Mirum Pharmaceuticals (NASDAQ:MIRM) Stock Price Down 8.2% Following Weak Earnings

Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM) shares dropped 8.2% during mid-day trading on Thursday following a weaker than expected earnings announcement. The stock traded as low as $44.21 and last traded at $46.38. Approximately 145,003 shares changed hands during trading, a decline of 72% from the average daily volume of 516,255 shares. The stock had previously closed at $50.52.

The company reported ($0.49) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.22). Mirum Pharmaceuticals had a negative net margin of 31.69% and a negative return on equity of 41.22%. The business had revenue of $99.41 million for the quarter, compared to the consensus estimate of $96.64 million.

Analysts Set New Price Targets

Several research analysts have issued reports on MIRM shares. Citigroup increased their price target on Mirum Pharmaceuticals from $65.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Robert W. Baird increased their price target on Mirum Pharmaceuticals from $50.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday. Finally, HC Wainwright increased their price target on Mirum Pharmaceuticals from $66.00 to $72.00 and gave the stock a “buy” rating in a report on Friday. Ten research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $58.20.

Insider Activity

In related news, CEO Christopher Peetz sold 9,102 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $48.22, for a total transaction of $438,898.44. Following the completion of the sale, the chief executive officer now directly owns 115,920 shares of the company’s stock, valued at approximately $5,589,662.40. This trade represents a 7.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Peter Radovich sold 2,627 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $48.22, for a total value of $126,673.94. Following the sale, the chief operating officer now directly owns 26,961 shares of the company’s stock, valued at $1,300,059.42. The trade was a 8.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 40,915 shares of company stock worth $1,897,920 over the last 90 days. 22.87% of the stock is currently owned by corporate insiders.

Institutional Trading of Mirum Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of MIRM. Lord Abbett & CO. LLC purchased a new stake in shares of Mirum Pharmaceuticals during the third quarter valued at approximately $28,913,000. Loomis Sayles & Co. L P purchased a new stake in shares of Mirum Pharmaceuticals during the third quarter valued at approximately $19,473,000. State Street Corp increased its position in shares of Mirum Pharmaceuticals by 19.9% during the third quarter. State Street Corp now owns 1,793,728 shares of the company’s stock valued at $69,955,000 after acquiring an additional 297,511 shares during the last quarter. Erste Asset Management GmbH purchased a new stake in shares of Mirum Pharmaceuticals during the third quarter valued at approximately $10,136,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of Mirum Pharmaceuticals during the fourth quarter valued at approximately $10,611,000.

Mirum Pharmaceuticals Stock Down 7.0 %

The company has a quick ratio of 3.15, a current ratio of 3.34 and a debt-to-equity ratio of 1.33. The company has a market capitalization of $2.25 billion, a PE ratio of -23.25 and a beta of 0.96. The stock has a 50-day moving average of $46.84 and a 200 day moving average of $43.35.

Mirum Pharmaceuticals Company Profile

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.