Penn Capital Management Company LLC Has $22.32 Million Position in Mirum Pharmaceuticals, Inc. $MIRM

Key Points

• Penn Capital Management reduced its Mirum Pharmaceuticals stake by 8.5% in the fourth quarter, but still held 281,918 shares valued at about $22.3 million, making MIRM its third-largest holding.
• Several other institutional investors also boosted their positions sharply, including Wellington Management, Arrowstreet Capital, and Voloridge Investment Management, signaling strong hedge fund interest in the stock.
• Analysts remain broadly positive on Mirum Pharmaceuticals, with a consensus rating of Moderate Buy and an average price target of $137.08; shares recently traded near $98.90 after the company posted stronger-than-expected revenue but a much wider-than-expected quarterly loss.

Penn Capital Management Company LLC decreased its stake in shares of Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM - Free Report) by 8.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 281,918 shares of the company's stock after selling 26,073 shares during the period. Mirum Pharmaceuticals makes up about 1.8% of Penn Capital Management Company LLC's investment portfolio, making the stock its 3rd largest holding. Penn Capital Management Company LLC owned about 0.55% of Mirum Pharmaceuticals worth $22,322,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently made changes to their positions in MIRM. Wellington Management Group LLP increased its position in shares of Mirum Pharmaceuticals by 566.8% during the third quarter. Wellington Management Group LLP now owns 790,689 shares of the company's stock worth $57,965,000 after acquiring an additional 672,118 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Mirum Pharmaceuticals by 709.5% during the third quarter. Arrowstreet Capital Limited Partnership now owns 612,318 shares of the company's stock worth $44,889,000 after acquiring an additional 536,674 shares in the last quarter. Voloridge Investment Management LLC increased its position in shares of Mirum Pharmaceuticals by 2,116.6% during the third quarter. Voloridge Investment Management LLC now owns 389,574 shares of the company's stock worth $28,560,000 after acquiring an additional 371,999 shares in the last quarter. Balyasny Asset Management L.P. bought a new stake in shares of Mirum Pharmaceuticals during the third quarter worth $23,250,000. Finally, William Blair Investment Management LLC bought a new stake in shares of Mirum Pharmaceuticals during the third quarter worth $22,965,000.

Wall Street Analyst Weigh In

Several research analysts recently commented on MIRM shares. Stifel Nicolaus set a $136.00 target price on shares of Mirum Pharmaceuticals in a report on Thursday, May 7th. Evercore restated an "outperform" rating and set a $138.00 target price on shares of Mirum Pharmaceuticals in a report on Thursday, May 7th. Royal Bank Of Canada increased their target price on shares of Mirum Pharmaceuticals from $128.00 to $142.00 and gave the stock an "outperform" rating in a report on Thursday, May 7th. Wolfe Research started coverage on shares of Mirum Pharmaceuticals in a report on Tuesday, May 19th. They set an "outperform" rating and a $145.00 target price for the company. Finally, Robert W. Baird increased their target price on shares of Mirum Pharmaceuticals from $112.00 to $129.00 and gave the stock an "outperform" rating in a report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $137.08.

Mirum Pharmaceuticals Stock Performance

Shares of MIRM opened at $98.90 on Wednesday. Mirum Pharmaceuticals, Inc. has a 12 month low of $43.30 and a 12 month high of $114.99. The firm has a fifty day simple moving average of $96.54 and a 200 day simple moving average of $88.93. The stock has a market capitalization of $6.03 billion, a price-to-earnings ratio of -7.27 and a beta of 0.52. The company has a current ratio of 2.09, a quick ratio of 1.99 and a debt-to-equity ratio of 1.28.

Mirum Pharmaceuticals (NASDAQ:MIRM - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported ($13.43) EPS for the quarter, missing the consensus estimate 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 business's revenue for the quarter was up 43.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.30) EPS. Research analysts forecast that Mirum Pharmaceuticals, Inc. will post -2.11 EPS for the current fiscal year.

Insider Transactions at Mirum Pharmaceuticals

In other Mirum Pharmaceuticals news, CFO Eric Bjerkholt sold 7,287 shares of the stock in a transaction on Monday, March 16th. The shares were sold at an average price of $91.98, for a total value of $670,258.26. Following the completion of the sale, the chief financial officer owned 49,788 shares in the company, valued at $4,579,500.24. This trade represents a 12.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Jolanda Howe sold 4,732 shares of the stock in a transaction 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 SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 76,806 shares of company stock valued at $7,064,616. 22.87% of the stock is 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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