Mirum Pharmaceuticals, Inc. $MIRM Shares Sold by Clearbridge Investments LLC

Key Points

• Clearbridge Investments LLC cut its Mirum Pharmaceuticals stake by 13.7% in the fourth quarter, selling 137,836 shares and ending with 865,967 shares worth about $68.4 million.
• Mirum reported strong revenue growth of $159.88 million for the quarter, up 43.3% from a year earlier, but posted a much larger-than-expected loss of $13.43 per share versus consensus for a $0.75 loss.
• Despite mixed results and insider selling, analysts remain broadly positive: Mirum has a Moderate Buy consensus rating with an average price target of $137.64, and several firms recently reiterated or raised bullish targets.

Clearbridge Investments LLC lessened its position in Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM - Free Report) by 13.7% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 865,967 shares of the company's stock after selling 137,836 shares during the period. Clearbridge Investments LLC owned approximately 1.69% of Mirum Pharmaceuticals worth $68,403,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in MIRM. Comerica Bank lifted its stake in shares of Mirum Pharmaceuticals by 45.1% in the first quarter. Comerica Bank now owns 895 shares of the company's stock valued at $40,000 after purchasing an additional 278 shares during the period. AQR Capital Management LLC lifted its stake in shares of Mirum Pharmaceuticals by 307.3% in the first quarter. AQR Capital Management LLC now owns 49,076 shares of the company's stock valued at $2,211,000 after purchasing an additional 37,028 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Mirum Pharmaceuticals by 7.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,047 shares of the company's stock valued at $1,176,000 after purchasing an additional 1,720 shares during the period. Caxton Associates LLP acquired a new stake in shares of Mirum Pharmaceuticals in the first quarter valued at about $217,000. Finally, Empowered Funds LLC lifted its stake in shares of Mirum Pharmaceuticals by 15.4% in the first quarter. Empowered Funds LLC now owns 38,386 shares of the company's stock valued at $1,729,000 after purchasing an additional 5,120 shares during the period.

Mirum Pharmaceuticals Stock Performance

NASDAQ:MIRM opened at $93.58 on Tuesday. The company has a current ratio of 2.09, a quick ratio of 1.99 and a debt-to-equity ratio of 1.28. The firm has a 50-day moving average price of $97.38 and a two-hundred day moving average price of $90.52. Mirum Pharmaceuticals, Inc. has a twelve month low of $45.37 and a twelve month high of $114.99. The company has a market capitalization of $5.71 billion, a P/E ratio of -6.88 and a beta of 0.50.

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

Insider Buying and Selling at Mirum Pharmaceuticals

In other news, CEO Christopher Peetz sold 30,000 shares of Mirum Pharmaceuticals stock in a transaction dated Monday, June 1st. The shares were 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 $18,622,574.56. The trade was a 13.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Joanne Quan sold 7,287 shares of Mirum Pharmaceuticals stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $91.98, for a total transaction of $670,258.26. Following the sale, the insider owned 18,864 shares of the company's stock, valued at approximately $1,735,110.72. This trade represents a 27.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 106,806 shares of company stock valued at $9,939,816. Corporate insiders own 8.32% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on MIRM. TD Cowen raised 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. Leerink Partners reduced their price objective on shares of Mirum Pharmaceuticals from $120.00 to $118.00 and set an "outperform" rating for the company in a research note on Thursday, February 26th. Evercore reiterated an "outperform" rating and issued a $138.00 price objective on shares of Mirum Pharmaceuticals in a research note on Thursday, May 7th. Weiss Ratings cut shares of Mirum Pharmaceuticals from a "sell (d)" rating to a "sell (d-)" rating in a research note on Friday, May 22nd. Finally, Wall Street Zen downgraded shares of Mirum Pharmaceuticals from a "hold" rating to a "sell" rating in a report on Saturday, May 9th. 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. According to data from MarketBeat, Mirum Pharmaceuticals presently has an average rating of "Moderate Buy" and a consensus price target of $137.64.

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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