Here's Why Mirum Pharmaceuticals Stock Is Getting Hammered

Mirum Pharmaceuticals Inc MIRM shares are trading lower by 13.46% to $23.79 Wednesday afternoon after the company priced its common stock offering of 3.478 million shares at $23 per share.

What Happened?

The gross proceeds to Mirum from the offering, before deducting underwriting discounts and commissions and offering expenses, are expected to be $80.0 million.

In addition, Mirum says the company has granted the underwriters a 30-day option to purchase up to an additional 521,739 shares of common stock at the public offering price less underwriting discounts and commissions.

The offering is expected to close on August 12, 2022, subject to satisfaction of customary closing conditions.

According to data from Benzinga Pro, Mirum Pharmaceuticals has a 52-week high of $30.54 and a 52-week low of $12.82.