Sofinnova Investments Inc. Purchases Shares of 23,100 Mirum Pharmaceuticals, Inc. $MIRM

Key Points

• Sofinnova Investments disclosed a new position in Mirum Pharmaceuticals, buying 23,100 shares worth about $1.83 million in the fourth quarter.
• Wall Street sentiment remains constructive: several analysts raised price targets, and the stock now carries a consensus “Moderate Buy” rating with an average target of $139.80.
• Mirum reported strong revenue growth in its latest quarter, but earnings fell well short of expectations; meanwhile, CEO Christopher Peetz and CFO Eric Bjerkholt recently sold shares under pre-arranged trading plans.

Sofinnova Investments Inc. bought a new stake in shares of Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The fund bought 23,100 shares of the company's stock, valued at approximately $1,825,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MIRM. Janney Montgomery Scott LLC raised its stake in shares of Mirum Pharmaceuticals by 6.7% in the fourth quarter. Janney Montgomery Scott LLC now owns 3,200 shares of the company's stock worth $253,000 after acquiring an additional 200 shares during the last quarter. Jones Financial Companies Lllp grew its holdings in Mirum Pharmaceuticals by 34.0% during the third quarter. Jones Financial Companies Lllp now owns 957 shares of the company's stock valued at $70,000 after purchasing an additional 243 shares during the period. Comerica Bank raised its stake in 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 period. Osaic Holdings Inc. raised its stake in Mirum Pharmaceuticals by 46.5% during the 2nd quarter. Osaic Holdings Inc. now owns 1,106 shares of the company's stock worth $56,000 after buying an additional 351 shares during the period. Finally, Cullen Frost Bankers Inc. acquired a new position in shares of Mirum Pharmaceuticals in the fourth quarter valued at approximately $30,000.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Royal Bank Of Canada upped their price target on shares of Mirum Pharmaceuticals from $128.00 to $142.00 and gave the company an "outperform" rating in a report on Thursday, May 7th. Morgan Stanley increased their price target on shares of Mirum Pharmaceuticals from $140.00 to $150.00 and gave the company an "overweight" rating in a research note on Thursday, June 11th. Evercore reiterated an "outperform" rating and issued a $138.00 price target on shares of Mirum Pharmaceuticals in a research note on Thursday, May 7th. TD Cowen raised their target price on shares of Mirum Pharmaceuticals from $125.00 to $145.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. Finally, Citigroup restated an "outperform" rating on shares of Mirum Pharmaceuticals in a research note on Monday. 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's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $139.80.

Insider Buying and Selling

In other Mirum Pharmaceuticals news, CEO Christopher Peetz sold 30,000 shares of the business's stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 194,309 shares of the company's stock, valued at $18,622,574.56. The trade was a 13.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Eric Bjerkholt sold 5,000 shares of the business's stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $93.82, for a total transaction of $469,100.00. Following the sale, the chief financial officer directly owned 44,788 shares in the company, valued at $4,202,010.16. The trade was a 10.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 8.32% of the stock is owned by corporate insiders.

Mirum Pharmaceuticals Price Performance

Shares of NASDAQ:MIRM opened at $101.00 on Tuesday. The firm has a 50 day moving average of $98.02 and a 200-day moving average of $91.47. The stock has a market capitalization of $6.16 billion, a PE ratio of -7.42 and a beta of 0.50. Mirum Pharmaceuticals, Inc. has a 12 month low of $47.89 and a 12 month high of $114.99. 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 released its quarterly earnings data on Wednesday, May 6th. The company reported ($13.43) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.75) by ($12.68). The company 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%.Mirum Pharmaceuticals's revenue for the quarter was up 43.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.30) earnings per share. On average, equities research analysts predict that Mirum Pharmaceuticals, Inc. will post -2.01 EPS for the current fiscal year.

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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