Hsbc Holdings PLC Purchases Shares of 12,031 Mirum Pharmaceuticals, Inc. $MIRM

Key Points

• HSBC Holdings initiated a position in Mirum Pharmaceuticals by purchasing 12,031 shares worth approximately $1.46 million. Several other institutional investors also recently bought or increased their holdings.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $137.31, despite some firms lowering their targets. Mirum shares recently opened at $98.05.
• Mirum reported quarterly revenue of $176.24 million, up 37.9% year over year and above estimates, but its loss of $1.06 per share missed expectations. Meanwhile, insiders sold 103,156 shares worth roughly $10.9 million over the last quarter.

Hsbc Holdings PLC purchased a new position in shares of Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 12,031 shares of the company's stock, valued at approximately $1,457,000.

A number of other institutional investors have also modified their holdings of the stock. Cullen Frost Bankers Inc. purchased a new stake in shares of Mirum Pharmaceuticals in the fourth quarter worth about $30,000. Eurizon Capital SGR S.p.A. acquired a new stake in Mirum Pharmaceuticals during the fourth quarter worth about $32,000. CIBC Private Wealth Group LLC purchased a new position in Mirum Pharmaceuticals during the fourth quarter valued at approximately $32,000. Quantbot Technologies LP purchased a new position in Mirum Pharmaceuticals during the third quarter valued at approximately $33,000. Finally, Comerica Bank raised its position in Mirum Pharmaceuticals by 45.1% during the first quarter. Comerica Bank now owns 895 shares of the company's stock valued at $40,000 after acquiring an additional 278 shares in the last quarter.

Insider Activity

In related news, CEO Christopher Peetz sold 20,000 shares of the business's stock in a transaction on Monday, July 6th. The shares were sold at an average price of $122.27, for a total value of $2,445,400.00. Following the completion of the sale, the chief executive officer owned 194,309 shares of the company's stock, valued at approximately $23,758,161.43. The trade was a 9.33% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jolanda Howe sold 40,000 shares of the company's stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $100.00, for a total transaction of $4,000,000.00. Following the transaction, the senior vice president owned 1,274 shares of the company's stock, valued at $127,400. This represents a 96.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 103,156 shares of company stock worth $10,888,362 in the last quarter. Corporate insiders own 8.32% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently commented on MIRM. Raymond James Financial reaffirmed a "strong-buy" rating and set a $165.00 price objective on shares of Mirum Pharmaceuticals in a research note on Thursday, May 7th. Royal Bank Of Canada decreased their target price on shares of Mirum Pharmaceuticals from $148.00 to $135.00 and set an "outperform" rating for the company in a research note on Thursday, August 6th. Stifel Nicolaus set a $136.00 target price on shares of Mirum Pharmaceuticals in a research note on Thursday, May 7th. TD Cowen lowered their price target on shares of Mirum Pharmaceuticals from $145.00 to $140.00 and set a "buy" rating on the stock in a report on Thursday, August 6th. Finally, CLSA set a $146.00 price target on shares of Mirum Pharmaceuticals in a research report on Monday, June 15th. One equities research 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 company's stock. Based on data from MarketBeat.com, Mirum Pharmaceuticals presently has a consensus rating of "Moderate Buy" and an average target price of $137.31.

Mirum Pharmaceuticals Stock Performance

Shares of MIRM stock opened at $98.05 on Tuesday. The company has a market capitalization of $6.37 billion, a P/E ratio of -6.74 and a beta of 0.52. The business's 50 day moving average is $110.44 and its two-hundred day moving average is $101.78. The company has a current ratio of 2.86, a quick ratio of 2.74 and a debt-to-equity ratio of 1.28. Mirum Pharmaceuticals, Inc. has a 12-month low of $63.23 and a 12-month high of $130.00.

Mirum Pharmaceuticals (NASDAQ:MIRM - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($1.06) EPS for the quarter, missing the consensus estimate of ($0.74) by ($0.32). The business had revenue of $176.24 million during the quarter, compared to analyst estimates of $166.33 million. Mirum Pharmaceuticals had a negative net margin of 139.18% and a negative return on equity of 36.28%. The firm's revenue for the quarter was up 37.9% on a year-over-year basis. During the same period in the previous year, the business posted ($0.12) earnings per share. Analysts expect 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source