Mirum Pharmaceuticals Inc. (MIRM) is a biopharmaceutical company that focuses on the development and commercialization of novel therapies for debilitating liver diseases.
Let's check out the charts and indicators of Mirum, which Real Money's Bret Jensen highlighted last October, to see where its shares may be headed.
In this daily bar chart of MIRM, below, I can see that prices have sprinted higher in recent weeks to make a new high for the move up and break out over the June highs. Prices trade above the rising 50-day moving average line and above the rising 200-day moving average line. The On-Balance-Volume (OBV) line broke out on the upside from a lengthy sideways trend. The Moving Average Convergence Divergence (MACD) oscillator is in a bullish alignment above the zero line.
In this weekly Japanese candlestick chart of MIRM, below, I looked at the past four years of price action. Prices have made a big upside breakout above resistance in the $28-$30 area. Prices trade above the rising 40-week moving average line. Trading volume has been increasing the past year or so and that is a plus. The weekly OBV line shows a decline with improvement in recent weeks. The MACD oscillator recently crossed to the upside for a fresh outright buy signal.
In this daily Point and Figure chart of MIRM, below, I used a five-box reversal filter and can see a price target in the $80 area.
In this weekly Point and Figure chart of MIRM, below, I find the same $80 price target.
Bottom line strategy: Aggressive traders could try to buy a dip toward $30, if available. Risk to $26. My first price target is $42.
