In a recent transaction, Christopher Peetz, the Chief Executive Officer of Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM), sold 7,489 shares of the company’s common stock. The company, currently valued at $2 billion, has demonstrated impressive revenue growth of 112% over the last twelve months, according to InvestingPro data. The shares were sold at an average price of $42.8153 per share, amounting to a total transaction value of approximately $320,643. This sale was conducted to cover tax withholding obligations associated with the vesting of restricted stock units. Following this transaction, Peetz holds 119,359 shares directly, and an additional 208,570 shares indirectly through the Peetz Family Trust. The company maintains strong liquidity with a current ratio of 3.34, while analysts have set price targets ranging from $50 to $74 per share. InvestingPro subscribers have access to 7 additional key insights about MIRM’s financial health and growth prospects.
In other recent news, Mirum Pharmaceuticals has experienced significant growth in recent developments. The company reported a 25% quarterly increase in net sales, reaching $59.1 million, up from $47.2 million in the previous quarter. This strong performance, primarily driven by robust sales of their leading drug LIVMARLI, led to an upward revision of their 2024 global net product sales guidance to a range of $330 million to $335 million. H.C. Wainwright, in response to these developments, has reiterated a Buy rating on Mirum Pharmaceuticals and maintained a $66 price target.
Mirum has also reported a promising start for LIVMARLI in the treatment of progressive familial intrahepatic cholestasis (PFIC), indicated by about 20 patients transitioning from clinical drug treatments to treatments reimbursed by payors. Additionally, the company has expanded its focus on rare genetic diseases with the acquisition of MRM-3379 for Fragile X syndrome treatment.
Furthermore, Mirum received a breakthrough therapy designation for Volixibat for cholestatic pruritus in PBC patients and has its CHENODAL and CTX NDA under priority review. Despite a net loss for the quarter, Mirum’s cash reserves remain robust, enabling continued investment in its pipeline. These recent developments highlight Mirum Pharmaceuticals’ potential for continued growth in the rare disease sector.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.