Mirum Pharmaceuticals (NASDAQ:MIRM) Shares Gap Up - Here's Why

Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM - Get Free Report)'s share price gapped up before the market opened on Monday . The stock had previously closed at $44.28, but opened at $45.76. Mirum Pharmaceuticals shares last traded at $44.02, with a volume of 21,381 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on MIRM. Robert W. Baird raised their price objective on Mirum Pharmaceuticals from $50.00 to $55.00 and gave the company an "outperform" rating in a research note on Thursday, February 27th. HC Wainwright increased their target price on shares of Mirum Pharmaceuticals from $66.00 to $72.00 and gave the company a "buy" rating in a report on Friday, February 28th. Ten equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $58.20.

Mirum Pharmaceuticals Trading Down 1.8 %

The stock's 50 day simple moving average is $47.77 and its two-hundred day simple moving average is $43.65. The stock has a market capitalization of $2.30 billion, a PE ratio of -23.28 and a beta of 1.04. The company has a debt-to-equity ratio of 1.33, a current ratio of 3.34 and a quick ratio of 3.15.

Mirum Pharmaceuticals (NASDAQ:MIRM - Get Free Report) last announced its quarterly earnings data on Wednesday, February 26th. The company reported ($0.49) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.22). The firm 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%. On average, sell-side analysts expect that Mirum Pharmaceuticals, Inc. will post -1.43 EPS for the current year.

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Insider Buying and Selling

In other news, SVP Jolanda Howe sold 750 shares of Mirum Pharmaceuticals stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $42.82, for a total value of $32,115.00. Following the completion of the transaction, the senior vice president now owns 2,926 shares in the company, valued at $125,291.32. This trade represents a 20.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Christopher Peetz sold 7,489 shares of the business's stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $42.82, for a total transaction of $320,678.98. Following the completion of the sale, the chief executive officer now directly owns 119,359 shares in the company, valued at approximately $5,110,952.38. This trade represents a 5.90 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 133,679 shares of company stock valued at $6,007,081. 22.87% of the stock is owned by insiders.

Hedge Funds Weigh In On Mirum Pharmaceuticals

Several hedge funds have recently made changes to their positions in MIRM. Jones Financial Companies Lllp lifted its holdings in Mirum Pharmaceuticals by 100.0% during the 4th quarter. Jones Financial Companies Lllp now owns 714 shares of the company's stock worth $30,000 after purchasing an additional 357 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Mirum Pharmaceuticals in the fourth quarter worth about $35,000. GF Fund Management CO. LTD. bought a new position in shares of Mirum Pharmaceuticals in the fourth quarter valued at approximately $42,000. R Squared Ltd bought a new position in shares of Mirum Pharmaceuticals in the fourth quarter valued at approximately $69,000. Finally, AlphaQuest LLC grew its stake in Mirum Pharmaceuticals by 969.6% during the fourth quarter. AlphaQuest LLC now owns 1,829 shares of the company's stock valued at $76,000 after acquiring an additional 1,658 shares in the last quarter.

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.