Mirum Pharmaceuticals (NASDAQ:MIRM) Stock Price Down 6.4% – Here’s Why

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on MIRM shares. Wall Street Zen lowered shares of Mirum Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Sunday, September 6th. Royal Bank Of Canada boosted their price objective on Mirum Pharmaceuticals from $135.00 to $155.00 and gave the company an “outperform” rating in a research note on Thursday, October 8th. Robert W. Baird increased their price target on shares of Mirum Pharmaceuticals from $123.00 to $130.00 and gave the stock an “outperform” rating in a report on Tuesday, September 29th. Citizens Jmp reaffirmed a “market outperform” rating and issued a $137.00 price objective on shares of Mirum Pharmaceuticals in a report on Thursday, August 27th. Finally, Citigroup boosted their target price on Mirum Pharmaceuticals from $160.00 to $184.00 and gave the stock a “buy” rating in a research report on Monday. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $147.88.

Mirum Pharmaceuticals Price Performance

The company has a 50-day moving average of $93.70 and a two-hundred day moving average of $100.82. The stock has a market capitalization of $5.35 billion, a PE ratio of -5.66 and a beta of 0.61. The company has a debt-to-equity ratio of 1.28, a current ratio of 2.86 and a quick ratio of 2.74.

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

Insider Activity at Mirum Pharmaceuticals

In other news, CEO Christopher Peetz sold 30,000 shares of the company’s stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $98.68, for a total value of $2,960,400.00. Following the completion of the sale, the chief executive officer owned 194,440 shares of the company’s stock, valued at $19,187,339.20. This represents a 13.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Eric Bjerkholt sold 6,001 shares of the business’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $99.90, for a total transaction of $599,499.90. Following the transaction, the chief financial officer directly owned 36,355 shares in the company, valued at approximately $3,631,864.50. The trade was a 14.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 98,499 shares of company stock worth $9,797,834. 8.32% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Contravisory Investment Management Inc. lifted its holdings in shares of Mirum Pharmaceuticals by 10.2% during the 3rd quarter. Contravisory Investment Management Inc. now owns 5,074 shares of the company’s stock worth $434,000 after acquiring an additional 470 shares during the period. Juncture Wealth Strategies LLC boosted its position in shares of Mirum Pharmaceuticals by 10.7% during the 3rd 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 in the last quarter. Engineers Gate Manager LP increased its stake in Mirum Pharmaceuticals by 218.2% in the second quarter. Engineers Gate Manager LP now owns 8,143 shares of the company’s stock valued at $953,000 after acquiring an additional 5,584 shares during the period. Insight Wealth Partners LLC bought a new stake in Mirum Pharmaceuticals in the second quarter valued at about $395,000. Finally, Integrated Wealth Concepts LLC bought a new stake in Mirum Pharmaceuticals in the second quarter valued at about $27,000.

About Mirum Pharmaceuticals

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.