Mirum Pharmaceuticals (NASDAQ:MIRM) Shares Gap Up After Analyst Upgrade

Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM) gapped up prior to trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $31.00 to $39.00. The stock had previously closed at $25.92, but opened at $27.60. JPMorgan Chase & Co. currently has an overweight rating on the stock. Mirum Pharmaceuticals shares last traded at $28.70, with a volume of 385,525 shares changing hands.

Several other equities research analysts have also weighed in on the stock. Citigroup increased their target price on shares of Mirum Pharmaceuticals from $38.00 to $64.00 and gave the stock a “buy” rating in a report on Tuesday. Morgan Stanley raised their price objective on Mirum Pharmaceuticals from $53.00 to $57.00 and gave the stock an “overweight” rating in a research note on Tuesday. Robert W. Baird boosted their target price on Mirum Pharmaceuticals from $34.00 to $39.00 and gave the company an “outperform” rating in a research note on Monday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $40.00 price target on shares of Mirum Pharmaceuticals in a research report on Thursday, May 9th. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $48.00 price objective on shares of Mirum Pharmaceuticals in a report on Monday. Ten research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Mirum Pharmaceuticals currently has a consensus rating of “Buy” and an average target price of $53.64.

Insider Activity at Mirum Pharmaceuticals

In other news, COO Peter Radovich sold 4,303 shares of the business’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $25.80, for a total value of $111,017.40. Following the sale, the chief operating officer now owns 29,013 shares of the company’s stock, valued at $748,535.40. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, COO Peter Radovich sold 4,303 shares of the stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $25.80, for a total transaction of $111,017.40. Following the completion of the transaction, the chief operating officer now directly owns 29,013 shares in the company, valued at approximately $748,535.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Saira Ramasastry sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $25.68, for a total value of $128,400.00. The disclosure for this sale can be found here. 22.87% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Swiss National Bank grew its stake in shares of Mirum Pharmaceuticals by 1.3% in the third quarter. Swiss National Bank now owns 54,400 shares of the company’s stock valued at $1,719,000 after buying an additional 700 shares in the last quarter. New York State Common Retirement Fund lifted its stake in Mirum Pharmaceuticals by 0.4% in the fourth quarter. New York State Common Retirement Fund now owns 222,864 shares of the company’s stock valued at $6,579,000 after acquiring an additional 918 shares during the last quarter. Janney Montgomery Scott LLC grew its position in shares of Mirum Pharmaceuticals by 5.3% in the 3rd quarter. Janney Montgomery Scott LLC now owns 18,925 shares of the company’s stock valued at $598,000 after acquiring an additional 950 shares during the period. Golden State Equity Partners increased its stake in shares of Mirum Pharmaceuticals by 5.3% during the 4th quarter. Golden State Equity Partners now owns 18,930 shares of the company’s stock worth $559,000 after purchasing an additional 950 shares during the last quarter. Finally, Wetzel Investment Advisors Inc. raised its holdings in shares of Mirum Pharmaceuticals by 71.4% in the 1st quarter. Wetzel Investment Advisors Inc. now owns 2,400 shares of the company’s stock valued at $57,000 after purchasing an additional 1,000 shares during the period.

Mirum Pharmaceuticals Stock Performance

The company has a market capitalization of $1.38 billion, a P/E ratio of -7.88 and a beta of 1.10. The stock’s fifty day moving average price is $25.32 and its 200-day moving average price is $27.23. The company has a debt-to-equity ratio of 1.31, a quick ratio of 3.47 and a current ratio of 3.68.

Mirum Pharmaceuticals (NASDAQ:MIRM) last released its quarterly earnings data on Wednesday, May 8th. The company reported ($0.54) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.40) by ($0.14). Mirum Pharmaceuticals had a negative net margin of 69.67% and a negative return on equity of 56.46%. The business had revenue of $69.22 million during the quarter, compared to the consensus estimate of $69.71 million. As a group, research analysts anticipate that Mirum Pharmaceuticals, Inc. will post -1.39 EPS for the current fiscal year.

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.