California State Teachers Retirement System Boosts Holdings in Mirum Pharmaceuticals, Inc. $MIRM

Key Points

• California State Teachers Retirement System increased its Mirum Pharmaceuticals stake by 12,542.7% in the second quarter, acquiring 5.58 million additional shares. It ended the quarter with 5.62 million shares, or approximately 8.66% of the company, valued at $658.3 million.
• Mirum reported quarterly revenue of $176.24 million, up 37.9% year over year and above analyst estimates, but its adjusted loss of $1.06 per share was wider than expected. Shares recently traded at $98.22, below their 50-day and 200-day moving averages.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $137.31, although one analyst downgraded the stock to “sell.” Company insiders sold 128,814 shares worth about $13.4 million over the past 90 days.

California State Teachers Retirement System increased its stake in shares of Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM - Free Report) by 12,542.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,622,989 shares of the company's stock after acquiring an additional 5,578,513 shares during the quarter. California State Teachers Retirement System owned about 8.66% of Mirum Pharmaceuticals worth $658,283,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Comerica Bank raised its position in Mirum Pharmaceuticals by 45.1% in the 1st quarter. Comerica Bank now owns 895 shares of the company's stock valued at $40,000 after purchasing an additional 278 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Mirum Pharmaceuticals by 307.3% in the first quarter. AQR Capital Management LLC now owns 49,076 shares of the company's stock valued at $2,211,000 after acquiring an additional 37,028 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake 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 worth $1,176,000 after acquiring an additional 1,720 shares during the period. Caxton Associates LLP acquired a new position in shares of Mirum Pharmaceuticals during the first quarter worth about $217,000. Finally, Empowered Funds LLC raised its holdings in 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 purchasing an additional 5,120 shares in the last quarter.

Mirum Pharmaceuticals Price Performance

Shares of NASDAQ:MIRM opened at $98.22 on Monday. The company has a market cap of $6.38 billion, a P/E ratio of -6.75 and a beta of 0.49. The business has a fifty day simple moving average of $106.81 and a 200-day simple moving average of $101.53. Mirum Pharmaceuticals, Inc. has a 52 week low of $63.23 and a 52 week high of $130.00. 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 (NASDAQ:MIRM - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($1.06) earnings per share (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 business had revenue of $176.24 million during the quarter, compared to analyst estimates of $166.33 million. During the same period in the previous year, the business posted ($0.12) earnings per share. The firm'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 year.

Insider Transactions at Mirum Pharmaceuticals

In related news, CFO Eric Bjerkholt sold 6,001 shares of the stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $99.90, for a total transaction of $599,499.90. Following the completion of the sale, the chief financial officer owned 36,355 shares of the company's stock, valued at approximately $3,631,864.50. This represents a 14.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Christopher Peetz sold 30,000 shares of the firm's stock in a transaction that occurred on 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 transaction, the chief executive officer owned 194,440 shares in the company, valued at $19,187,339.20. The trade was a 13.37% 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 a total of 128,814 shares of company stock worth $13,445,462 in the last ninety days. Insiders own 8.32% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. UBS Group set a $137.00 target price on shares of Mirum Pharmaceuticals in a research report on Thursday, August 27th. Wall Street Zen lowered shares of Mirum Pharmaceuticals from a "hold" rating to a "sell" rating in a research report on Sunday, September 6th. HC Wainwright dropped their price objective on shares of Mirum Pharmaceuticals from $185.00 to $140.00 and set a "buy" rating for the company in a research note on Thursday, August 6th. Robert W. Baird set a $123.00 price objective on Mirum Pharmaceuticals in a research report on Thursday, August 6th. Finally, JPMorgan Chase & Co. upped their target price on Mirum Pharmaceuticals from $115.00 to $125.00 and gave the company an "overweight" rating in a research note on Thursday, July 2nd. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Mirum Pharmaceuticals currently has a consensus rating of "Moderate Buy" and a consensus price target 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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