Bank of America Corp DE Makes New Investment in Mirum Pharmaceuticals, Inc. $MIRM

Key Points

• Bank of America acquired 561,724 shares of Mirum Pharmaceuticals in the second quarter, valued at approximately $65.8 million and representing a 0.87% stake.
• Mirum reported quarterly revenue of $176.2 million, up 37.9% year over year and above estimates, but its loss of $1.06 per share was wider than analysts expected.
• Analysts maintain a generally positive view, with a consensus “Moderate Buy” rating and an average price target of $137.31, although insiders sold 126,220 shares worth about $13.2 million during the last quarter.

Bank of America Corp DE acquired a new stake in shares of Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 561,724 shares of the company's stock, valued at approximately $65,761,000. Bank of America Corp DE owned 0.87% of Mirum Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Cullen Frost Bankers Inc. bought a new stake in Mirum Pharmaceuticals during the 4th quarter valued at $30,000. Eurizon Capital SGR S.p.A. bought a new stake in Mirum Pharmaceuticals in the fourth quarter valued at $32,000. Summit Securities Group LLC purchased a new position in Mirum Pharmaceuticals during the 1st quarter valued at $42,000. Quantbot Technologies LP bought a new position in Mirum Pharmaceuticals in the 2nd quarter worth $44,000. Finally, State of Wyoming bought a new position in Mirum Pharmaceuticals in the 2nd quarter worth $52,000.

Mirum Pharmaceuticals Stock Performance

Shares of MIRM opened at $91.83 on Friday. The company has a quick ratio of 2.74, a current ratio of 2.86 and a debt-to-equity ratio of 1.28. The stock has a market cap of $5.96 billion, a P/E ratio of -6.31 and a beta of 0.49. The business's 50 day moving average price is $103.81 and its 200-day moving average price is $101.37. Mirum Pharmaceuticals, Inc. has a 52 week low of $63.23 and a 52 week high of $130.00.

Mirum Pharmaceuticals (NASDAQ:MIRM - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($1.06) earnings per share for the quarter, missing analysts' consensus estimates of ($0.74) by ($0.32). Mirum Pharmaceuticals had a negative net margin of 139.18% and a negative return on equity of 36.28%. The company had revenue of $176.24 million for the quarter, compared to the consensus estimate of $166.33 million. During the same period last year, the business earned ($0.12) EPS. The firm's quarterly revenue was up 37.9% on a year-over-year basis. Equities research analysts anticipate that Mirum Pharmaceuticals, Inc. will post -1.31 earnings per share for the current fiscal year.

Insider Transactions at Mirum Pharmaceuticals

In other Mirum Pharmaceuticals news, CEO Christopher Peetz sold 30,000 shares of the firm's stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $98.68, for a total transaction of $2,960,400.00. Following the completion of the sale, the chief executive officer directly owned 194,440 shares in the company, valued at approximately $19,187,339.20. This trade represents a 13.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Eric Bjerkholt sold 6,001 shares of Mirum Pharmaceuticals stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $99.90, for a total transaction of $599,499.90. Following the completion of the transaction, the chief financial officer directly owned 36,355 shares of the company's stock, valued at $3,631,864.50. This trade represents a 14.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 126,220 shares of company stock valued at $13,181,004 in the last quarter. 8.32% of the stock is owned by insiders.

Analyst Ratings Changes

MIRM has been the subject of several research analyst reports. HC Wainwright dropped their target price on shares of Mirum Pharmaceuticals from $185.00 to $140.00 and set a "buy" rating for the company in a research report on Thursday, August 6th. Citigroup reiterated a "market outperform" rating on shares of Mirum Pharmaceuticals in a research report on Thursday, August 27th. JPMorgan Chase & Co. raised their price objective on shares of Mirum Pharmaceuticals from $115.00 to $125.00 and gave the stock an "overweight" rating in a report on Thursday, July 2nd. Citizens Jmp reaffirmed a "market outperform" rating and set a $137.00 price objective on shares of Mirum Pharmaceuticals in a research report on Thursday, August 27th. Finally, CLSA set a $146.00 target price on Mirum Pharmaceuticals in a report on Monday, June 15th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $137.31.

Mirum Pharmaceuticals Company Profile

Mirum Pharmaceuticals, Inc is a biopharmaceutical company focused on developing and commercializing treatments for rare diseases, with an emphasis on liver and gastrointestinal disorders. The company's medicines are intended to address serious conditions for which available treatment options are limited.

Mirum's lead product is LIVMARLI (maralixibat), an oral bile acid transport inhibitor approved in the United States for the treatment of cholestatic pruritus associated with Alagille syndrome and progressive familial intrahepatic cholestasis in eligible patients.

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