Mirum Pharmaceuticals (NASDAQ:MIRM) Shares Down 5.1%

Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM)’s share price dropped 5.1% during mid-day trading on Wednesday . The company traded as low as $38.06 and last traded at $38.24. Approximately 328,474 shares were traded during trading, a decline of 45% from the average daily volume of 598,381 shares. The stock had previously closed at $40.29.

Analyst Upgrades and Downgrades

MIRM has been the subject of several recent research reports. HC Wainwright restated a “buy” rating and set a $66.00 target price on shares of Mirum Pharmaceuticals in a research report on Friday, July 26th. Evercore ISI raised their price objective on shares of Mirum Pharmaceuticals from $62.00 to $66.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. Citigroup increased their target price on Mirum Pharmaceuticals from $38.00 to $64.00 and gave the stock a “buy” rating in a research report on Tuesday, June 18th. Cantor Fitzgerald lifted their price objective on shares of Mirum Pharmaceuticals from $50.00 to $60.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $48.00 target price on shares of Mirum Pharmaceuticals in a research report on Monday, June 17th. Ten equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Mirum Pharmaceuticals currently has a consensus rating of “Buy” and a consensus price target of $56.27.

Mirum Pharmaceuticals Stock Down 5.7 %

The company has a debt-to-equity ratio of 1.34, a current ratio of 3.28 and a quick ratio of 3.09. The business’s fifty day moving average price is $40.76 and its two-hundred day moving average price is $31.85. The stock has a market capitalization of $1.79 billion, a PE ratio of -10.31 and a beta of 1.14.

Mirum Pharmaceuticals (NASDAQ:MIRM) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($0.52) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.05). The firm had revenue of $77.90 million during the quarter, compared to analyst estimates of $75.03 million. Mirum Pharmaceuticals had a negative net margin of 40.34% and a negative return on equity of 43.47%. The firm’s revenue for the quarter was up 107.7% on a year-over-year basis. During the same period in the prior year, the company posted ($0.92) earnings per share. On average, equities research analysts forecast that Mirum Pharmaceuticals, Inc. will post -1.75 EPS for the current fiscal year.

Insider Activity at Mirum Pharmaceuticals

In other Mirum Pharmaceuticals news, insider Pamela Vig sold 30,559 shares of the company’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $34.00, for a total value of $1,039,006.00. Following the completion of the sale, the insider now directly owns 27,406 shares in the company, valued at approximately $931,804. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 22.87% of the company’s stock.

Hedge Funds Weigh In On Mirum Pharmaceuticals

A number of hedge funds have recently made changes to their positions in MIRM. Quest Partners LLC raised its position in Mirum Pharmaceuticals by 7,513.3% in the 2nd quarter. Quest Partners LLC now owns 1,142 shares of the company’s stock valued at $39,000 after purchasing an additional 1,127 shares in the last quarter. Amalgamated Bank grew its position in shares of Mirum Pharmaceuticals by 60.8% in the 2nd quarter. Amalgamated Bank now owns 1,357 shares of the company’s stock valued at $46,000 after buying an additional 513 shares during the last quarter. StepStone Group LP acquired a new position in Mirum Pharmaceuticals in the fourth quarter valued at $135,000. ProShare Advisors LLC acquired a new stake in shares of Mirum Pharmaceuticals during the second quarter worth about $213,000. Finally, NEOS Investment Management LLC purchased a new stake in shares of Mirum Pharmaceuticals in the 4th quarter valued at about $220,000.

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.