Mirum Pharmaceuticals (NASDAQ:MIRM) Stock Crosses Above 50-Day Moving Average Following Weak Earnings

Shares of Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM) passed above its 50-day moving average during trading on Wednesday after the company announced better than expected quarterly earnings. The stock has a 50-day moving average of $89.51 and traded as high as $97.26. Mirum Pharmaceuticals shares last traded at $96.97, with a volume of 1,153,638 shares traded.

The company reported ($0.87) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.49) by ($0.38). Mirum Pharmaceuticals had a negative net margin of 134.75% and a negative return on equity of 65.71%. The company had revenue of $185.72 million for the quarter, compared to the consensus estimate of $178.07 million. During the same quarter in the previous year, the firm posted $0.05 earnings per share. The business’s revenue for the quarter was up 39.6% compared to the same quarter last year.

Key Stories Impacting Mirum Pharmaceuticals

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

• Positive Sentiment: Several firms raised their price targets: Citizens JMP to $167 from $144, HC Wainwright to $202 from $200, and Cantor Fitzgerald to $160 from $155. RBC reaffirmed its “outperform” rating and $155 target. The favorable analyst outlook is a likely driver of the stock’s strength. Citizens JMP recommendations HC Wainwright recommendations Cantor Fitzgerald recommendations RBC rating report
• Positive Sentiment: Third-quarter revenue rose 39.6% year over year to $185.72 million, exceeding analyst expectations of about $178 million. Mirum Q3 results and business update
• Positive Sentiment: Mirum also announced new data across its rare liver disease portfolio for presentation at AASLD’s The Liver Meeting, a potential source of investor interest in its pipeline. AASLD portfolio data announcement
• Negative Sentiment: The company reported a Q3 loss of $0.87 per share, wider than the roughly $0.49–$0.53 loss analysts expected, and below the $0.05 per-share profit a year earlier. This earnings miss tempers the positive revenue and analyst news. Q3 earnings report

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on MIRM shares. Wall Street Zen lowered Mirum Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Sunday, September 6th. UBS Group set a $137.00 price objective on shares of Mirum Pharmaceuticals in a research report on Thursday, August 27th. Cantor Fitzgerald raised their price objective on shares of Mirum Pharmaceuticals from $155.00 to $160.00 and gave the company an “overweight” rating in a research report on Wednesday. Morgan Stanley boosted their price objective on shares of Mirum Pharmaceuticals from $137.00 to $152.00 and gave the company an “overweight” rating in a research note on Monday, October 12th. Finally, TD Cowen upped their target price on shares of Mirum Pharmaceuticals from $140.00 to $145.00 and gave the stock a “buy” rating in a report on Wednesday, October 21st. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Mirum Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus price target of $153.56.

Insider Activity at Mirum Pharmaceuticals

In other Mirum Pharmaceuticals news, CFO Eric Bjerkholt sold 6,001 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $3,631,864.50. This trade represents a 14.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Christopher Peetz sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, November 4th. The shares were sold at an average price of $90.00, for a total value of $1,800,000.00. Following the completion of the sale, the chief executive officer directly owned 206,637 shares in the company, valued at approximately $18,597,330. The trade was a 8.82% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 116,659 shares of company stock valued at $11,404,100. Company insiders own 8.32% of the company’s stock.

Institutional Investors Weigh In On Mirum Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. bought a new position in shares of Mirum Pharmaceuticals in the 2nd quarter worth $513,945,000. Emerald Advisers LLC raised its position in shares of Mirum Pharmaceuticals by 8.2% during the 1st quarter. Emerald Advisers LLC now owns 397,263 shares of the company’s stock valued at $36,699,000 after buying an additional 30,129 shares in the last quarter. Rice Hall James & Associates LLC purchased a new stake in shares of Mirum Pharmaceuticals during the 2nd quarter valued at $12,956,000. Jupiter Topco LLC purchased a new stake in shares of Mirum Pharmaceuticals during the 2nd quarter valued at $691,672,000. Finally, Man Group plc bought a new stake in shares of Mirum Pharmaceuticals during the 2nd quarter worth $4,353,000.

Mirum Pharmaceuticals Price Performance

The business’s fifty day moving average price is $89.51 and its 200-day moving average price is $98.44. The company has a market capitalization of $6.30 billion, a P/E ratio of -6.27 and a beta of 0.75. The company has a current ratio of 2.86, a quick ratio of 2.74 and a debt-to-equity ratio of 1.28.

Mirum Pharmaceuticals Company Profile

Mirum Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing treatments for rare diseases, particularly disorders affecting the liver and bile acid pathways. The company’s medicines are designed to address conditions with limited treatment options and to improve outcomes for children and adults living with serious chronic diseases.

Mirum’s lead product is LIVMARLI (maralixibat), an oral bile acid transport inhibitor used to treat cholestatic pruritus, or severe itching caused by impaired bile flow, in patients with Alagille syndrome and progressive familial intrahepatic cholestasis.