Lord Abbett & CO. LLC Buys Shares of 741,368 Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM)

Lord Abbett & CO. LLC purchased a new position in Mirum Pharmaceuticals, Inc. (NASDAQ:MIRM) in the third quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 741,368 shares of the company’s stock, valued at approximately $28,913,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. raised its holdings in Mirum Pharmaceuticals by 22.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,725 shares of the company’s stock worth $67,000 after purchasing an additional 318 shares in the last quarter. Amalgamated Bank increased its position in shares of Mirum Pharmaceuticals by 60.8% during the 2nd quarter. Amalgamated Bank now owns 1,357 shares of the company’s stock valued at $46,000 after purchasing an additional 513 shares during the period. Arizona State Retirement System raised its stake in shares of Mirum Pharmaceuticals by 10.6% in the 2nd quarter. Arizona State Retirement System now owns 9,210 shares of the company’s stock worth $315,000 after buying an additional 883 shares in the last quarter. Quest Partners LLC lifted its holdings in shares of Mirum Pharmaceuticals by 7,513.3% in the second quarter. Quest Partners LLC now owns 1,142 shares of the company’s stock valued at $39,000 after buying an additional 1,127 shares during the period. Finally, Commonwealth Equity Services LLC boosted its stake in Mirum Pharmaceuticals by 17.1% during the second quarter. Commonwealth Equity Services LLC now owns 14,050 shares of the company’s stock valued at $480,000 after buying an additional 2,050 shares in the last quarter.

Mirum Pharmaceuticals Price Performance

Shares of NASDAQ:MIRM opened at $42.44 on Monday. The company’s fifty day moving average is $41.90 and its two-hundred day moving average is $38.84. The company has a market cap of $2.04 billion, a P/E ratio of -21.01 and a beta of 1.20. Mirum Pharmaceuticals, Inc. has a 12-month low of $23.14 and a 12-month high of $48.89. The company has a quick ratio of 3.15, a current ratio of 3.34 and a debt-to-equity ratio of 1.33.

Mirum Pharmaceuticals (NASDAQ:MIRM) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.30) earnings per share for the quarter, beating the consensus estimate of ($0.45) by $0.15. Mirum Pharmaceuticals had a negative return on equity of 41.22% and a negative net margin of 31.69%. The firm had revenue of $90.38 million for the quarter, compared to analyst estimates of $81.99 million. During the same period in the previous year, the firm earned ($0.57) earnings per share. Mirum Pharmaceuticals’s quarterly revenue was up 89.4% on a year-over-year basis. Equities analysts expect that Mirum Pharmaceuticals, Inc. will post -1.48 earnings per share for the current fiscal year.

Insider Transactions at Mirum Pharmaceuticals

In other news, SVP Jolanda Howe sold 2,500 shares of the company’s stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $47.10, for a total value of $117,750.00. Following the transaction, the senior vice president now directly owns 2,426 shares of the company’s stock, valued at approximately $114,264.60. This represents a 50.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 22.87% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on MIRM shares. Leerink Partners boosted their price target on shares of Mirum Pharmaceuticals from $47.00 to $49.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Robert W. Baird increased their target price on shares of Mirum Pharmaceuticals from $44.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. HC Wainwright restated a “buy” rating and issued a $66.00 price target on shares of Mirum Pharmaceuticals in a research report on Wednesday, November 13th. Finally, Citigroup increased their price objective on Mirum Pharmaceuticals from $65.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Ten investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $57.73.

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.