Arrowstreet Capital Limited Partnership Has $6.27 Million Stake in Mirum Pharmaceuticals, Inc. $MIRM

Key Points

• Arrowstreet Capital cut its Mirum Pharmaceuticals stake by 81.8% in the first quarter, selling 304,626 shares and retaining 67,885 shares valued at approximately $6.27 million.
• Analysts remain broadly bullish, with a consensus “Moderate Buy” rating and an average price target of $143.40; RBC raised its target to $148, while Raymond James set the highest target at $165.
• Mirum’s quarterly revenue rose 43.3% year over year to $159.88 million, exceeding estimates, but the company reported a significantly wider-than-expected loss of $13.43 per share.

Arrowstreet Capital Limited Partnership reduced its stake in Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM - Free Report) by 81.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 67,885 shares of the company's stock after selling 304,626 shares during the period. Arrowstreet Capital Limited Partnership owned 0.11% of Mirum Pharmaceuticals worth $6,271,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in MIRM. Comerica Bank grew its stake in Mirum Pharmaceuticals by 45.1% in the first quarter. Comerica Bank now owns 895 shares of the company's stock valued at $40,000 after acquiring an additional 278 shares during the period. AQR Capital Management LLC grew its holdings in shares of Mirum Pharmaceuticals by 307.3% during the first quarter. AQR Capital Management LLC now owns 49,076 shares of the company's stock valued at $2,211,000 after buying an additional 37,028 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Mirum Pharmaceuticals by 7.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,047 shares of the company's stock valued at $1,176,000 after buying an additional 1,720 shares during the last quarter. Caxton Associates LLP bought a new stake in shares of Mirum Pharmaceuticals during the first quarter worth about $217,000. Finally, Empowered Funds LLC increased its position in shares of Mirum Pharmaceuticals by 15.4% during the first quarter. Empowered Funds LLC now owns 38,386 shares of the company's stock worth $1,729,000 after acquiring an additional 5,120 shares in the last quarter.

Analysts Set New Price Targets

Several equities analysts recently weighed in on MIRM shares. Citigroup reaffirmed an "outperform" rating on shares of Mirum Pharmaceuticals in a research report on Monday, June 15th. Royal Bank Of Canada boosted their price objective on Mirum Pharmaceuticals from $142.00 to $148.00 and gave the stock an "outperform" rating in a report on Tuesday, July 7th. Weiss Ratings cut Mirum Pharmaceuticals from a "sell (d)" rating to a "sell (d-)" rating in a research note on Tuesday, June 23rd. Evercore reaffirmed an "outperform" rating and set a $138.00 price objective on shares of Mirum Pharmaceuticals in a report on Thursday, May 7th. Finally, Raymond James Financial reaffirmed a "strong-buy" rating and set a $165.00 price objective on shares of Mirum Pharmaceuticals in a report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $143.40.

Mirum Pharmaceuticals Price Performance

Mirum Pharmaceuticals stock opened at $105.95 on Monday. The firm has a 50 day simple moving average of $110.06 and a 200 day simple moving average of $101.48. The company has a current ratio of 2.09, a quick ratio of 1.99 and a debt-to-equity ratio of 1.28. Mirum Pharmaceuticals, Inc. has a 1-year low of $50.25 and a 1-year high of $130.00. The firm has a market capitalization of $6.46 billion, a price-to-earnings ratio of -7.78 and a beta of 0.52.

Mirum Pharmaceuticals (NASDAQ:MIRM - Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported ($13.43) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.75) by ($12.68). The company had revenue of $159.88 million for the quarter, compared to analysts' expectations of $148.21 million. Mirum Pharmaceuticals had a negative return on equity of 11.28% and a negative net margin of 140.24%.The company's revenue was up 43.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.30) EPS. On average, analysts predict that Mirum Pharmaceuticals, Inc. will post -2.01 earnings per share for the current year.

Insider Activity

In other news, SVP Jolanda Howe sold 2,721 shares of the company's stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $120.00, for a total value of $326,520.00. Following the transaction, the senior vice president owned 3,114 shares of the company's stock, valued at approximately $373,680. This represents a 46.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Eric Bjerkholt sold 5,000 shares of Mirum Pharmaceuticals stock in a transaction on Monday, July 6th. The shares were sold at an average price of $122.25, for a total value of $611,250.00. Following the sale, the chief financial officer directly owned 42,181 shares of the company's stock, valued at $5,156,627.25. This represents a 10.60% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 65,315 shares of company stock worth $6,991,928 in the last three months. Corporate insiders own 8.32% of the company's stock.

Mirum Pharmaceuticals Company Profile

Mirum Pharmaceuticals, Inc is a late-stage biopharmaceutical company dedicated to the development and commercialization of innovative therapies for rare cholestatic liver diseases. The company's primary focus lies in addressing the unmet medical needs of patients suffering from genetic and progressive forms of pediatric liver disorders, where limited treatment options currently exist.

Mirum's lead product candidate, maralixibat (Livmarli), is an ileal bile acid transporter inhibitor designed to reduce systemic bile acid accumulation and alleviate associated pruritus and liver damage.

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