Connor Clark & Lunn Investment Management Ltd. Purchases 179,316 Shares of Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM)

Key Points

• Connor Clark & Lunn Investment Management Ltd. significantly increased its stock holdings in Mirum Pharmaceuticals by 101.3%, owning 356,276 shares worth approximately $16 million as of the end of the 1st quarter.
• Several investment firms revised their price targets for Mirum Pharmaceuticals, with Evercore ISI raising its target from $77 to $89, and overall, the company has garnered a consensus buy rating from analysts.
• CEO Christopher Peetz sold 40,000 shares of Mirum Pharmaceuticals, representing a 22.39% decrease in his ownership, while insiders have sold a total of 51,041 shares worth almost $2.84 million in the last 90 days.

Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM - Free Report) by 101.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 356,276 shares of the company's stock after purchasing an additional 179,316 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.72% of Mirum Pharmaceuticals worth $16,050,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the company. Deutsche Bank AG lifted its holdings in shares of Mirum Pharmaceuticals by 42.2% in the first quarter. Deutsche Bank AG now owns 240,744 shares of the company's stock valued at $10,846,000 after buying an additional 71,421 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Mirum Pharmaceuticals by 4.8% during the first quarter. Vanguard Group Inc. now owns 2,540,061 shares of the company's stock valued at $114,430,000 after purchasing an additional 115,327 shares during the last quarter. Jefferies Financial Group Inc. purchased a new stake in shares of Mirum Pharmaceuticals during the first quarter valued at $1,059,000. Federated Hermes Inc. lifted its stake in Mirum Pharmaceuticals by 9,440.4% in the 1st quarter. Federated Hermes Inc. now owns 347,366 shares of the company's stock worth $15,649,000 after acquiring an additional 343,725 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Mirum Pharmaceuticals by 3.8% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,998 shares of the company's stock worth $495,000 after acquiring an additional 398 shares in the last quarter.

Mirum Pharmaceuticals Stock Down 0.5%

Shares of NASDAQ MIRM traded down $0.31 during mid-day trading on Thursday, reaching $64.83. 640,736 shares of the company traded hands, compared to its average volume of 494,820. The company has a debt-to-equity ratio of 1.21, a quick ratio of 2.97 and a current ratio of 3.13. The stock has a market cap of $3.26 billion, a PE ratio of -53.58 and a beta of 0.94. The company's fifty day moving average is $52.06 and its two-hundred day moving average is $47.55. Mirum Pharmaceuticals, Inc. has a fifty-two week low of $36.86 and a fifty-two week high of $67.45.

Mirum Pharmaceuticals (NASDAQ:MIRM - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported ($0.12) EPS for the quarter, beating analysts' consensus estimates of ($0.31) by $0.19. Mirum Pharmaceuticals had a negative return on equity of 24.76% and a negative net margin of 13.65%. The business had revenue of $127.79 million for the quarter, compared to analyst estimates of $107.91 million. During the same quarter in the prior year, the firm posted ($0.52) EPS. The firm's revenue for the quarter was up 64.1% on a year-over-year basis. On average, analysts expect that Mirum Pharmaceuticals, Inc. will post -1.43 earnings per share for the current year.

Insider Activity at Mirum Pharmaceuticals

In related news, CEO Christopher Peetz sold 40,000 shares of the stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $62.00, for a total transaction of $2,480,000.00. Following the completion of the sale, the chief executive officer owned 138,641 shares in the company, valued at $8,595,742. This represents a 22.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Jolanda Howe sold 10,000 shares of the stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $58.00, for a total value of $580,000.00. Following the sale, the senior vice president owned 2,426 shares of the company's stock, valued at approximately $140,708. The trade was a 80.48% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 91,041 shares of company stock valued at $5,320,624. 14.36% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on MIRM shares. Raymond James Financial reissued a "strong-buy" rating on shares of Mirum Pharmaceuticals in a research note on Thursday, August 7th. Wall Street Zen raised Mirum Pharmaceuticals from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. JMP Securities set a $81.00 price objective on Mirum Pharmaceuticals and gave the stock a "market outperform" rating in a research note on Thursday, August 7th. Evercore ISI upped their target price on Mirum Pharmaceuticals from $77.00 to $89.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Finally, HC Wainwright upped their target price on Mirum Pharmaceuticals from $73.00 to $80.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Eight investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Mirum Pharmaceuticals currently has a consensus rating of "Buy" and an average price target of $74.13.

About Mirum Pharmaceuticals

Mirum Pharmaceuticals, Inc, a biopharmaceutical company, focuses on the development and commercialization of novel therapies for debilitating rare and orphan diseases. Its lead product candidate is LIVMARLI (maralixibat), an orally administered and minimally absorbed ileal bile acid transporter (IBAT) inhibitor that is approved for the treatment of cholestatic pruritus in patients with Alagille syndrome in the United States and internationally.