had a negative return on equity of 103.59% and a negative net margin of 152.27%. On average, equities research analysts forecast that Mirum Pharmaceuticals, Inc. will post -2.41 EPS for the current fiscal year.

About Mirum Pharmaceuticals

(Get Free Report)

Mirum Pharmaceuticals, Inc, a biopharmaceutical company, focuses on the development and commercialization of novel therapies for debilitating rare and orphan diseases. The company's lead product candidate is LIVMARLI, an investigational oral drug for the treatment of progressive familial intrahepatic cholestasis disease, as well as for the treatment of Alagille syndrome and biliary atresia disease.

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