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

Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM)’s share price dropped 8.2% 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 mid-day 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) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.22). The company had revenue of $99.41 million for the quarter, compared to the consensus estimate of $96.64 million. Mirum Pharmaceuticals had a negative net margin of 31.69% and a negative return on equity of 41.22%.

Wall Street Analyst Weigh In

MIRM has been the subject of a number of recent analyst reports. Robert W. Baird upped their target price on Mirum Pharmaceuticals from $50.00 to $55.00 and gave the company an “outperform” rating in a research report on Thursday. Citigroup upped their price objective on Mirum Pharmaceuticals from $65.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Finally, HC Wainwright upped their price objective on Mirum Pharmaceuticals from $66.00 to $72.00 and gave the stock a “buy” rating in a research report on Friday. Ten investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $58.20.

Insiders Place Their Bets

In other Mirum Pharmaceuticals news, CEO Christopher Peetz sold 7,489 shares of the company’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $42.82, for a total value of $320,678.98. Following the completion of the transaction, the chief executive officer now owns 119,359 shares of the company’s stock, valued at $5,110,952.38. This represents a 5.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Peter Radovich sold 2,627 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $48.22, for a total value of $126,673.94. Following the completion of the sale, the chief operating officer now directly owns 26,961 shares of the company’s stock, valued at approximately $1,300,059.42. The trade was a 8.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 40,915 shares of company stock valued at $1,897,920 in the last 90 days. Corporate insiders own 22.87% of the company’s stock.

Institutional Investors Weigh In On Mirum Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Summit Investment Advisors Inc. increased its stake in shares of Mirum Pharmaceuticals by 8.1% in the fourth quarter. Summit Investment Advisors Inc. now owns 4,155 shares of the company’s stock valued at $172,000 after buying an additional 312 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Mirum Pharmaceuticals by 22.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,725 shares of the company’s stock valued at $67,000 after buying an additional 318 shares during the period. Jones Financial Companies Lllp increased its stake in shares of Mirum Pharmaceuticals by 100.0% in the fourth quarter. Jones Financial Companies Lllp now owns 714 shares of the company’s stock valued at $30,000 after buying an additional 357 shares during the period. Schonfeld Strategic Advisors LLC increased its stake in shares of Mirum Pharmaceuticals by 2.9% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 17,200 shares of the company’s stock valued at $711,000 after buying an additional 487 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Mirum Pharmaceuticals in the fourth quarter valued at about $35,000.

Mirum Pharmaceuticals Trading Down 7.0 %

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

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.