Rice Hall James & Associates LLC Acquires New Position in Mirum Pharmaceuticals, Inc. $MIRM

Key Points

• Rice Hall James & Associates acquired 110,673 shares of Mirum Pharmaceuticals worth approximately $13.0 million, joining several other institutional investors that initiated positions during the second quarter.
• Analysts remain broadly positive, with a “Moderate Buy” consensus rating and an average price target of $137.33, despite the company reporting a larger-than-expected quarterly loss.
• Mirum’s quarterly revenue rose 37.9% year over year to $176.24 million, exceeding estimates, while EPS came in at a loss of $1.06 and insiders sold more than 93,000 shares over the past three months.

Rice Hall James & Associates LLC bought a new position in shares of Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 110,673 shares of the company's stock, valued at approximately $12,956,000. Rice Hall James & Associates LLC owned 0.18% of Mirum Pharmaceuticals at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the stock. TimesSquare Capital Management LLC acquired a new stake in shares of Mirum Pharmaceuticals during the 2nd quarter valued at approximately $42,998,000. Persistent Asset Partners Ltd purchased a new position in Mirum Pharmaceuticals in the 2nd quarter valued at approximately $516,000. Insight Wealth Partners LLC purchased a new stake in shares of Mirum Pharmaceuticals in the 2nd quarter worth about $395,000. Bank of New York Mellon Corp purchased a new stake in Mirum Pharmaceuticals in the 2nd quarter valued at approximately $78,434,000. Finally, State of Wyoming acquired a new stake in Mirum Pharmaceuticals during the 2nd quarter valued at $52,000.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on MIRM shares. Evercore restated an "outperform" rating and issued a $138.00 price objective on shares of Mirum Pharmaceuticals in a research report on Thursday, May 7th. Citigroup restated an "outperform" rating on shares of Mirum Pharmaceuticals in a report on Thursday, August 6th. JPMorgan Chase & Co. lifted their price target on shares of Mirum Pharmaceuticals from $115.00 to $125.00 and gave the stock an "overweight" rating in a report on Thursday, July 2nd. Stifel Nicolaus set a $136.00 price objective on shares of Mirum Pharmaceuticals in a research note on Thursday, May 7th. Finally, Weiss Ratings upgraded shares of Mirum Pharmaceuticals from a "sell (d-)" rating to a "sell (d)" rating in a research report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $137.33.

Mirum Pharmaceuticals Stock Performance

NASDAQ MIRM opened at $99.83 on Tuesday. The business's 50-day moving average price is $111.04 and its 200 day moving average price is $102.03. The company has a current ratio of 2.86, a quick ratio of 2.74 and a debt-to-equity ratio of 1.28. Mirum Pharmaceuticals, Inc. has a twelve month low of $63.23 and a twelve month high of $130.00. The company has a market capitalization of $6.48 billion, a PE ratio of -6.86 and a beta of 0.52.

Mirum Pharmaceuticals (NASDAQ:MIRM - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($1.06) EPS for the quarter, missing the consensus estimate of ($0.74) by ($0.32). Mirum Pharmaceuticals had a negative net margin of 139.18% and a negative return on equity of 36.28%. The business had revenue of $176.24 million during the quarter, compared to analysts' expectations of $166.33 million. During the same quarter last year, the firm earned ($0.12) EPS. The firm's quarterly revenue was up 37.9% compared to the same quarter last year. On average, research analysts predict that Mirum Pharmaceuticals, Inc. will post -1.31 earnings per share for the current year.

Insider Buying and Selling

In related news, SVP Jolanda Howe sold 1,840 shares of the business's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $105.29, for a total value of $193,733.60. Following the completion of the sale, the senior vice president directly owned 1,274 shares in the company, valued at approximately $134,139.46. The trade was a 59.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Christopher Peetz sold 20,000 shares of the company's stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $98.92, for a total transaction of $1,978,400.00. Following the transaction, the chief executive officer directly owned 194,309 shares of the company's stock, valued at $19,221,046.28. This trade represents a 9.33% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 93,156 shares of company stock valued at $9,763,562. Insiders own 8.32% of the company's stock.

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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