Corient Private Wealth LP Invests $1.56 Million in Mirum Pharmaceuticals, Inc. $MIRM

Key Points

• Corient Private Wealth initiated a $1.56 million position in Mirum Pharmaceuticals, purchasing 13,367 shares during the second quarter. Other institutional investors, including ABS Investment Management, also established new positions.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $137.31, despite some target reductions.
• Mirum reported second-quarter revenue of $176.24 million, up 37.9% year over year and above estimates, but its loss of $1.06 per share exceeded expectations. Shares opened at $100.63, while insiders have sold more than $13.9 million of stock over the past 90 days.

Corient Private Wealth LP bought a new stake in shares of Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 13,367 shares of the company's stock, valued at approximately $1,565,000.

A number of other institutional investors have also recently made changes to their positions in MIRM. ABS Investment Management LLC purchased a new position in Mirum Pharmaceuticals in the second quarter worth about $245,847,000. Quantbot Technologies LP purchased a new stake in Mirum Pharmaceuticals during the second quarter valued at approximately $44,000. Cullen Frost Bankers Inc. purchased a new stake in Mirum Pharmaceuticals during the fourth quarter valued at approximately $30,000. Eurizon Capital SGR S.p.A. bought a new stake in shares of Mirum Pharmaceuticals in the 4th quarter valued at approximately $32,000. Finally, CIBC Private Wealth Group LLC bought a new stake in shares of Mirum Pharmaceuticals in the 4th quarter valued at approximately $32,000.

Analyst Ratings Changes

Several research firms have recently weighed in on MIRM. Weiss Ratings raised Mirum Pharmaceuticals from a "sell (d-)" rating to a "sell (d)" rating in a research report on Thursday, August 6th. HC Wainwright lowered their price target on Mirum Pharmaceuticals from $185.00 to $140.00 and set a "buy" rating for the company in a research report on Thursday, August 6th. Robert W. Baird set a $123.00 price objective on shares of Mirum Pharmaceuticals in a research note on Thursday, August 6th. Morgan Stanley set a $137.00 price objective on shares of Mirum Pharmaceuticals in a research report on Thursday, August 6th. Finally, JPMorgan Chase & Co. increased their target price on shares of Mirum Pharmaceuticals from $115.00 to $125.00 and gave the company an "overweight" rating in a research note on Thursday, July 2nd. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $137.31.

Mirum Pharmaceuticals Stock Performance

Mirum Pharmaceuticals stock opened at $100.63 on Friday. The company has a 50 day moving average price of $109.55 and a 200-day moving average price of $101.74. The company has a debt-to-equity ratio of 1.28, a quick ratio of 2.74 and a current ratio of 2.86. Mirum Pharmaceuticals, Inc. has a fifty-two week low of $63.23 and a fifty-two week high of $130.00. The company has a market capitalization of $6.53 billion, a PE ratio of -6.92 and a beta of 0.49.

Mirum Pharmaceuticals (NASDAQ:MIRM - Get Free Report) last announced its quarterly earnings data 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). The firm had revenue of $176.24 million during the quarter, compared to the consensus estimate of $166.33 million. Mirum Pharmaceuticals had a negative return on equity of 36.28% and a negative net margin of 139.18%.The firm's revenue for the quarter was up 37.9% compared to the same quarter last year. During the same period last year, the company earned ($0.12) EPS. As a group, equities analysts forecast that Mirum Pharmaceuticals, Inc. will post -1.31 earnings per share for the current year.

Insider Activity

In other news, CEO Christopher Peetz sold 30,000 shares of the firm's stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $98.68, for a total transaction of $2,960,400.00. Following the transaction, the chief executive officer owned 194,440 shares in the company, valued at approximately $19,187,339.20. This trade represents a 13.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jolanda Howe sold 40,000 shares of Mirum Pharmaceuticals stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $100.00, for a total value of $4,000,000.00. Following the completion of the sale, the senior vice president owned 1,274 shares of the company's stock, valued at $127,400. The trade was a 96.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 133,814 shares of company stock worth $13,914,562. Company insiders own 8.32% of the company's stock.

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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