Bank of New York Mellon Corp Invests $78.43 Million in Mirum Pharmaceuticals, Inc. $MIRM

Key Points

• Bank of New York Mellon purchased 669,974 shares of Mirum Pharmaceuticals worth approximately $78.4 million, giving it a 1.10% stake. Several other institutional investors also substantially increased their holdings.
• Mirum’s quarterly revenue rose 37.9% year over year to $176.24 million, exceeding estimates, but the company reported an adjusted loss of $1.06 per share, wider than analysts expected.
• Analysts remain broadly positive, with a “Moderate Buy” consensus and an average price target of $137.33, although company insiders sold 133,156 shares worth $13.8 million over the past three months.

Bank of New York Mellon Corp bought a new stake in shares of Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 669,974 shares of the company's stock, valued at approximately $78,434,000. Bank of New York Mellon Corp owned 1.10% of Mirum Pharmaceuticals at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Janus Henderson Group PLC increased its stake in shares of Mirum Pharmaceuticals by 21.4% during the fourth quarter. Janus Henderson Group PLC now owns 6,065,308 shares of the company's stock valued at $479,050,000 after buying an additional 1,067,722 shares during the period. State Street Corp raised its holdings in shares of Mirum Pharmaceuticals by 59.2% in the fourth quarter. State Street Corp now owns 2,143,992 shares of the company's stock valued at $169,354,000 after acquiring an additional 797,088 shares in the last quarter. Wellington Management Group LLP lifted its stake in Mirum Pharmaceuticals by 566.8% in the third quarter. Wellington Management Group LLP now owns 790,689 shares of the company's stock worth $57,965,000 after acquiring an additional 672,118 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in Mirum Pharmaceuticals by 709.5% in the third quarter. Arrowstreet Capital Limited Partnership now owns 612,318 shares of the company's stock worth $44,889,000 after acquiring an additional 536,674 shares during the period. Finally, Voloridge Investment Management LLC grew its holdings in Mirum Pharmaceuticals by 2,116.6% during the 3rd quarter. Voloridge Investment Management LLC now owns 389,574 shares of the company's stock worth $28,560,000 after acquiring an additional 371,999 shares in the last quarter.

Mirum Pharmaceuticals Stock Up 1.4%

Mirum Pharmaceuticals stock opened at $98.08 on Wednesday. Mirum Pharmaceuticals, Inc. has a 1-year low of $63.23 and a 1-year high of $130.00. The business has a fifty day moving average price of $111.04 and a 200-day moving average price of $101.82. The company has a debt-to-equity ratio of 1.28, a current ratio of 2.86 and a quick ratio of 2.74. The stock has a market capitalization of $6.37 billion, a price-to-earnings ratio of -6.74 and a beta of 0.52.

Mirum Pharmaceuticals (NASDAQ:MIRM - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported ($1.06) earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $176.24 million for the quarter, compared to analyst estimates of $166.33 million. During the same period in the prior year, the company earned ($0.12) earnings per share. The company's quarterly revenue was up 37.9% on a year-over-year basis. Equities research analysts forecast that Mirum Pharmaceuticals, Inc. will post -1.31 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

MIRM has been the topic of several research reports. Weiss Ratings raised shares of Mirum Pharmaceuticals from a "sell (d-)" rating to a "sell (d)" rating in a report on Thursday, August 6th. Stifel Nicolaus set a $136.00 target price on Mirum Pharmaceuticals in a report on Thursday, May 7th. Robert W. Baird set a $123.00 target price on Mirum Pharmaceuticals in a research report on Thursday, August 6th. TD Cowen cut their price target on Mirum Pharmaceuticals from $145.00 to $140.00 and set a "buy" rating on the stock in a report on Thursday, August 6th. Finally, JPMorgan Chase & Co. boosted their price target on Mirum Pharmaceuticals from $115.00 to $125.00 and gave the stock an "overweight" rating in a research report on Thursday, July 2nd. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $137.33.

Insider Activity at Mirum Pharmaceuticals

In related news, CEO Christopher Peetz sold 30,000 shares of Mirum Pharmaceuticals stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $95.84, for a total value of $2,875,200.00. Following the completion of the sale, the chief executive officer directly owned 194,309 shares in the company, valued at $18,622,574.56. This trade represents a 13.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Eric Bjerkholt sold 6,001 shares of the business's stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $99.90, for a total transaction of $599,499.90. Following the sale, the chief financial officer directly owned 36,355 shares in the company, valued at approximately $3,631,864.50. This represents a 14.17% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 133,156 shares of company stock valued at $13,763,562 in the last three months. 8.32% of the stock is owned by insiders.

Mirum Pharmaceuticals 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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