Mirum Pharmaceuticals, Inc. $MIRM Holdings Cut by First Turn Management LLC

Key Points

• First Turn Management cut its Mirum Pharmaceuticals stake by 15.6% in the fourth quarter, though the firm still held 481,564 shares worth about $38.0 million and made MIRM its fifth-largest position.
• Wall Street sentiment remains positive overall: analysts have a Moderate Buy consensus on Mirum, with a consensus price target of $138.36 and several firms recently raising or reiterating bullish targets.
• Mirum reported strong revenue growth of 43.3% year over year to $159.9 million, but the company still posted a much larger-than-expected loss per share of -$13.43 in its latest quarterly results.

First Turn Management LLC trimmed its position in Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM - Free Report) by 15.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 481,564 shares of the company's stock after selling 89,005 shares during the period. Mirum Pharmaceuticals comprises about 4.3% of First Turn Management LLC's investment portfolio, making the stock its 5th largest position. First Turn Management LLC owned about 0.94% of Mirum Pharmaceuticals worth $38,039,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Marshall Wace LLP increased its stake in shares of Mirum Pharmaceuticals by 157.8% during the 4th quarter. Marshall Wace LLP now owns 102,703 shares of the company's stock valued at $8,113,000 after acquiring an additional 62,871 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Mirum Pharmaceuticals by 19.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 34,114 shares of the company's stock valued at $2,693,000 after acquiring an additional 5,624 shares during the last quarter. Segall Bryant & Hamill LLC acquired a new position in shares of Mirum Pharmaceuticals during the 4th quarter valued at about $14,615,000. Rafferty Asset Management LLC increased its stake in shares of Mirum Pharmaceuticals by 120.2% during the 4th quarter. Rafferty Asset Management LLC now owns 72,943 shares of the company's stock valued at $5,762,000 after acquiring an additional 39,816 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Mirum Pharmaceuticals by 3.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 409,286 shares of the company's stock valued at $32,330,000 after acquiring an additional 14,797 shares during the last quarter.

Analysts Set New Price Targets

A number of research analysts have recently commented on MIRM shares. Citigroup started coverage on shares of Mirum Pharmaceuticals in a research note on Tuesday, June 2nd. They set a "buy" rating and a $145.00 price objective for the company. 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. Evercore reaffirmed an "outperform" rating and set a $138.00 price objective on shares of Mirum Pharmaceuticals in a research note on Thursday, May 7th. Stifel Nicolaus set a $136.00 price objective on shares of Mirum Pharmaceuticals in a research note on Thursday, May 7th. Finally, TD Cowen upped their price objective on shares of Mirum Pharmaceuticals from $125.00 to $145.00 and gave the company a "buy" rating in a research note on Thursday, May 7th. One 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. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $138.36.

Insider Activity

In related news, SVP Jolanda Howe sold 4,732 shares of the stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $91.98, for a total transaction of $435,249.36. Following the completion of the sale, the senior vice president owned 8,429 shares of the company's stock, valued at approximately $775,299.42. This represents a 35.95% 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. Also, COO Peter Radovich sold 16,515 shares of the stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $91.98, for a total transaction of $1,519,049.70. Following the sale, the chief operating officer directly owned 40,272 shares of the company's stock, valued at approximately $3,704,218.56. This trade represents a 29.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 111,806 shares of company stock worth $10,408,916. Insiders own 8.32% of the company's stock.

Mirum Pharmaceuticals Stock Down 0.2%

MIRM opened at $99.35 on Friday. The firm has a 50 day moving average price of $97.89 and a 200 day moving average price of $91.13. The company has a market cap of $6.06 billion, a PE ratio of -7.30 and a beta of 0.50. Mirum Pharmaceuticals, Inc. has a 1 year low of $47.89 and a 1 year high of $114.99. The company has a debt-to-equity ratio of 1.28, a quick ratio of 1.99 and a current ratio of 2.09.

Mirum Pharmaceuticals (NASDAQ:MIRM - Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported ($13.43) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.75) by ($12.68). The business had revenue of $159.88 million for the quarter, compared to analyst estimates of $148.21 million. Mirum Pharmaceuticals had a negative return on equity of 11.28% and a negative net margin of 140.24%.The firm's revenue for the quarter was up 43.3% compared to the same quarter last year. During the same period last year, the company posted ($0.30) EPS. Sell-side analysts expect that Mirum Pharmaceuticals, Inc. will post -2.01 earnings per share for the current year.

Mirum Pharmaceuticals Company 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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