Mirum Pharmaceuticals (NASDAQ:MIRM) Sets New 12-Month High on Earnings Beat

Shares of Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM) reached a new 52-week high on Tuesday following a stronger than expected earnings report. The stock traded as high as $45.67 and last traded at $43.04, with a volume of 170658 shares traded. The stock had previously closed at $41.61.

The company reported ($0.30) earnings per share for the quarter, topping the consensus estimate of ($0.45) by $0.15. The business had revenue of $90.38 million during the quarter, compared to the consensus estimate of $81.99 million. Mirum Pharmaceuticals had a negative return on equity of 40.98% and a negative net margin of 31.69%. The business’s revenue for the quarter was up 89.4% compared to the same quarter last year. During the same period last year, the company earned ($0.57) earnings per share.

Analyst Ratings Changes

A number of brokerages have commented on MIRM. Robert W. Baird upped their target price on shares of Mirum Pharmaceuticals from $44.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday. Evercore ISI increased their price objective on Mirum Pharmaceuticals from $62.00 to $66.00 and gave the stock an “outperform” rating in a research note on Thursday, August 8th. HC Wainwright reaffirmed a “buy” rating and set a $66.00 target price on shares of Mirum Pharmaceuticals in a research report on Wednesday. Citigroup increased their price target on Mirum Pharmaceuticals from $65.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Leerink Partners lifted their price objective on Mirum Pharmaceuticals from $47.00 to $49.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Ten analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $57.73.

Hedge Funds Weigh In On Mirum Pharmaceuticals

A number of large investors have recently added to or reduced their stakes in the company. Janus Henderson Group PLC grew its position in shares of Mirum Pharmaceuticals by 34.2% in the 1st quarter. Janus Henderson Group PLC now owns 2,767,210 shares of the company’s stock worth $69,470,000 after buying an additional 704,659 shares during the last quarter. Candriam S.C.A. purchased a new position in Mirum Pharmaceuticals in the second quarter worth $17,384,000. Loomis Sayles & Co. L P acquired a new position in shares of Mirum Pharmaceuticals during the third quarter worth $19,473,000. Clearbridge Investments LLC lifted its holdings in shares of Mirum Pharmaceuticals by 165.5% during the 2nd quarter. Clearbridge Investments LLC now owns 699,933 shares of the company’s stock valued at $23,931,000 after purchasing an additional 436,349 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in Mirum Pharmaceuticals by 37.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,597,506 shares of the company’s stock worth $40,131,000 after buying an additional 432,824 shares during the last quarter.

Mirum Pharmaceuticals Stock Up 3.9 %

The company has a 50-day moving average of $39.92 and a 200-day moving average of $35.73. The company has a current ratio of 3.28, a quick ratio of 3.09 and a debt-to-equity ratio of 1.34. The company has a market capitalization of $2.10 billion, a price-to-earnings ratio of -21.81 and a beta of 1.16.

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.