Mirum Pharmaceuticals (NASDAQ:MIRM) Shares Down 6.4% – Here’s What Happened

Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM)’s share price dropped 6.4% on Tuesday. The stock traded as low as $80.67 and last traded at $80.5350. Approximately 427,609 shares were traded during trading, a decline of 50% from the average session volume of 854,272 shares. The stock had previously closed at $86.06.

Key Headlines Impacting Mirum Pharmaceuticals

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

• Positive Sentiment: LIVMARLI met the primary endpoint in the Phase 3 EXPAND study for ultra-rare cholestatic liver diseases, improving cholestatic pruritus and reducing serum bile acids. Mirum plans to submit the data to the FDA in 2027, potentially expanding the drug’s commercial opportunity. Mirum’s Livmarli Meets Phase III Goal in Ultra-Rare Liver Diseases
• Positive Sentiment: The successful EXPAND results strengthen the outlook for LIVMARLI, Mirum’s key product, and provide another potential indication beyond its existing uses. Mirum Pharmaceuticals Reports Positive Phase 3 LIVMARLI Results
• Positive Sentiment: Citigroup raised its price target from $160 to $184 and maintained a Buy rating. HC Wainwright also lifted its target from $195 to $200 and retained its Buy rating, signaling substantial long-term upside in analysts’ models.
• Neutral Sentiment: The FDA filing is not expected until 2027, leaving additional regulatory review and commercialization milestones before any potential revenue contribution from the expanded indication.
• Negative Sentiment: HC Wainwright reduced its third-quarter 2027 earnings-per-share estimate to $0.27 from $0.35. The revision suggests analysts still see uncertainty around Mirum’s near-term earnings trajectory, despite the favorable clinical data.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on MIRM. Citizens Jmp reiterated a “market outperform” rating and set a $137.00 price target on shares of Mirum Pharmaceuticals in a research report on Thursday, August 27th. Morgan Stanley raised their price target on Mirum Pharmaceuticals from $137.00 to $152.00 and gave the company an “overweight” rating in a report on Monday. CLSA set a $146.00 price objective on shares of Mirum Pharmaceuticals in a research note on Monday, June 15th. Robert W. Baird lifted their price objective on shares of Mirum Pharmaceuticals from $123.00 to $130.00 and gave the company an “outperform” rating in a research note on Tuesday, September 29th. Finally, UBS Group set a $137.00 price objective on shares of Mirum Pharmaceuticals in a report on Thursday, August 27th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $146.62.

Mirum Pharmaceuticals Stock Down 6.4%

The firm has a market cap of $5.23 billion, a price-to-earnings ratio of -5.53 and a beta of 0.61. The stock’s 50 day moving average is $94.71 and its 200 day moving average is $100.95. The company has a quick ratio of 2.74, a current ratio of 2.86 and a debt-to-equity ratio of 1.28.

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

Insider Buying and Selling

In related news, SVP Jolanda Howe sold 40,000 shares of Mirum Pharmaceuticals stock in a transaction on 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 of the company’s stock, valued at approximately $127,400. The trade was a 96.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Eric Bjerkholt sold 6,001 shares of the firm’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $99.90, for a total value of $599,499.90. Following the transaction, the chief financial officer owned 36,355 shares in the company, 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 quarter, insiders have sold 98,499 shares of company stock worth $9,797,834. Insiders own 8.32% of the company’s stock.

Institutional Investors Weigh In On Mirum Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Juncture Wealth Strategies LLC boosted its holdings in Mirum Pharmaceuticals by 10.7% during the third quarter. Juncture Wealth Strategies LLC now owns 5,330 shares of the company’s stock valued at $456,000 after acquiring an additional 515 shares during the period. Engineers Gate Manager LP increased its stake in shares of Mirum Pharmaceuticals by 218.2% in the second quarter. Engineers Gate Manager LP now owns 8,143 shares of the company’s stock worth $953,000 after purchasing an additional 5,584 shares during the period. Insight Wealth Partners LLC bought a new position in shares of Mirum Pharmaceuticals in the second quarter worth about $395,000. Integrated Wealth Concepts LLC bought a new position in shares of Mirum Pharmaceuticals in the second quarter worth about $27,000. Finally, Arizona State Retirement System lifted its position in shares of Mirum Pharmaceuticals by 12.6% during the 2nd quarter. Arizona State Retirement System now owns 11,655 shares of the company’s stock worth $1,364,000 after purchasing an additional 1,306 shares during the last quarter.

Mirum Pharmaceuticals Company Profile

Mirum Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing medicines for rare diseases of the liver and gastrointestinal system. The company’s work centers on conditions involving impaired bile acid transport and cholestasis, which can cause serious liver damage and debilitating symptoms such as itching.

Mirum’s primary commercial product is Livmarli (maralixibat), an oral ileal bile acid transporter inhibitor. In the United States, Livmarli is approved to treat cholestatic pruritus associated with Alagille syndrome and progressive familial intrahepatic cholestasis in eligible pediatric patients.