Mirum Pharmaceuticals, Inc. $MIRM Shares Acquired by Penn Capital Management Company LLC

Key Points

• Penn Capital Management increased its Mirum Pharmaceuticals stake by 16.4% in the second quarter, owning 298,914 shares worth approximately $35.1 million. Other major institutions, including Jupiter Topco, BlackRock and William Blair, also initiated or expanded positions.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus rating and an average price target of $137.31. Recent targets range from $123 to $140, although some firms lowered their estimates.
• Mirum reported 37.9% year-over-year revenue growth to $176.24 million but missed quarterly EPS expectations, posting a loss of $1.06 per share versus the expected $0.74 loss. The stock opened at $97.46, while insiders sold more than $13.7 million in shares over the last quarter.

Penn Capital Management Company LLC boosted its position in Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM - Free Report) by 16.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 298,914 shares of the company's stock after buying an additional 42,147 shares during the quarter. Mirum Pharmaceuticals makes up about 2.2% of Penn Capital Management Company LLC's investment portfolio, making the stock its 3rd biggest holding. Penn Capital Management Company LLC owned approximately 0.46% of Mirum Pharmaceuticals worth $35,056,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Jupiter Topco LLC bought a new position in Mirum Pharmaceuticals during the 2nd quarter worth approximately $691,672,000. BlackRock Inc. bought a new stake in shares of Mirum Pharmaceuticals in the 2nd quarter valued at approximately $513,945,000. William Blair Investment Management LLC bought a new stake in shares of Mirum Pharmaceuticals in the 2nd quarter valued at approximately $164,453,000. Janus Henderson Group PLC raised its position in shares of Mirum Pharmaceuticals by 21.4% during the 4th quarter. Janus Henderson Group PLC now owns 6,065,308 shares of the company's stock valued at $479,050,000 after acquiring an additional 1,067,722 shares in the last quarter. Finally, State Street Corp raised its position in shares of Mirum Pharmaceuticals by 59.2% during the 4th quarter. State Street Corp now owns 2,143,992 shares of the company's stock valued at $169,354,000 after acquiring an additional 797,088 shares in the last quarter.

Analyst Ratings Changes

MIRM has been the subject of a number of research reports. UBS Group set a $137.00 price objective on shares of Mirum Pharmaceuticals in a report on Thursday. Robert W. Baird set a $123.00 target price on shares of Mirum Pharmaceuticals in a report on Thursday, August 6th. Wall Street Zen upgraded shares of Mirum Pharmaceuticals from a "sell" rating to a "hold" rating in a research report on Saturday. HC Wainwright reduced their price target on shares of Mirum Pharmaceuticals from $185.00 to $140.00 and set a "buy" rating on the stock in a research report on Thursday, August 6th. Finally, TD Cowen decreased their price target on shares of Mirum Pharmaceuticals from $145.00 to $140.00 and set a "buy" rating for the company in a report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $137.31.

Mirum Pharmaceuticals Trading Down 2.3%

Shares of NASDAQ MIRM opened at $97.46 on Friday. The company has a market cap of $6.33 billion, a price-to-earnings ratio of -6.70 and a beta of 0.52. Mirum Pharmaceuticals, Inc. has a 12-month low of $63.23 and a 12-month high of $130.00. The company has a current ratio of 2.86, a quick ratio of 2.74 and a debt-to-equity ratio of 1.28. The stock's 50 day simple moving average is $110.63 and its 200 day simple moving average is $101.79.

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 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 company had revenue of $176.24 million for the quarter, compared to the consensus estimate of $166.33 million. During the same quarter in the previous year, the company earned ($0.12) earnings per share. Mirum Pharmaceuticals's quarterly revenue was up 37.9% compared to the same quarter last year. Equities research analysts expect that Mirum Pharmaceuticals, Inc. will post -1.31 EPS for the current year.

Insider Activity

In other news, SVP Jolanda Howe sold 40,000 shares of the company's stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $100.00, for a total transaction of $4,000,000.00. Following the completion of the transaction, the senior vice president owned 1,274 shares in the company, valued at approximately $127,400. This represents a 96.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Christopher Peetz sold 30,000 shares of the stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $95.84, for a total transaction of $2,875,200.00. Following the completion of the sale, the chief executive officer directly owned 194,309 shares in the company, valued at approximately $18,622,574.56. This trade represents a 13.37% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 133,156 shares of company stock valued at $13,763,562. 8.32% of the stock is currently owned by company insiders.

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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