Mirum Pharmaceuticals (NASDAQ:MIRM) received a downgrade from Wall Street Zen, which shifted its rating from “strong-buy” to “buy.” This adjustment was announced in a research note released on December 9, 2023, reflecting a shift in analysts’ confidence regarding the company’s stock.
Several other analysts have also weighed in on Mirum Pharmaceuticals. Raymond James Financial reaffirmed a “strong-buy” rating and set a target price of $110.00 on December 11, 2023. Meanwhile, Cowen initiated coverage on September 24, 2023, assigning a “buy” rating. Notably, JPMorgan Chase & Co. raised its price target from $53.00 to $77.00, giving the stock an “overweight” rating on September 12, 2023. Additionally, Robert W. Baird increased its target price from $80.00 to $88.00 on December 8, 2023.
The consensus view among analysts remains positive, with two rating the stock as a “strong buy,” twelve as “buy,” and one as “sell.” According to data from MarketBeat, Mirum Pharmaceuticals has a consensus rating of “buy” and an average price target of $100.25.
Recent Earnings Performance
Mirum Pharmaceuticals reported its quarterly earnings on November 4, 2023, revealing an earnings per share (EPS) of $0.05, surpassing the consensus estimate of a loss of ($0.10) by $0.15. The company generated revenue of $133.01 million for the quarter, exceeding expectations of $130.11 million. Year-over-year, the company’s revenue increased by 47.1%, a significant improvement compared to the same quarter last year when it reported an EPS loss of ($0.30).
Despite these positive results, Mirum Pharmaceuticals continues to face challenges, with a negative return on equity of 16.47% and a negative net margin of 8.78%. Analysts predict that the company will report an EPS of ($1.43) for the current fiscal year.
Institutional Investment Activity
Recent activity by institutional investors indicates growing interest in Mirum Pharmaceuticals. Tudor Investment Corp ET AL acquired a new position valued at $2,027,000 during the third quarter. Other notable purchases include CIBC Bancorp USA Inc., which invested approximately $315,000, and PharVision Advisers LLC, which bought shares worth about $273,000.
Virtus Advisers LLC and Voleon Capital Management LP also increased their stakes in the company, with investments of approximately $293,000 and $6,343,000, respectively. This influx of institutional investment reflects a broader confidence in the company’s potential within the biopharmaceutical sector.
Mirum Pharmaceuticals is focused on developing innovative therapies for rare cholestatic liver diseases, aiming to meet the needs of patients with limited treatment options. Its leading candidate, maralixibat (Livmarli), is designed to alleviate symptoms by reducing systemic bile acid accumulation.
As the company navigates its market position, investors will be closely monitoring upcoming performance reports and analyst evaluations to gauge future potential.
