Eventide Asset Management LLC Sells 79,938 Shares of Mirum Pharmaceuticals, Inc. $MIRM

Key Points

• Eventide Asset Management LLC reduced its stake in Mirum Pharmaceuticals by 3.1% during Q1, holding 2,527,000 shares valued at approximately $113.8 million, while it remains the fund's fourth largest holding.
• Mirum Pharmaceuticals' shares opened at $74.61, with a market cap of $3.75 billion, and the company reported a revenue increase of 64.1% year-over-year, totaling $127.79 million for the last quarter.
• Analysts’ ratings vary, with HC Wainwright raising the target price to $80.00 while other firms issued mostly buy ratings, reflecting positive sentiment towards the stock.

Eventide Asset Management LLC lessened its stake in Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM - Free Report) by 3.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,527,000 shares of the company's stock after selling 79,938 shares during the period. Mirum Pharmaceuticals comprises approximately 2.3% of Eventide Asset Management LLC's investment portfolio, making the stock its 4th largest holding. Eventide Asset Management LLC owned 5.10% of Mirum Pharmaceuticals worth $113,851,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Mirum Pharmaceuticals by 4.8% during the 1st quarter. Vanguard Group Inc. now owns 2,540,061 shares of the company's stock valued at $114,430,000 after buying an additional 115,327 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Mirum Pharmaceuticals by 4,555.0% in the 1st quarter. GAMMA Investing LLC now owns 5,586 shares of the company's stock valued at $252,000 after purchasing an additional 5,466 shares in the last quarter. SG Americas Securities LLC lifted its holdings in Mirum Pharmaceuticals by 174.9% in the 1st quarter. SG Americas Securities LLC now owns 19,182 shares of the company's stock valued at $864,000 after purchasing an additional 12,204 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted 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 purchasing an additional 339 shares in the last quarter. Finally, MPM Bioimpact LLC lifted its holdings in Mirum Pharmaceuticals by 19.7% in the 4th quarter. MPM Bioimpact LLC now owns 589,579 shares of the company's stock valued at $24,379,000 after purchasing an additional 96,856 shares in the last quarter.

Analyst Ratings Changes

A number of brokerages have weighed in on MIRM. Stifel Nicolaus set a $89.00 price objective on Mirum Pharmaceuticals and gave the company a "buy" rating in a report on Monday, August 11th. HC Wainwright raised their price objective on Mirum Pharmaceuticals from $73.00 to $80.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Evercore ISI raised their target price on Mirum Pharmaceuticals from $77.00 to $89.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Mirum Pharmaceuticals in a research note on Thursday, August 7th. Finally, JMP Securities set a $81.00 target price on Mirum Pharmaceuticals and gave the company a "market outperform" rating in a report on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating and seven have given a Buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $74.13.

Mirum Pharmaceuticals Stock Performance

MIRM traded down $0.36 during trading on Tuesday, hitting $77.04. 331,549 shares of the stock were exchanged, compared to its average volume of 525,552. The firm has a market capitalization of $3.87 billion, a P/E ratio of -63.66 and a beta of 0.92. The company has a quick ratio of 2.97, a current ratio of 3.13 and a debt-to-equity ratio of 1.21. The stock has a fifty day moving average price of $60.08 and a two-hundred day moving average price of $50.19. Mirum Pharmaceuticals, Inc. has a 1-year low of $36.86 and a 1-year high of $78.10.

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

Insiders Place Their Bets

In related news, CEO Christopher Peetz sold 40,000 shares of the 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 transaction, the chief executive officer directly owned 138,641 shares in the company, valued at approximately $8,595,742. This represents a 22.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Jolanda Howe sold 10,000 shares of the stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $58.00, for a total value of $580,000.00. Following the transaction, the senior vice president owned 2,426 shares in the company, valued at $140,708. This trade represents a 80.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 91,041 shares of company stock worth $5,320,624. Corporate insiders own 22.87% of the company's stock.

Mirum Pharmaceuticals Profile

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.