Mirum Pharmaceuticals (NASDAQ:MIRM) Shares Down 5.7% – Here’s What Happened

Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM)’s stock price was down 5.7% during trading on Friday . The stock traded as low as $93.15 and last traded at $93.21. 148,498 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 843,418 shares. The stock had previously closed at $98.82.

Wall Street Analyst Weigh In

MIRM has been the topic of a number of analyst reports. Morgan Stanley set a $137.00 price target on Mirum Pharmaceuticals in a research report on Thursday, August 6th. CLSA set a $146.00 price objective on shares of Mirum Pharmaceuticals in a report on Monday, June 15th. Citigroup reaffirmed a “market outperform” rating on shares of Mirum Pharmaceuticals in a report on Thursday, August 27th. JPMorgan Chase & Co. boosted their price objective on shares of Mirum Pharmaceuticals from $115.00 to $125.00 and gave the company an “overweight” rating in a report on Thursday, July 2nd. Finally, Wall Street Zen downgraded shares of Mirum Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Sunday, September 6th. One 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 stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $137.31.

Mirum Pharmaceuticals Stock Down 5.4%

The stock has a market cap of $6.07 billion, a price-to-earnings ratio of -6.41 and a beta of 0.49. 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 business’s fifty day moving average is $104.42 and its two-hundred day moving average is $101.43.

Mirum Pharmaceuticals (NASDAQ:MIRM) last issued its earnings results on Wednesday, August 5th. The company reported ($1.06) earnings per share for the quarter, missing the consensus estimate of ($0.74) by ($0.32). The firm had revenue of $176.24 million during the quarter, compared to analyst estimates of $166.33 million. Mirum Pharmaceuticals had a negative net margin of 139.18% and a negative return on equity of 36.28%. The firm’s revenue was up 37.9% compared to the same quarter last year. During the same period last year, the business earned ($0.12) EPS. Equities analysts forecast that Mirum Pharmaceuticals, Inc. will post -1.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, SVP Jolanda Howe sold 40,000 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $100.00, for a total value of $4,000,000.00. Following the completion of the sale, the senior vice president owned 1,274 shares in the company, valued at $127,400. This trade represents a 96.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Eric Bjerkholt sold 6,001 shares of the stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $99.90, for a total transaction of $599,499.90. Following the completion of the transaction, the chief financial officer directly owned 36,355 shares of the company’s stock, valued at approximately $3,631,864.50. This trade represents a 14.17% decrease in their ownership of the stock. 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. Over the last 90 days, insiders have sold 126,220 shares of company stock valued at $13,181,004. 8.32% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Mirum Pharmaceuticals

Large investors have recently bought and sold shares of the stock. Integrated Wealth Concepts LLC acquired a new stake in Mirum Pharmaceuticals during the second quarter worth approximately $27,000. Cullen Frost Bankers Inc. acquired a new position in Mirum Pharmaceuticals in the 4th quarter valued at $30,000. Eurizon Capital SGR S.p.A. acquired a new position in Mirum Pharmaceuticals in the 4th quarter valued at $32,000. Summit Securities Group LLC purchased a new position in shares of Mirum Pharmaceuticals during the 1st quarter worth $42,000. Finally, Quantbot Technologies LP purchased a new position in shares of Mirum Pharmaceuticals during the 2nd quarter worth $44,000.

About Mirum Pharmaceuticals

Mirum Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing treatments for rare diseases, with an emphasis on liver and gastrointestinal disorders. The company’s medicines are intended to address serious conditions for which available treatment options are limited.

Mirum’s lead product is LIVMARLI (maralixibat), an oral bile acid transport inhibitor approved in the United States for the treatment of cholestatic pruritus associated with Alagille syndrome and progressive familial intrahepatic cholestasis in eligible patients.