It has been about a month since the last earnings report for Mirum Pharmaceuticals, Inc. (MIRM Quick QuoteMIRM - Free Report) . Shares have added about 4.5% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Mirum Pharmaceuticals due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.

Mirum's Q2 Earnings Lag Estimates, Revenues Top

Mirum incurred second-quarter 2024 loss of 52 cents per share, wider than the Zacks Consensus Estimate of a loss of 48 cents. The company had reported a loss of 92 cents per share in the year-ago quarter.

Revenues in the second quarter totaled $77.9 million, up almost 107.7% year over year. The figure beat the Zacks Consensus Estimate of $75 million. The top line comprised Livmarli sales, newly acquired Cholbam and Chenodal sales as well as minimal license and other revenues.

Quarter in Detail

Livmarli’s net product sales were $47.2 million in the second quarter, reflecting an increase of almost 45% year over year.

Net product sales of newly acquired Cholbam and Chenodal were $30.5 million.

License and other revenues were $0.1 million in the reported quarter compared with $5 million reported in the year-ago quarter.

Research and development expenses increased 48.6% year over year to $32.7 million.

Selling, general and administrative expenses totaled $49.2 million, up almost 49.5% from the year-ago quarter’s level.

As of Jun 30, 2024, Mirum had cash, cash equivalents and marketable securities worth $295.4 million compared with $302.8 million as of Mar 31, 2024.

2024 Guidance

Per management, Mirum is on track to achieve the full-year revenue guidance of $310-$320 million.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a downward trend in fresh estimates.

The consensus estimate has shifted -14.55% due to these changes.

VGM Scores

At this time, Mirum Pharmaceuticals has a strong Growth Score of A, though it is lagging a lot on the Momentum Score front with an F. Charting a somewhat similar path, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Mirum Pharmaceuticals has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

Mirum Pharmaceuticals belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, Axsome Therapeutics (AXSM Quick QuoteAXSM - Free Report) , has gained 10.2% over the past month. More than a month has passed since the company reported results for the quarter ended June 2024.

Axsome reported revenues of $87.17 million in the last reported quarter, representing a year-over-year change of +86.7%. EPS of -$1.24 for the same period compares with -$1 a year ago.

For the current quarter, Axsome is expected to post a loss of $1.34 per share, indicating a change of -1.5% from the year-ago quarter. The Zacks Consensus Estimate has changed -0.8% over the last 30 days.

Axsome has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of F.