Adage Capital Partners GP L.L.C. Has $15.54 Million Position in Mirum Pharmaceuticals, Inc. $MIRM

Key Points

• Adage Capital Partners GP L.L.C. raised its stake in Mirum Pharmaceuticals by 130% during the first quarter, owning 345,000 shares valued at $15.54 million.
• Mirum Pharmaceuticals reported a quarterly revenue of $127.79 million, beating analyst estimates and reflecting a 64.1% increase year-over-year.
• The company's stock saw price target upgrades from multiple brokerages, with HC Wainwright setting a new target of $80, reflecting a positive outlook for the firm's performance.

Adage Capital Partners GP L.L.C. increased its stake in shares of Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM - Free Report) by 130.0% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 345,000 shares of the company's stock after acquiring an additional 195,000 shares during the period. Adage Capital Partners GP L.L.C. owned about 0.70% of Mirum Pharmaceuticals worth $15,542,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Comerica Bank lifted its stake in shares of Mirum Pharmaceuticals by 45.1% during the 1st quarter. Comerica Bank now owns 895 shares of the company's stock worth $40,000 after buying an additional 278 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in Mirum Pharmaceuticals by 2.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 16,685 shares of the company's stock valued at $752,000 after acquiring an additional 339 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Mirum Pharmaceuticals by 3.8% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,998 shares of the company's stock worth $495,000 after acquiring an additional 398 shares during the last quarter. CWM LLC grew its position in shares of Mirum Pharmaceuticals by 259.4% in the first quarter. CWM LLC now owns 593 shares of the company's stock valued at $27,000 after purchasing an additional 428 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC increased its stake in shares of Mirum Pharmaceuticals by 2.9% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 17,200 shares of the company's stock worth $711,000 after purchasing an additional 487 shares during the period.

Insider Buying and Selling at Mirum Pharmaceuticals

In other news, CEO Christopher Peetz sold 40,000 shares of the business's stock in a transaction dated 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 sale, the chief executive officer directly owned 138,641 shares in the company, valued at approximately $8,595,742. The trade was a 22.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Jolanda Howe sold 10,000 shares of the company's 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 completion of the transaction, the senior vice president directly owned 2,426 shares of the company's stock, valued at $140,708. This represents a 80.48% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 91,041 shares of company stock worth $5,320,624. 14.36% of the stock is currently owned by company insiders.

Mirum Pharmaceuticals Price Performance

Mirum Pharmaceuticals stock traded up $1.10 during midday trading on Thursday, reaching $75.99. The company's stock had a trading volume of 485,737 shares, compared to its average volume of 743,828. The company has a current ratio of 3.13, a quick ratio of 2.97 and a debt-to-equity ratio of 1.21. The stock has a market cap of $3.82 billion, a PE ratio of -62.80 and a beta of 0.92. Mirum Pharmaceuticals, Inc. has a 52 week low of $36.86 and a 52 week high of $78.10. The business has a 50-day moving average price of $61.70 and a 200-day moving average price of $50.72.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on MIRM shares. Evercore ISI boosted their target price on shares of Mirum Pharmaceuticals from $77.00 to $89.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. JMP Securities set a $81.00 price target on shares of Mirum Pharmaceuticals and gave the company a "market outperform" rating in a research report on Thursday, August 7th. Stifel Nicolaus set a $89.00 price objective on Mirum Pharmaceuticals and gave the stock a "buy" rating in a research note on Monday, August 11th. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Mirum Pharmaceuticals in a report on Thursday, August 7th. Finally, Wall Street Zen cut Mirum Pharmaceuticals from a "strong-buy" rating to a "buy" rating in a report on Monday, August 25th. One research analyst has rated the stock with a Strong Buy rating and seven have given a Buy rating to the company's stock. Based on data from MarketBeat, Mirum Pharmaceuticals has a consensus rating of "Buy" and an average target price 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.