BlackRock Inc. Takes $513.95 Million Position in Mirum Pharmaceuticals, Inc. $MIRM

Key Points

• BlackRock acquired 4.39 million Mirum Pharmaceuticals shares worth approximately $513.95 million, giving it a 7.2% stake in the rare-disease drugmaker.
• Mirum reported quarterly revenue of $176.24 million, up 37.9% year over year and above estimates, but its adjusted loss of $1.06 per share was wider than analysts expected.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus and an average price target of $137.33, although one analyst downgraded the stock to “sell” and company insiders sold $13.76 million of shares during the last quarter.

BlackRock Inc. purchased a new stake in Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 4,390,063 shares of the company's stock, valued at approximately $513,945,000. BlackRock Inc. owned about 7.20% of Mirum Pharmaceuticals at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the business. Contravisory Investment Management Inc. raised its holdings in shares of Mirum Pharmaceuticals by 2.3% in the second quarter. Contravisory Investment Management Inc. now owns 4,604 shares of the company's stock valued at $539,000 after buying an additional 103 shares during the last quarter. Faithward Advisors LLC increased its position in Mirum Pharmaceuticals by 0.5% in the 1st quarter. Faithward Advisors LLC now owns 27,467 shares of the company's stock valued at $2,537,000 after acquiring an additional 126 shares during the period. Janney Montgomery Scott LLC increased its position in Mirum Pharmaceuticals by 6.7% in the 4th quarter. Janney Montgomery Scott LLC now owns 3,200 shares of the company's stock valued at $253,000 after acquiring an additional 200 shares during the period. Comerica Bank raised its stake in Mirum Pharmaceuticals by 45.1% during the 1st quarter. Comerica Bank now owns 895 shares of the company's stock valued at $40,000 after acquiring an additional 278 shares during the last quarter. Finally, Osaic Holdings Inc. raised its stake in Mirum Pharmaceuticals by 46.5% during the 2nd quarter. Osaic Holdings Inc. now owns 1,106 shares of the company's stock valued at $56,000 after acquiring an additional 351 shares during the last quarter.

Insider Transactions at Mirum Pharmaceuticals

In other news, CEO Christopher Peetz sold 20,000 shares of the business's stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $98.92, for a total transaction of $1,978,400.00. Following the sale, the chief executive officer owned 194,309 shares of the company's stock, valued at $19,221,046.28. The trade was a 9.33% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 the company'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 value of $599,499.90. Following the completion of the sale, the chief financial officer owned 36,355 shares in the company, valued at approximately $3,631,864.50. This represents a 14.17% decrease in their position. 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 have sold 133,156 shares of company stock valued at $13,763,562 in the last quarter. 8.32% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

MIRM has been the topic of several analyst reports. Wall Street Zen downgraded Mirum Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Sunday, August 16th. Robert W. Baird set a $123.00 price target on Mirum Pharmaceuticals in a research note on Thursday, August 6th. Morgan Stanley set a $137.00 price target on Mirum Pharmaceuticals in a report on Thursday, August 6th. Citizens Jmp lowered their price objective on shares of Mirum Pharmaceuticals from $146.00 to $137.00 and set a "market outperform" rating on the stock in a research report on Thursday, August 6th. Finally, Raymond James Financial reissued a "strong-buy" rating and issued a $165.00 price objective on shares of Mirum Pharmaceuticals in a research note on Thursday, May 7th. One 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 stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $137.33.

Mirum Pharmaceuticals Stock Up 0.4%

Shares of NASDAQ MIRM opened at $96.72 on Tuesday. The company has a quick ratio of 2.74, a current ratio of 2.86 and a debt-to-equity ratio of 1.28. Mirum Pharmaceuticals, Inc. has a 52 week low of $63.23 and a 52 week high of $130.00. The firm has a 50-day moving average price of $111.11 and a 200 day moving average price of $101.87. The stock has a market capitalization of $6.28 billion, a price-to-earnings ratio of -6.65 and a beta of 0.52.

Mirum Pharmaceuticals (NASDAQ:MIRM - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($1.06) EPS for the quarter, missing analysts' consensus estimates of ($0.74) by ($0.32). Mirum Pharmaceuticals had a negative return on equity of 36.28% and a negative net margin of 139.18%.The company had revenue of $176.24 million for the quarter, compared to analysts' expectations of $166.33 million. During the same period in the prior year, the firm posted ($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 EPS for the current fiscal year.

About Mirum Pharmaceuticals

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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